Savings for kids
Discussion
Hi Folks
I know similar questions have been asked about investments & savings for kids but this is slightly different. We have 8 nieces & nephews ranging from 3 - 10 years old. For each of them we put £10 per month currently into a children's ISA with the long term aim of giving them a little chunk of money each when they turn 21.
There's currently around £3k in the total kitty and I'm pretty sure we could be doing something better with it for them due to the longer term nature of it but what sort of things should we be looking at?
Should we be setting up individual pots for each of them or putting into one big pot & drawing a bit out as each turns 21?
Any pointers would be greatly appreciated!
P.S to slightly complicate matters 3 of them are in the States!
I know similar questions have been asked about investments & savings for kids but this is slightly different. We have 8 nieces & nephews ranging from 3 - 10 years old. For each of them we put £10 per month currently into a children's ISA with the long term aim of giving them a little chunk of money each when they turn 21.
There's currently around £3k in the total kitty and I'm pretty sure we could be doing something better with it for them due to the longer term nature of it but what sort of things should we be looking at?
Should we be setting up individual pots for each of them or putting into one big pot & drawing a bit out as each turns 21?
Any pointers would be greatly appreciated!
P.S to slightly complicate matters 3 of them are in the States!
a childs ISA is actually one of the best ways to save cash risk free at the moment, assuming you have a good one, they pretty much outperform any other standard cash savings product.
I didn't think you could "share" one though, its setup in the child's name and its legally their money right?
as for better returns, potentially yes, depends on your/their appetite to risk, a Child's S&S ISA with a global fund might yield (most probably) better results over a longer term and not require much management, though you might struggle if your only putting in £10 each child, i think most are £25 minimum
I didn't think you could "share" one though, its setup in the child's name and its legally their money right?
as for better returns, potentially yes, depends on your/their appetite to risk, a Child's S&S ISA with a global fund might yield (most probably) better results over a longer term and not require much management, though you might struggle if your only putting in £10 each child, i think most are £25 minimum
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