Savings Account

[hulahoop09]

Hiya

I am wanting to open a savings account for LO and can only afford to save a small amount each month. I have found this one through quidco in which I can get £75 cashback if I agree to saving £25 a month. I am just a little confused on all the talk about shares and investments etc. I am wanting a savings account.


xx

 

[bumphenders]

I work for a bank, and if you're not bothered about the interest or anything like that, your best option is to go for an instant access saving account which is what it says it is, a savings account that you can save money into but you can also get access to it whenever you need it.

If you wont be going into it at all, and you want higher interest, an ISA is a good thing, but they only have a certain amount of allowance.

Or you could open a monthly saver, Barclays have a good one which I am going to open and you have to save between £20 - £250 a month, and it runs using a standing order, so the money goes in monthly automatically every month.

Hope this helps, if you have any questions or anything, gimme a shout

 

[discoclare]

Hiya

I am wanting to open a savings account for LO and can only afford to save a small amount each month. I have found this one through quidco in which I can get £75 cashback if I agree to saving £25 a month. I am just a little confused on all the talk about shares and investments etc. I am wanting a savings account.


xx

What is the account specifically that you are looking at? It is the Virgin Tracker Isa? If so that is a share account, and I guess by you saying that you want a "savings account" that you want a cash savings account, am I right? It is a savings account, but one where the money is invested in shares rather than just sitting in the bank earning close to zero interest! So there is some risk (though as it tracks the FTSE I would personally say it isn't high risk), but there is risk and if you know that you wouldn't want to take any risk with your child's savings then you want a cash savings account.

 

[hulahoop09]

No it was a scottish one I think. I think I am just gonna try find one with a normal bank as all this with shares etc I dont fancy losing LO cash!

xx

 

[kanga]

and if you're not bothered about the interest or anything like that

OP you should be bothered about the return you get!

You can compare interest rates at sites like moneysupermarket.com. Search for childrens savings accounts.

Junior ISAs have just been released but the return on them is not guaranteed, as they are linked to share performance. Sounds like this is what you refer to in your op.

https://www.familyinvestments.co.uk/

I'm saving in the Principality Building Society savings account for lo. Its a childrens savings account which pays 6% which is quite good. No risk. The max you can save is £150/month for 12 months. So after 12 months I will look at the market again and transfer the money into something else for him