Savings accounts for kids
Discussion
The grandparents have kindly offered to give our 2 kids a small amount of money each month (not sure on the exact amount, but not likley to be more than £50 a month each).
They would like to pay a fixed regular amount each month.
They would like the account to be inaccessible until they both reach a milestone birthday (probably 18... eldest is currently 3 and youngest is 12 weeks!).
Not sure of the best product to meet these criteria.
Would a junior ISA be best?
As parents, we are happy to open the a/c on behalf of the grandparents and they would simply transfer the £ by monthy standing-order once we've shared the bank a/c details with them.
They would like to pay a fixed regular amount each month.
They would like the account to be inaccessible until they both reach a milestone birthday (probably 18... eldest is currently 3 and youngest is 12 weeks!).
Not sure of the best product to meet these criteria.
Would a junior ISA be best?
As parents, we are happy to open the a/c on behalf of the grandparents and they would simply transfer the £ by monthy standing-order once we've shared the bank a/c details with them.
Thanks all.
Think a pension is too long-term.
The grandparents would have a good chance of still being around and seeing their savings mature when the kids turn 18, so would like to see the money being used for something worthwhile (put toward a house deposit, university fees, or whatever).
Think a pension is too long-term.
The grandparents would have a good chance of still being around and seeing their savings mature when the kids turn 18, so would like to see the money being used for something worthwhile (put toward a house deposit, university fees, or whatever).
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