ISA savings account

Following! I've been thinking about this too but it feels like a minefield. Also do we have to go in branch to do it?

Exactly my thoughts too!

I’m wondering this too, I keep receiving emails about the Shepherd’s friendly junior ISA account, where at the end baby will receive a tax free cash sum when 18 years old

yes I keep receiving them too even letters.. I considered using them but I’ve heard that they are not good to use as the interests rates and taking more money than said.. 🤷🏽‍♀️

oh 😮 well that’s out of the equation then, what a shame! Good to know!x

I’ve just used Lloyds as I already bank with them. I could do it online though so that was a bonus too x

Stafford railway bank (you don’t have to be in Stafford) have amazing rates :)

Halifax kids saver is great. It was recommended by Martin Lewis recently. So easy to use I did it all online and was so easy.

they’ve lowered the interest rates on them as I have one for my little girl x

I did not realise they had lowered it! When I took it out a few months ago it was the best one. I must of just thrown the letter away to say they lowered it 🤦‍♀️

I opened one in September and received a letter Thursday x

Worth remembering that your child will have full access to a junior ISA at 18.. so if you want to have a little more control over when they get the money then an option is to open an ISA in your own name.

Also consider if you want a cash ISA or stocks & shares, and how much risk you’re prepared to take if s&s. You can often get far greater returns on investments than savings but obviously it comes with greater risk.

Another option is a child pension but this is a whole new area!

I’ve used Hargreaves Lansdown for our ISA and it was super easy to open online ☺️

Thank you for that advice

I will be using a vanguard stocks and shares ISA. For an 18 year period I think I can afford higher risk so I’ll probably put 60% in VUAG which is an ETF (a collection of shares in companies) of the S&P500 (avg returns for last 5 years have been 15.95% accumulated) and the other 40% in some kind of bond fund. I’ll do it as an isa rather than junior isa and probably release it to be put towards a house deposit rather than them just receiving it at 18. But if I ever earn enough to max my isa yearly, which I doubt, then I’d open a junior isa.

I'm with Shephards friendly and it's good so far. I joined with a deal I think if I put £200 in to open it they gave a £100 bonus

I was with Skipton Building Society for my eldest but have just switched him over to Stafford Building Society when signing my youngest up as their rate is now better.

I used Money Saving Expert to decide on the type of savings account that suited us best and then find the best deal within that category.

I set my son up with Halifax, looked around and it’s the best interest tbh