molko

Hi

I know there are a few self styled financial gurus on here, just wanted to pick some of your brains.

We had a baby last month and we want to invest a regular sum of money into an account for her + adhoc payments given from grandparents/birthdays etc.

Now i know my dad has opened up some kind of "trust" for her, although he wont say what type - he's a bit of git like that, likes secrets etc.

We have got the £250 from Gordon Browns mob and i guess we could add to this on a mothly basis

I know with trusts that when the child is 18 the money is legally hers and she can do with it what she wants - but ideally we would like some kind of control over it, so that when she is 18 the money is not wasted frittered away and that a good portion of it goes toward further education etc....

What other options do we have ?
Any recommended accounts etc ?


Thanks guys, appreciate any answeres.

M

James Neill

iTrader: (1)

If you've not used you ISA allowance then that would be an option. Open it in your name and you can do with it what you like when she's 18.

stoneface

iTrader: (6)

The £250 has to be put into an account that is availiable to your child at 18. We have done this and put in a monthly amount, but have also opened account that we put regular(monthly) money into which is upto us when the money is avaliable to her (with us being trustees).

stoneface

iTrader: (6)

Child Trust Fund (CTF)

Here is the link for the invest co we used for the £250 gov voucher, we went for the shares acc and its done v well over the past 2 years.