Childrens ISAs

[MarillionFan]

Question for the panel.

For those of you who have children and save, what are you doing?

I presently put 100GBP per month into a Halifax Childrens ISA for the kids, so theres around 7k and 11k saved. The interest rate is crap around 2%, so Im thinking a stocks ISA would now be better.

Ideally I'd like to manage one my self for the kids like a SIPP, but not sure what there is, or have it invested into funds.

Any recommendations?

[adubya]

Vanguard provide a JISA and if you hold Vanguard funds then no buying/selling charges. Low management fee too.

[mudskipper]

HL do one

Junior ISA | Best Junior Stocks & Shares ISA Provider

[Hertsseasider]

We've been looking to set one up as well as, at the moment, we've just been setting aside some money in our of our accounts.

An issue is that with most Children's ISA, you specify the child (fair enough I guess). However, if putting say, £50 , a month in for Child A and then 2 or 3 more follow then it starts to add up. Also, the Child automatically gets the money at 18, and if they turn out not to be deserving for any reason, there's not a lot one can do.

Some firm's offer a Grandchildren Trust which is much more generic (no specific names required) and gives you control as to who you give the money to and how much they get.

Worth thinking about.

[TheCyclingProgrammer]

I have a JISA for each child with Charles Stanley Direct. I pay £100 into it each month and it’s invested in Vanguard Lifestrategy 80 although I wonder if 60 might be a better, less risky option over a period of between 11 and 16 years (based on current ages).

Charles Stanley was the best option when I opened it, cheaper than HL. Though Vanguard direct might be better if you’re only using Lifestrategy.

[adubya]

I have a JISA for each child with Charles Stanley Direct. I pay £100 into it each month and it’s invested in Vanguard Lifestrategy 80 although I wonder if 60 might be a better, less risky option over a period of between 11 and 16 years (based on current ages).

Charles Stanley was the best option when I opened it, cheaper than HL. Though Vanguard direct might be better if you’re only using Lifestrategy.

Just moved JISAs from CS to Vanguard as the annual charges made it sensible to do so.

[kaiser78]

I pay £100 a month into kids saving account at Halifax which pays 4% interest annually.

[washed up contractor]

It is in bricks and motar until the wife and I kick the bucket. Then they have their inheritance rather than a piddling 10 or 20 grand each.

[Lurker101]

We have a couple of easy access savings accounts from Nationwide at 2.5%. Logic being that kids don't pay tax on grandparent money going in and we can always use some if we need to buy something big for them. I have been looking at funds as well though so we can give them a regular amount.

[MarillionFan]

I pay £100 a month into kids saving account at Halifax which pays 4% interest annually.

Yes, but that's not an ISA.

I do the same, but at the end of the year you have to take the money out and put it somewhere. I transfer it all to the Kids ISA, but at 2% it's crap.