The Coventry Building Society Junior Cash ISA 3.5% Variable
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The Coventry Building Society Junior Cash ISA 3.5% Variable

8
Found 10th Apr
The Coventry Building Society Junior Cash ISA pays a clean 3.5% AER on new money and transfers.

Kids can save £4,260 per tax year in a junior ISA
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8 Comments
Is variable rate standard? And what is it in relation to?
When I say standard..i mean do other isas have variable rates? I know little about them but have some money I want to put away for my newborn.
Original Poster
crap_I_dont_really_need2 m ago

Is variable rate standard? And what is it in relation to?



The interest rate is variable so we can increase or decrease the rate at any time.
crap_I_dont_really_need26 m ago

When I say standard..i mean do other isas have variable rates? I know …When I say standard..i mean do other isas have variable rates? I know little about them but have some money I want to put away for my newborn.


Fab idea to start when they're tiny. However I'm yet to be convinced of the logic of saving for 18 years to just hand them all the cash without any controls or safeguards. Just think carefully about whether you are happy about this or if you'd feel more comfortable saving in your name and retaining control.
I'd also like to add that I've known two families who lost their homes through redundancy whilst sitting on thousands of pounds in savings in their kids names, filled when times were better, that they couldn't access. In both cases having the ability to release the funds would have made all the difference!
Edited by: "holeymoley18" 10th Apr
holeymoley1850 m ago

Fab idea to start when they're tiny. However I'm yet to be convinced of …Fab idea to start when they're tiny. However I'm yet to be convinced of the logic of saving for 18 years to just hand them all the cash without any controls or safeguards. Just think carefully about whether you are happy about this or if you'd feel more comfortable saving in your name and retaining control.I'd also like to add that I've known two families who lost their homes through redundancy whilst sitting on thousands of pounds in savings in their kids names, filled when times were better, that they couldn't access. In both cases having the ability to release the funds would have made all the difference!


Thanks for that. Very thought provoking comment. I'll mull that over.
crap_I_dont_really_need8 m ago

Thanks for that. Very thought provoking comment. I'll mull that over.


money saving expert (MSE) Martin Lewis always has good deals for ISA on his site.There are so many around with different criteria, Always do your own homework when it comes to investing - especially larger amounts
Don't forget that when your kids are 18 they'll need to insure a car, potentially put down a deposit for a rented flat, even buy suitable work clothes and it's so much better if you do have to pay for it!
I would agree that saving for them is a good idea but I wouldn't be putting it in their own account. If you have it when they are old enough to need a car or deposit on a flat then great but I wouldn't close the door on needing it for them in the meantime.
I would want the option if I had saved that much of considering private school or if I needed it unexpectedly if they had medical care needs. Or if you change jobs and need the money to relocate closer to work so your kids do get time with you in the evening.
I just don't see the advantage of not being able to access it.
If the money is there when they turn 18 you can put it in a joint account and require both your signatures to draw down.
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