Where can a minor put savings?

[Louis Balfour]

Ideally I want them to "own" and manage their own a/c. They have £2k to start off with.

Anything that pays reasonable interest?

TIA

[AlexGSi2000]

I have an account for my little-un called a "first-saver" with NatWest.
Shows on my online account so I can effectively manage it.

Its for under 16s - No idea if its the best product for you as I'm no expert.

Edit - completely mis-read the fact you wanted your child to manage.

Im not sure if the above product will do that, I know NatWest have a product called "rooster money" which may fit the bill.

Edited by AlexGSi2000 on Friday 14th June 08:37

[FWIW]

JISA? Get them trading young!

[ferret50]

Nationwide offer a selection of products.

[John D.]

FWIW said:

JISA? Get them trading young!

This, although you will lose control of it when they turn 18.

Doesn't have to be a Stocks and Shares one.

[Louis Balfour]

John D. said:

FWIW said:

JISA? Get them trading young!

This, although you will lose control of it when they turn 18.

Doesn't have to be a Stocks and Shares one.

TBH I would prefer he has full control now. He is entirely trustworthy and probably more financially savvy than many adults.

[John D.]

Louis Balfour said:

John D. said:

FWIW said:

JISA? Get them trading young!

This, although you will lose control of it when they turn 18.

Doesn't have to be a Stocks and Shares one.

TBH I would prefer he has full control now. He is entirely trustworthy and probably more financially savvy than many adults.

I'm sure there's nothing stopping you giving him the log in. The losing/gaining control at 18 is the one thing that often puts some off, that's all.

My 8yr old daughter is a bit young for that

[GuigiaroBertone]

Putting it into a pension is the best thing you can do for them, although they might not thank you for it in the short term!

You can pay up to £2880 per year but you get 20% tax relief, making it worth £3600

It can be invested in funds and shares just like an ISA, but think of the compound interest between now and their retirement.

The other benefit is that they can't blow it all on a car when they are 18. :-)

[jimmytheone]

GuigiaroBertone said:

Putting it into a pension is the best thing you can do for them, although they might not thank you for it in the short term!

You can pay up to £2880 per year but you get 20% tax relief, making it worth £3600

It can be invested in funds and shares just like an ISA, but think of the compound interest between now and their retirement.

The other benefit is that they can't blow it all on a car when they are 18. :-)

They wont thank you in the medium term either (for a pension)! But yeah, tax relief and compounding

I've been doing some reading lately, these 2 links were useful:
Pensions:
https://www.thetimes.com/money-mentor/pensions-ret...

Savings:
https://www.thetimes.com/money-mentor/junior-isas/...