You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
So, my sister has a 14 month old son, and rather than shower him in plastic & useless crap twice a year, (like she and everyone else will). I'd like to put start an account and put some money aside for him for when he's older (maybe 18).
I plan to put in maybe £100 a year, but my real aim is to encourage my sister and brother-in-law (to be), and other family members to do the same.
So does anyone know what options are available, how I can keep some control, and most importantly how to make sure my sister can't spend it on toys and crap?
junior isa as it's tax free? and best interest rates as it's long term.
https://www.gov.uk/junior-individual-savings-accounts
My brother had ISAs in place for their kids already so I just opened a kids savings account in the kids names. I have sole control of it and put a few quid away a month. Make sure you fill in the relevant tax form to get tax free interest. Was pia to set up as I needed birth certs to open the accounts and they live at the other end of the country.
Halifax have a junior savings account. We pay £10 a month into our god son's account. As you say, better than any tat that will just get thrown away.
Reminds me, must set one up for my own blooming son!
Junior ISA is probably be the best bet, as it's locked in until they're 18. I'll have to get my sister to set it up!
Buy him some Litecoin and Peercoin.
It'll go up like crazy.
Money in banks just funds wars, cluster bombs etc