Savings\Investments for My Daughter
Discussion
I know this has been asked a few times on here but I've never seen an answer that seems suitable.
I want to save for my daughter's future. I have about £7k worth of savings already as a lump sum and probably looking to add another £200-300 each month.
I've looked at regular saver, standard saver and junior saver accounts etc and while some do offer decent interest rates as high as 5%, they are only offered for a year at which point they usually revert to a measly 1-1.5% which is below inflation.
I've looked at a junior ISA but they transfer control at 18 to my daughter, something I'm not entirely comfortable with.
I could do a stock and shares ISA but then which one? There are literally 100's out there and there is obviously a risk involved as shares can go down as well as up.
So is there a product out there that I can drop £7k into with regular instalments of £200 that isn't too risky, but has a decent-ish return at least above inflation for it's duration and not just an introductory period. The money will be locked in for about 15 years. You'd think this would be easy but there really doesn't seem to anything that quite matches.
Any ideas?
I want to save for my daughter's future. I have about £7k worth of savings already as a lump sum and probably looking to add another £200-300 each month.
I've looked at regular saver, standard saver and junior saver accounts etc and while some do offer decent interest rates as high as 5%, they are only offered for a year at which point they usually revert to a measly 1-1.5% which is below inflation.
I've looked at a junior ISA but they transfer control at 18 to my daughter, something I'm not entirely comfortable with.
I could do a stock and shares ISA but then which one? There are literally 100's out there and there is obviously a risk involved as shares can go down as well as up.
So is there a product out there that I can drop £7k into with regular instalments of £200 that isn't too risky, but has a decent-ish return at least above inflation for it's duration and not just an introductory period. The money will be locked in for about 15 years. You'd think this would be easy but there really doesn't seem to anything that quite matches.
Any ideas?
Guvernator said:
I know this has been asked a few times on here but I've never seen an answer that seems suitable.
I want to save for my daughter's future. I have about £7k worth of savings already as a lump sum and probably looking to add another £200-300 each month.
I've looked at regular saver, standard saver and junior saver accounts etc and while some do offer decent interest rates as high as 5%, they are only offered for a year at which point they usually revert to a measly 1-1.5% which is below inflation.
I've looked at a junior ISA but they transfer control at 18 to my daughter, something I'm not entirely comfortable with.
I could do a stock and shares ISA but then which one? There are literally 100's out there and there is obviously a risk involved as shares can go down as well as up.
So is there a product out there that I can drop £7k into with regular instalments of £200 that isn't too risky, but has a decent-ish return at least above inflation for it's duration and not just an introductory period. The money will be locked in for about 15 years. You'd think this would be easy but there really doesn't seem to anything that quite matches.
Any ideas?
With a 15 year time horizon you’d be advised to invest in a stocks and shares ISA. Over that period you will have the best chance of exceeding inflation and if there is a market correction there is likely to be plenty of time for a recovery (and you will also be buying more units at a lower price with your monthly contributions).I want to save for my daughter's future. I have about £7k worth of savings already as a lump sum and probably looking to add another £200-300 each month.
I've looked at regular saver, standard saver and junior saver accounts etc and while some do offer decent interest rates as high as 5%, they are only offered for a year at which point they usually revert to a measly 1-1.5% which is below inflation.
I've looked at a junior ISA but they transfer control at 18 to my daughter, something I'm not entirely comfortable with.
I could do a stock and shares ISA but then which one? There are literally 100's out there and there is obviously a risk involved as shares can go down as well as up.
So is there a product out there that I can drop £7k into with regular instalments of £200 that isn't too risky, but has a decent-ish return at least above inflation for it's duration and not just an introductory period. The money will be locked in for about 15 years. You'd think this would be easy but there really doesn't seem to anything that quite matches.
Any ideas?
Personally I’d find a cheap global equity tracker fund.
Don't like the idea of equity release, once my mortgage is paid off I want that to be it. I plan to be debt free in retirement.
I think a S&S ISA might be the best bet. Anyone have any recommendations on which one? I've heard HL mentioned a few times but I thought their costs were quite expensive. Ideally I'd like an above inflation return but something with moderate risk as I don't want to gamble my daughters savings.
I think a S&S ISA might be the best bet. Anyone have any recommendations on which one? I've heard HL mentioned a few times but I thought their costs were quite expensive. Ideally I'd like an above inflation return but something with moderate risk as I don't want to gamble my daughters savings.
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