Your questions answered: Junior ISAs & children’s bank accounts

[LucyBMumsnet]

Created for Moneyfarm

We're no longer taking questions on this Q&A. Chris has answered some of your questions below!

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With so many options available, it can be difficult to know the best way to start saving for our children's future so we've invited Chris Rudden from Moneyfarm to answer your questions. Whether you’d like to know how to start saving for your child’s future, what type of account is right for your family or how you can inspire your children to save money, post your question on the thread below.

• Everyone who shares a question below by Wednesday 22nd June will be eligible for the prize draw where one lucky Mumsnet user will win a £200 voucher for a store of their choice.
• Chris will be back online in a couple of weeks to answer a selection of your questions on the thread below.

About Chris Rudden, Head of Investment Consultants UK “Chris is passionate about blending technology and human expertise to help people make better investment decisions to secure their financial future. Chris has risen through the ranks at Moneyfarm and is the head of the client-facing department for the UK.”

Here’s what Moneyfarm have to say:
“Finding the right path for your investment journey has been at the core of our strategy since we began a decade ago. And while the markets are constantly changing, there’s a constant – our expert team, equipped with quantitative and qualitative techniques (and some tools) remain committed to helping you make better investment decisions.”

Thanks and good luck with the prize draw!
MNHQ

Insight T&Cs apply

We have a account in trust which can have a maximum of £2000 in it and then we save in stocks and shares isas for the kids. Would there be a better way to save for them?

Are the cards you pay for really worth it?

How does a junior ISA compare with a regular bank account in terms of interest? My kids account gets 3% AER up to a balance of £2000. Would I be better to put their savings into a JISA?

I would like to open a savings account for my child with a bank/building society in my nearest town. As the banks have closed their local branches would you suggest me opening a BS account (so they can physically go to deposit their savings) or is it likely that over the next few years Building Society branches will also close?

Should I invest in a junior isa or are premium bonds a safer alternative?

Is there an ISA account for children which can also be accessed by parents if it is in urgent / emergency situations? So the account is not effectively locked away? Also is there an account which accepts the money and then allows it to be split between the children (eg in our case in three ways)? Thank you

Is there a way to safe guard the funds built up by the time your child is 18, to prevent them from spending it all recklessly, i.e still having the option to sign off on large withdrawals?

With such poor interest rates what are the benefits of saving vs low risk investment? How can you encourage children to save when there is so little incentive?

Are there any bank accounts for younger children? They all seem to start at about age 12 whereas we'd like our kids to start learning to use one younger than that.

What’s the best option for saving from birth but not wanting the child to have immediate access on turning 18?

How regularly should one save for a child? Does it matter if it's not a large amount of money if it's a regular saving?

Banks are increasingly moving away from branches and passbooks to online accounts and 'digital money'. How would you recommend instilling good singles habits when the child never actually sees the money or (whilst young) have any means of watching it grow. Paying in cash e.g. birthday money and seeing how it adds up in a passbook seems to be a thing of the past

Is there anything on the market to actually motivate children to want to save themselves ?

We have a JISA and a junior savings account. With the original intention of transferring to another JISA. However, interest rates are so low, how would you propose investing in stocks and shares isas ? Or perhaps crypto?

Is it worth taking some risk to get a better interest rate, considering I have ten years before my child would need the money?

I have an 8 year old and 13 year old. How can I motivate them more to do chores so they get cash for the jobs they do? Also, is a JISA better than a junior savings account? Which one gives more interest?

In the event of a divorce, who retains the right to look after the child's account please?

What is the best option at the moment - interest rates are low but we seem to be entering a bear market?

If you become estranged from say, grandchildren can their parents refuse to give them access to the money even after they become of age ? Or does a will suffice ?

How do I deal with the fact that my DC have wildly differing amounts in their CTFs - because of crash of 2008 and its impact on what has been identical inputs?

Why cant i open a basic savings account for my grandchild without parents knowing? ive been to my bank who says i need parents permission?

My eldest child has already got control of his Junior ISA and is adding to it when he can.

My youngest child is 13 and we have another 4.5 years to pay into his Junior ISA.

My question is: Is it worth moving his Junior ISA to get a better interest rate? Despite the BofE raising the base rate no product I can find is offering good rates atm?

What is the best savings account for my 6 month old? I want to put in regularly, plus any birthday money etc, and her only have access once she turns 18. I have been putting away money in my own savings account for her which has a nice interest rate..Should I carry on or set up a separate one for her.

What's the best way to access financial advice around investments like junior isas? Without paying an arm and a leg! We just use savings accounts for my two daughters but I feel like we are missing out on investment opportunities with bigger returns because we don't really know where to start.

I've got two children's savings accounts with the halifax and they are building up nicely as i've had them for a good few years now - however the interest rate is almost none existent - would i be better moving them, I'm unsure as these are easy access and my eldest child is getting to an age where i would like to be able to access hers to pay for a GCSE trip abroad as otherwise we can not afford to send her.