Baby Bank Accounts

[coldel]

OK, I know he is 1 week old, but he has had a bit of money off relatives etc (which I borrowed off Alfie yesterday at the shops! Lending the old man money already lol) so thought why not start a savings account for him.

 

I am a little confused about how it all works there seems to be a good deal with Halifax but has anyone else done this and have any sage advice?

[Chris`I]

Childrens (Junior) ISA would be one thing I'd certainly look at. I think they are newly launched and would let you save tax free for the nipper. I'd take advise from an IFA really as I think the tax matters can be quite grey and you could end up being whacked with a tax bill if HMRC deem you to be doing it in their name only to avoid tax. Junior ISA keeps it all cushty but might not get you the best returns.

 

Also depends a lot on when you/Alfie want to be able to access the dosh. A lot of savings for children is designed to keep it unaccessible until they are 16yo or 18yo.

[rabbitstew]

A lot of savings for children is designed to keep it unaccessible until they are 16yo or 18yo.

 

At which point they will blow the entire lot on an XR3i or something.....

[AK350Z]

My parents opened Post office savings accounts as soon as me and my sister were born, so you can definatly do it. They also started insurance policies that paid out at a certain age if not used.

[EH 370z]

A lot of savings for children is designed to keep it unaccessible until they are 16yo or 18yo.

 

At which point they will blow the entire lot on an XR3i or something.....

 

Awesome

[rmgthatsme]

Shares in a high dividend paying company may be an alternative option. Seems to be increasingly popular in these uncertain times?