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Savings for a grandchild 21:49 - Oct 4 with 841 viewsTNT

Anyone else opened a savings account on behalf of another recently? On-line or otherwise. Straightforward?

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Savings for a grandchild on 23:53 - Oct 4 with 803 viewsmajorraglan

What are you looking to do lump sum or regular savings? I wouldn’t bother with a building society account, my advice awould be to speak to an IFA and invest it in some kind of fund. My parents put a small amount away for my kids when they were born, it was a very modest amount but it’s gone up in value 5 fold where as interest in the bank would have seen the value eroded. I’d wait a month to see what happens with Brexit and if the markets tumble I’d look to buy then.

I don’t know any decent IFA’s, I used to know a really good one but he’s long retired.
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Savings for a grandchild on 09:21 - Oct 5 with 716 viewssquarebear

My kind but daft mother-in-law did a regular saver for Master Bear. Eighteen years later she presented him, despite my protests, with £8K that he blew in a year on utter tat.
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Savings for a grandchild on 23:39 - Oct 5 with 601 viewsProfessor

Savings for a grandchild on 23:53 - Oct 4 by majorraglan

What are you looking to do lump sum or regular savings? I wouldn’t bother with a building society account, my advice awould be to speak to an IFA and invest it in some kind of fund. My parents put a small amount away for my kids when they were born, it was a very modest amount but it’s gone up in value 5 fold where as interest in the bank would have seen the value eroded. I’d wait a month to see what happens with Brexit and if the markets tumble I’d look to buy then.

I don’t know any decent IFA’s, I used to know a really good one but he’s long retired.


I agree Major. Daughter had over 4k in savings account with pitiful returns ( less than a 20 quid per year interest). Transferred to children’s ISA and increase in value of 150 quid. Son has CTF which has performed well. She is 18 in March but won’t get that money for sure
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Savings for a grandchild on 17:03 - Oct 6 with 499 viewsladyjack

I would not go down the IFA route, they all seem to be sharks, save their fees and look for a world wide tracker if you want to go the stock market route, if going for the regular saver/children accounts routes then shop around, there are some local BS doing competitive rates comparatively, or possibly do a mix of both.
PS I'm not an advisor just giving my thoughts.
[Post edited 6 Oct 17:19]
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Savings for a grandchild on 17:07 - Oct 6 with 487 viewsmonmouth

Sister just done junior ISAs for two kids, but the limit is £4300 I think. Some kind of share based tracker is almost certainly the way to go long term, unless history proves groundless (possible). I'm not licenced to give financial advice, so ignore me.

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Savings for a grandchild on 17:11 - Oct 6 with 478 viewslifelong

The NS&I Website does a good junior isa, currently at 3.5%.
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Savings for a grandchild on 17:14 - Oct 6 with 469 viewslifelong

Savings for a grandchild on 17:11 - Oct 6 by lifelong

The NS&I Website does a good junior isa, currently at 3.5%.


3.25%
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Savings for a grandchild on 17:16 - Oct 6 with 464 viewsjack247

Depends how old they are. If they are 16+, get a HTB ISA. If they are young, then a stock market based ISA/saver would normally be the best long term bet.
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Savings for a grandchild on 17:17 - Oct 6 with 464 viewsladyjack

I heard the Principality is doing something for children that is paying 4% [don't think its an ISA but don't know], I think they given the children gifts to do with savings as well.
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Savings for a grandchild on 17:26 - Oct 6 with 445 viewslifelong

Savings for a grandchild on 17:16 - Oct 6 by jack247

Depends how old they are. If they are 16+, get a HTB ISA. If they are young, then a stock market based ISA/saver would normally be the best long term bet.


Long term bet it is.
Over the years I have done 2 reasonably long, one 20 years and the other 15 years, term investments in stock market linked products. I just about got my money back in both of them which meant they lost me a fair amount of money.
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Savings for a grandchild on 17:35 - Oct 6 with 429 viewsladyjack

Lots of sharks about in the financial sector, I heard some guy American sportsman from the 'hood' talking about the rough people he knew from his inner city area yet he thought that the biggest crooks he had met in his lifetime were not those people but people that wore suits after/advising him about his money.
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Savings for a grandchild on 18:20 - Oct 6 with 406 viewsjack247

Savings for a grandchild on 17:26 - Oct 6 by lifelong

Long term bet it is.
Over the years I have done 2 reasonably long, one 20 years and the other 15 years, term investments in stock market linked products. I just about got my money back in both of them which meant they lost me a fair amount of money.


You’ve been very unlucky there. Stockmarket invariably outperforms savings accounts over 10 year plus periods. Obviously not infallible though. Almost unprecedented uncertainty in the economy at the moment too.
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Savings for a grandchild on 23:42 - Oct 7 with 259 viewsTNT

Thanks all.

Do you need to take a new born's birth certificate to a Bank / Building Society to open a Junior ISA, or anything else?

I see the Mail On Sunday was promoting NS&I Premium Bonds, but not sure these are much of an investment either, tbh.

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Savings for a grandchild on 00:40 - Oct 8 with 244 viewsCooperman

Savings for a grandchild on 23:42 - Oct 7 by TNT

Thanks all.

Do you need to take a new born's birth certificate to a Bank / Building Society to open a Junior ISA, or anything else?

I see the Mail On Sunday was promoting NS&I Premium Bonds, but not sure these are much of an investment either, tbh.


Yes.

If they have a government child trust fund then that detail also needs to be taken as it’s not possible to have the CTF and a junior ISA at the same time.

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Savings for a grandchild on 09:37 - Oct 8 with 172 viewsladyjack

Savings for a grandchild on 23:42 - Oct 7 by TNT

Thanks all.

Do you need to take a new born's birth certificate to a Bank / Building Society to open a Junior ISA, or anything else?

I see the Mail On Sunday was promoting NS&I Premium Bonds, but not sure these are much of an investment either, tbh.


I use premium bonds as part of my investment portfolio there are pros and cons with them, for a youngster I would set them up with a savings account and possibly bang in £50 in premium bonds as a yearly gift [instead of buying them fireworks or easter eggs perhaps], I think these days youngsters cant directly own them so there are rules around that.
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