I expect my recently-born first grandson will be deluged with Christmas presents, but I thought I'd set up some sort of savings account. Maybe £10 a month standing order. Or even a Premium Bond standing order, if that's an option. Are there any particular accounts or schemes I should consider please? Or is the market the same for
2-week old babies as the rest of us, and I just need to look around for a competitive long-term interest rate?
In a short while, the child trust funds that the Gummint has promised us will finally arrive. Whilst gov.uk pays in a certain amount per year, thre's scope for relatives to add more, so it may be worth waiting for your grandson's trust to get set up, and pay into that.
Jon
Thanks Jon. Any idea of date?
I popped into my own bank this morning, NatWest. They have a 'Young Savers' Account (4.35% gross, which is not brilliant). But I was disappointed to learn that I would have to produce my grandson's original birth certificate in order to open one. I assume it will be the same everywhere. I'd hoped for an element of surprise for my son and daughter-in-law, which that would obviously spoil. Needless to say, it's one of the post 9/11 actions; all in a good cause, but a PITA nevertheless.
Given that equities outperform savings accounts in 94% of ten year periods, Investment Trust schemes such as the Alliance Trust.
Daytona
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