Kids' bank accounts

[rutty]

We're looking to get a savings account of Ruby and wondered if any of the forum dads or mums have any recommendations?

We're not looking for high-risk stuff but a nice, steady return would be good. We're aware that interest rates are bobbins at the moment but are ISAs etc still the way to go?

Also, we have some money from the government for a trust fund - any preferences for this sort of thing?

Cheers

[MattC]

We're looking to get a savings account of Ruby and wondered if any of the forum dads or mums have any recommendations?

We're not looking for high-risk stuff but a nice, steady return would be good. We're aware that interest rates are bobbins at the moment but are ISAs etc still the way to go?

Also, we have some money from the government for a trust fund - any preferences for this sort of thing?

Cheers

IIRC there are 3 options for the government trust fund, we went for the safest option and we pay Zoë's money in to there.


Matt

[Shirker]

We're looking to get a savings account of Ruby

You've got her out working and earning already??

[Matt]

Jame's trust fund has lost £40 due to the recession - but as there is 14 years untill he cant access it, Im sure it will go back up. Only advice on that front is to choose yourself and not leave it and leave it like Jade did, as you wont get the best deal.

James doesnt have a savings account, so cant help there, but try the Post Office, or NSI?

[Shirker]

This may sound a bit left field, particularly from a non-Christian non-child-owning person, but I believe that Methodist Chapel Aid are getting some of the best returns for Child Trust Funds. You don't have to be a teetotal Wesleyan to use them and anyone can open an account with them.

[sickpuppy]

This may sound a bit left field, particularly from a non-Christian non-child-owning person, but I believe that Methodist Chapel Aid are getting some of the best returns for Child Trust Funds. You don't have to be a teetotal Wesleyan to use them and anyone can open an account with them.

Are they protected in the same way as a bank. We've had a load of grief here with the Presbyterian Mutual Society. When banks started to go belly up people were covered by the government up to a certain amount. As the PMS wasn't actually a bank they weren't covered and when the administrators were called in there was no protection.

I don't know if that's the case with the one you mentioned but it's something to check.

[rutty]

I'm thinking something low risk for the main investment. I'll probably go with one of the main banks, or perhaps one of the less "adventurous" building societies.

I'm fairly certain that I'd find investing with a religious organisation somewhat objectionable

[Chris H]

I'm fairly certain that I'd find investing with a religious organisation somewhat objectionable

Perhaps they don't want your money! 

( they do really )

[Shirker]

No, they want the head of your first born