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


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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?

 

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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 by Stu

“Nowadays people know the price of everything and the value of nothing.” Oscillate Wildly

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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?

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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 by HerefordBullyun

Central bankers are politicians disguised as economists or bankers. They’re either incompetent or liars. So, either way, you’re never going to get a valid answer.” - Peter Schiff

Sound money is not a guarantee of a free society, but a free society is impossible without sound money. We are currently a society enslaved by debt.
 
If you are a new member and want to know why we stack PMs look at this link https://www.thesilverforum.com/topic/56131-videos-of-significance/#comment-381454
 
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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. 

“Nowadays people know the price of everything and the value of nothing.” Oscillate Wildly

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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.

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@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 👍

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

"Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society (destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."

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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.

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2 minutes ago, MickB said:

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

 

Central bankers are politicians disguised as economists or bankers. They’re either incompetent or liars. So, either way, you’re never going to get a valid answer.” - Peter Schiff

Sound money is not a guarantee of a free society, but a free society is impossible without sound money. We are currently a society enslaved by debt.
 
If you are a new member and want to know why we stack PMs look at this link https://www.thesilverforum.com/topic/56131-videos-of-significance/#comment-381454
 
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  • 4 weeks later...

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 by Stacktastic
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  • 1 month later...
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.

 

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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!

Central bankers are politicians disguised as economists or bankers. They’re either incompetent or liars. So, either way, you’re never going to get a valid answer.” - Peter Schiff

Sound money is not a guarantee of a free society, but a free society is impossible without sound money. We are currently a society enslaved by debt.
 
If you are a new member and want to know why we stack PMs look at this link https://www.thesilverforum.com/topic/56131-videos-of-significance/#comment-381454
 
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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).

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