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saving for a child for when a adult

shamus1975 Avatar
6y, 3m agoPosted 6 years, 3 months ago
hi i have £1000 and want to save it for my 7 year old daughter but dont want her to have access to it untill she is 21 i would also like t add to it, what is the best way off doing this and what will get me the best interest.
Thank you in advance.
shamus1975 Avatar
6y, 3m agoPosted 6 years, 3 months ago
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banned#1
£1? A pocket maybe.
#2
£1? huh
#3
put it in a piggy bank - you'll get the same interest as a bank thses days
#4
Assuming a monetary typo, have a look at the online comparison sites, like moneysaving expert, moneysupermarket etc.
motley fool has a good reputation - clicky
You can have a savings account in your name, so that there is no way she can access it.
#5
or you can have a joint account which needs 2 signatures?
i used to use the post office as its local and you can add when you have to spare..it built up nicely :)
#6
A Lloyds tsb Young Saver(Parents, grandparents, guardians or other family members can build up savings for a child and teach them about money.) Minimum opening deposit £1
#7
chesso
Assuming a monetary typo, have a look at the online comparison sites, like moneysaving expert, moneysupermarket etc.motley fool has a good reputation - clickyYou can have a savings account in your name, so that there is no way she can access it.

typo yeah woops i meant 1k (£1000) silly me been a long day
#8
Just go into your local branch of your favoured bank and ask to open a children's saving account. Some do it online too, then you just go in to prove the child exists (birth certificate etc). I've done this for all my children, and have set up auto payments each month. I am (and always will be) the guarantor - I will have to choose to change it when they become a responsible enough age, but I think the accounts I chose expire when they are 12 anyway, so I'll have to move it somewhere or open them something different. It's a good idea, if you save a little at a time, you won't notice it, it soon adds up, and they generally get a better rate of interest. Make sure you fill in the form to register them as non tax payers too, and you should still be able to withdraw it at anytime for any reason, as technically it's still yours - so if you are desperate for the money - it's still there. I queried this with my bank person, as I thought that might be slightly fraudulent, saving as a non-tax-payer, then withdrawing to buy a carpet, but she said it was OK!?

EDIT: Above typed before true amount was disclosed - I'd suggest you stick it in an ISA in your name, hubby's name, and lock it away unless you thin kyou'll need regular access to it. Then just shift it when you want to give it to her.

Edited By: Penny Saver on Aug 22, 2010 18:18: update
#9
Buy shares in Centamin Egypt.. I did and I've nearly doubled my money in 1 year ;)
#10
My son has an account with Nationwide - its a book based account and I am signator on it. I put a regular monthly amount in and he has no access to it although it is his account. He gets tax free interest. He has another account which is his with a cash point card for pocket money but the other account although it is his he cannot draw on it. The interest on it is really quite impressive compared to adult accounts.
#11
Aquatic
My son has an account with Nationwide - The interest on it is really quite impressive compared to adult accounts.

Are you sure?
What is the name of the account?
banned#12
How about the new Little Rock Account from Northern Rock which was recommended by Guardian Money last week. The link is:

http://www.guardian.co.uk/money/2010/aug/22/northern-rock-childrens-savings-bond

Some people may suggest Premium Bonds but I had a couple of thousand pounds invested in them for four years and didn't win a single prize so withdrew them and transferred them into a Savings Account.
#13
Buy premium bonds
#14
Stick it in an five year ISA and keep addin to it great interest

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