I want an instant access savings account for my newborn child.
Criteria are: 1) In her name. 2) Access if she wishes to use some of it before her 18th Birthday. 3) High risk is fine, even preferable. 4) It doesn't need to be ringfenced, but it's fine if it is. (If we're so desperate for cash that we want to steal off our kids it's probably better that we're able to do so!) 5) People must be able to pay cheques in or use BACS to pay in using sort code, account number & reference.
If there's a significant benefit we can drop any of there criteria except 2).
In ideal world I'd want a FTSE100 ISA tracker investment in her name, can a newborn child have such an investment?
A "Designated" FTSE Tracker doesn't really suit because it would be in my name, but if it's the only way so be it.
I've ruled out CFTs. She must have access to the cash before her 18th Birthday.
A bog-standard high street meets most of my criteria but after inflation she might as well keep it in a piggy bank.
I have considered letting her use my mortgage as a savings account. (I use her savings as an offset on my mortgage and simply pay her my mortgage rate as interest.) That's good in that it pays her a decent return but a) I have to sit down and work it out b) it's not in her name. c) It looks a bit odd to other people when I take my daughter's birthday £10 note and pay it into my mortgage! :-) I'd like to avoid it.
So if you were 7 days old, where would you want your birthday money kept to use as you see fit in, say, 8-15 years time?