A Junior ISA could be the most useful and valuable gift. An account can be opened on line with a minimum of £100 lump sum or £25 per month and then added to either with regular monthly payments or occasional lump sums. Grandparents, godparents, uncles and aunts; once the account is set up all can pay in.
Don’t make the mistake of opting for a Cash ISA. Interest rates are paltry and a Stocks & Share ISA is a much better long term answer. It seems counter intuitive where children are involved to be taking some well thought out risks but short term volatility in a long term savings account should not be a problem and should produce better results.
Where should you start? The Hargreaves Lansdown website is very user friendly, low cost and will provide plenty of investment guidance. If you would like any input from me just text JUNIOR ISA to 07770 575122 and I will get back to you.
PS. If you were a wild child or rebellious teenager you may not like the thought of your child having total access to the funds when they turn 18. If that sounds about right text TRUST to 07770 575122 and I will provide the solution.
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