Best place to put £50 a month for my granddaughter?

[MickB]

I tried to open a savings account in my local HSBC branch for my youngest granddaughter just as I did for her older sister 3 years ago but they've stopped the young savers accounts now. Anyone got advice where the best place to put £50 a month for her?

 

[Stu]

Junior ISA? Depends when you think she may want/you want her to have it. ISAs can be accessed at 18 and can have cash and/or stocks & shares flavours. 
Banks are not much use for anything these days, except maybe laundering money(the banks that is, not me😄HSBC have form)

Edited November 10, 2021 by Stu

[MickB]

19 minutes ago, Stu said:

Junior ISA? Depends when you think she may want/you want her to have it. ISAs can be accessed at 18 and can have cash and/or stocks & shares flavours. 
Banks are not much use for anything these days, except maybe laundering money(the banks that is, not me😄HSBC have form)

I'll give her the money when she reaches 21, another 20 years to go. If I gave it to her when she's 18 it would probably be too soon from coming out of school so I'd prefer her to get a job first so she could appreciate how money is earnt. Where's the best place to go for a Junior ISA?

[HerefordBullyun]

1 hour ago, MickB said:

I'll give her the money when she reaches 21, another 20 years to go. If I gave it to her when she's 18 it would probably be too soon from coming out of school so I'd prefer her to get a job first so she could appreciate how money is earnt. Where's the best place to go for a Junior ISA?

Ive just swapped over my boys from Junior tax credits to Junior ISA i have a Hargreaves lansdowne one for him

Edited November 10, 2021 by HerefordBullyun

[Stu]

https://www.moneysupermarket.com/savings/junior-isas/
 

Some comparisons. I think the recipient gains access at 18 so you would have to have a private agreement that they would not receive until 21 etc. Not legally binding and child could do what they wanted with cash at 18. 

[lst65]

As previously discussed, Isa's for juniors can be found - we personally have a National Savings Plan for our son and this matures at 18 - however, you can create a trust fund (including the ISA) that caters for your wishes as the donor.

[Roy]

@MickB, why not gold?

£50 a month cost averaging and you can be in control of it up to the gifting. Kushti!

https://www.royalmint.com/digital-investments/little-treasures/

I've put my money where my mouth is, why not, gold has been good to us for the past 6 years 👍

[MickB]

17 hours ago, Roy said:

@MickB, why not gold?

£50 a month cost averaging and you can be in control of it up to the gifting. Kushti!

https://www.royalmint.com/digital-investments/little-treasures/

I've put my money where my mouth is, why not, gold has been good to us for the past 6 years 👍

I did look into this but the idea of paying a fee every year puts me off as I want to put £50 in every month and just forget about it until the time comes to pay out.

[goldhunter]

Piss it up a wall, the planet is dying

[MickB]

16 minutes ago, goldhunter said:

Piss it up a wall, the planet is dying

Do you walk up and down Oxford Street holding "The end of the World is nigh" banner?

[HerefordBullyun]

2 minutes ago, MickB said:

Do you walk up and down Oxford Street holding "The end of the World is nigh" banner?

 

[Stacktastic]

Im starting to look into this. Can anyone tell me - My wife can have a trading account with a stocks ISA cant she??
I was thinking of doing this & doing what i have suggested below, but I can also catch the bottom of a stock that I missed on my account LOL. 

Surely a junior ISA over 15 years will mean that with inflation & the great reset it will loose value, especially if they move over to CBDC's?
Yes you save the tax, but you loose purchasing power on a yearly basis, especially now.

Have I missed somehting here as surely a SIPP pension plan is only handy if you are employed isnt it? 
There are much better ways to put money to work that be sat gathering dust in a bank for 30 years!

My money would be on splitting it 2 ways: 
Save up funds from one side & buy the dips on physical gold. Or just one SOV as and when the funds reach that amount. 
Add the other £25 to a pie of safe diversified stocks, like index funds, bluechips with moats, emerging markets.
I would be inclined to buy gold to start with and wait for the next crash and bear market on option 2 though. 

Gold has always been real money, but if Elon Musk manages mine asteroids or the ocean - it will very quickly devalue!
Should have a decent heads up on that though  

 
 

Edited December 8, 2021 by Stacktastic

[stackspot]

Save, buy and store Sovereigns

If it looks like a better idea to do something else at a later date it wouldn’t be difficult to arrange 🙂

[Bigmarc]

On 08/12/2021 at 10:20, Stacktastic said:

Surely a junior ISA over 15 years will mean that with inflation & the great reset it will loose value, especially if they move over to CBDC's?
Yes you save the tax, but you loose purchasing power on a yearly basis, especially now.

I am starting to think this, both my kids have early savers with nationwide and have a grandmother who insists on buying them premium bonds every year. By the time they reach adulthood it maybe not worth much at all. I am not sure what the way forward is, so will keep a eye on this thread.

 

[HerefordBullyun]

7 minutes ago, Bigmarc said:

I am starting to think this, both my kids have early savers with nationwide and have a grandmother who insists on buying them premium bonds every year. By the time they reach adulthood it maybe not worth much at all. I am not sure what the way forward is, so will keep a eye on this thread.

 

My sons one is doing well only been open a couple of months both long on Oil and uranium stocks like my portfolio!

[Bigmarc]

9 minutes ago, HerefordBullyun said:

My sons one is doing well only been open a couple of months both long on Oil and uranium stocks like my portfolio!

I will have a look into it. I will probably end up getting a house for them at some point. It's just a matter of the best way of getting there (and convincing the missus).