Baby's Savings

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Saturday 7 November 2009 7.15pm
We are looking to put money in our daughter's account every month with nothing being taken out until she is 18 (if daddy is able to keep on top of his gambling...). Any suggestions?
Saturday 7 November 2009 7.50pm
Congratulations. New / recently born?

We use the Child Trust Fund and have been fortunate enough to maximise the allocation. You'll get 250 starter from the Gov't (assuming you're NI registered, etc etc) and you can shop around for the best offer. We chose the Lloyds product as we got some Boots vouchers (which disappeared quickly on nappies!!), but you can get promotional Nectar, Tesco points, etc etc etc.

If you max out the CTF you can use to find other options. Barclay's seems to have a 5% fixed interest account that we're looking into.

PM me if you want some other specific ideas.

Saturday 7 November 2009 8.29pm
First of all, grab the Government's 250 with both hand! Then., with interest rates where they are at the moment, put a bit each month in to premium bonds.
NSI have just upped the chances of winning each month by 50 per cent. There's no interest attatched of course, but with the base rate where it is at the moment, 0.5 is hardly worth consideration. There's a good chance of winning something each month
and it could be a million!!
If the situation changes,simply withdraw your bonds and invest in to something else.
Thursday 12 November 2009 8.54am
Don't forget that some of these products can also have tax advantages which you need to take into consideration. The winnings on Premium Bons for instance are tax free. Ask a financial advisor for furhter advice.
Thursday 12 November 2009 9.17am
If you invest in a savings account for a child, in that child's name, then there would be no tax liability as children are not eligable for tax. If you seek the advice of a financial advisor, then bear the following in mind. Some financial advisors charge for their services, others get their commission from the company they get you to invest in. Make sure you know in advance which one of the two your advisor works to.
A financial advisor working for one particular institution will only show you that company's products. An independant advisor will show every product. Years ago independant financial advisors were sometimes on incentives from certain companies to push their particular product. I'm sure this is no longer the case. But, where any kind of advice is cincerned, I always get more than one opinion. Then make up my own mind.

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