best savings account for newborns

4 replies
Found 9th Apr
thinking about opening a savings account for my as yet unborn midget any recommendations

4 Comments

You can't open it until they're born. You'd need to provide ID for them which might be difficult at the moment.

I looked into saving bonds when my baby was born looked good but I ended up getting credit union account which I don't think available in mainland

Scottish Friendly did very well for my daughter; though this was several years ago I think it's worth checking out the friendly societies. Their profits go back to savers, rather than shareholders.

Saffron Building Soc is paying 4% which is pretty good for cash.
Personally, I'd trickle money into a stocks and shares based scheme. I did both cash and stocks for my kids, over 18 years the stocks paid out nearly three times more. there is more risk to this option, so you need to research for a product which suits your attitude to risk.
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