Junior ISA or savings account

We were going to put a little in a JISA but have decided just to open our own seperate ISA account for the money as we don’t want to put in so much than a 18 year old couldn’t handle or could risk spending inappropriately. That way we can gift him things such as driving lessons, deposit for a first house etc. In a few years time we may open a JISA and put a nominal amount in if we can afford it. The other thing we’ve considered opening is a JSIPP to start off a small pension pot for him super early.

We opened up an account with Halifax, it’s a children’s saver account but is in my name until he turns 16, then turns into his first bank account. I only went with this one as Martin Lewis recommended it! 🤣 x

We had a Google and decided Halifax was the best, we are opening an account which has an interest rate of 5.5% then after a year turns into a different account with a lower but still good interest rate which the child can access when they are 16. We are hoping to put £100 a month into it then open a trust fund too which they can get when they are 18.

We've opened a S&S JISA with Beanstalk. It's 60% World Index, and 40% cash equivalent. It's all app-based and you can give family & friends a link so they can gift into it for birthdays/Christmas etc Child can access it when they turn 18, so given how long term this saving is I definitely think the stock market is a good way to go!

Thanks ladies. All so helpful. Seems like there’s lots of options. I can definitely see why you’ve done it that way @Siobhan. I wasn’t gifted money till a lot later in life and I think it gives you a good understanding of saving for yourself etc. Halifax looks like a good shout if we did open a junior ISA or savings account but also very interested in what you’ve mentioned @Annie. How did you find out about that? Xx

We also did S&S but in my name rather than a junior version as we didn’t want her to have automatic access at 18. Ours is through Hargreaves Lansdown which is also app based and we went aggressive with our risk appetite due to the amount of time we have for this to build. I put in a lump sum and also set up a standing order ☺️ we’ve also looked at a JSIPP but not gone ahead yet as still deciding!

I came across Beanstalk via Martin Lewis - but there are other ones. Hargreaves was another I considered but I liked the gifting link tbh. Easier than people giving money to me for me to then move to the JISA 🤷🏼‍♀️

Also, I've been dabbling with the stock market myself for years now. I have a LISA, for retirement, with AJ Bell which has made so much profit over the last few years. And I have a S&S ISA with Wealthify too

Martin Lewis has done a special on kids accounts I think. I’m planning on opening the Halifax account. It stays under our control and you can make withdrawals, which a lot of others you can’t. Also, at 16 it moves into my name and I transfer into whatever account he has at that time. I was worried it would transfer to him and then he spends it all (like I did) on crap!

We also opened a Halifax account. I used money supermarket website to compare the different accounts