£1000 to lock away for 15 years. Children's money.
Discussion
Hi
I have two children of five and seven. I've been putting a bit away each month over the last couple of years and both have Halifax young savers accounts recieving 1.98%. Both are now approaching £1000 and I would like to maximize interest as it's certainly not going to be needed for at least 10-15 years.
From what I know about investing it's safe to say the money is not going to do well with a high street bank or building society. I've been wondering about some kind of global equity fund. Nothing too risky but something that should plod along and appreciate over the years with a bit of luck. I can probably add around 200-300 pounds for each child each year and can do that as a one off payment or drip feed monthly.
Can anyone share any experience they may have had with similar figures. I appreciate some funds would not be worth the fees for small amounts. Although I could have an account in my own name with both lots in if that was more tax efficient. I'm a 20% tax payer if that helps.
Many thanks.
I have two children of five and seven. I've been putting a bit away each month over the last couple of years and both have Halifax young savers accounts recieving 1.98%. Both are now approaching £1000 and I would like to maximize interest as it's certainly not going to be needed for at least 10-15 years.
From what I know about investing it's safe to say the money is not going to do well with a high street bank or building society. I've been wondering about some kind of global equity fund. Nothing too risky but something that should plod along and appreciate over the years with a bit of luck. I can probably add around 200-300 pounds for each child each year and can do that as a one off payment or drip feed monthly.
Can anyone share any experience they may have had with similar figures. I appreciate some funds would not be worth the fees for small amounts. Although I could have an account in my own name with both lots in if that was more tax efficient. I'm a 20% tax payer if that helps.
Many thanks.
Thanks very much for all the replies. I'd not spotted the ns&i junior accounts, will take a look at that. And I'll be checking the vanguard as that's popped up elsewhere also.
I won't be buying Lego as the idea makes me nauseous 🤢😷
I had a great uncle who was a mean old git. He had an attic full of boxed original kids toys that his kids, grandkids, anyone! were banned from touching because "they'll be worth a fortune one day". I'm not sure what message that is teaching children. Maybe something of value but I can't think what. Each to their own though 👍
I won't be buying Lego as the idea makes me nauseous 🤢😷
I had a great uncle who was a mean old git. He had an attic full of boxed original kids toys that his kids, grandkids, anyone! were banned from touching because "they'll be worth a fortune one day". I'm not sure what message that is teaching children. Maybe something of value but I can't think what. Each to their own though 👍
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