Savings/Bank Account
Hey! If I have a family member that doesn’t want to waste money on ‘stuff’ but wants to do something meaningful by starting off a savings account for baby (we set up, they do the first contribution) does anyone have any recommendations? Is there something that’s suitable for babies? Good interest rate and untouchable maybe?
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You can open a junior ISA for them which they can access at 18 years old.
Would second the junior ISA, however some need the parents to make the first contribution.
If it is not a junior ISA but a normal children's savings account, make sure the interest is less than £100 a year or you get taxed on it.
We have a Barclays baby account
We used beanstalk, it's really good. You can send links to family to pay in or you can set them up on the account. You can also link the account to your bank account and it can round up your transactions and add it to their savings.
We have the NS&I young/junior savour account. It’s got a really good rate!
Premium bonds have given me more money than any interest on a savings account x
I’d look for an ISA with the highest % as you can often find a ‘normal’ cash isa with a higher interest than the junior ones. We’ve got one for the kids we just move to the highest % one when the fixed term ends. The current one it’s in is 5.7%
we also do premium bonds, such a good idea!
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