Child long term saving account

[Takemeaway]

Been scouring the internet and the best I could find was a junior isa.

But where is the best place to lock away £10k for minimum maybe 8 years for a 10 year old child?

[The_Doc]

Stocks and shares JISA

AJBell do lots, and aim to keep fees <0.5%

https://www.ajbell.co.uk/isa/junior-isa?gad_source...

Funds locked away until aged 18, then it's theirs, if you trust them.

Edited by The_Doc on Wednesday 21st August 11:00

[outnumbered]

The_Doc said:

Stocks and shares JISA

AJBell do lots, and aim to keep fees <0.5%

https://www.ajbell.co.uk/isa/junior-isa?gad_source...

Funds locked away until aged 18, then it's theirs, if you trust them.

Edited by The_Doc on Wednesday 21st August 11:00

The OP stated "lock away 10K", so if they're looking more for security than growth, a Cash ISA might be more appropriate than a Stock based product where the investment is at risk.

[The_Doc]

Totally

Just depends where you are on a graph like this at maturity. S&S always beats cash in the long term.
Although, at 18 if you are in a dip, you can always not cash out for another 3-5 yrs.

[Takemeaway]

outnumbered said:

The_Doc said:

Stocks and shares JISA

AJBell do lots, and aim to keep fees <0.5%

https://www.ajbell.co.uk/isa/junior-isa?gad_source...

Funds locked away until aged 18, then it's theirs, if you trust them.

Edited by The_Doc on Wednesday 21st August 11:00

The OP stated "lock away 10K", so if they're looking more for security than growth, a Cash ISA might be more appropriate than a Stock based product where the investment is at risk.

Thanks, the aim is to try and avoid the value being eroded by inflation (less of an issue at the moment but you catch my drift), and try and add value to it too

[Takemeaway]

The_Doc said:

Totally

Just depends where you are on a graph like this at maturity. S&S always beats cash in the long term.
Although, at 18 if you are in a dip, you can always not cash out for another 3-5 yrs.

Try telling that to an 18 year old!!

[alscar]

My 3 children were left a small amount of money each by their great grandmother - I think they were around 7/10 years old at the time.
On their behalf we put one third into premium bonds , one third into a high interest savings account and the other third into investment funds run originally by F&C now Columbia.
A few small PB wins plus the interest obviously but the Funds over the next 15 years or so returned 300% of the original stake.

[C69]

Each child is allowed to have one S&S JISA and one Cash JISA, so you could hedge your bets by opening both types of account. It'd be interesting to see how they compare over the next eight years.

For this tax year, the maximum that you can pay in across both types of account is £9k. Premium Bonds could be a suitable home for the remaining £1k?

[okgo]

I’ve just opened a JISA with vanguard. Rate of return so far hugely above that of any cash product and I think we only started it 2 years back.

My son is just 4, has £10k in there, should be most of a first property deposit in 15 years. Just the difficulty of keeping them sensible I guess