kids money

[CLOUISE]

i have been given �1000 for each of my childen any ideas on the best bank or building society to get the best from the money?

[Sparkles3]

http://www.moneysupermarket.com

Try the above website, comparison site that shows you different options side by side.

[bluejonjo]

Nationwides ISA has been one of the best for years.

[WendyS]

I don't know how old your children are but if they are fairly young and you are prepared to take a long term view, I'd be inclined to opt for a reliable unit trust (either a growth one, or an equity income one with the dividends reinvested to roll up). There is always a risk with the stock market but the capital should grow a lot faster than simply putting it into a savings account. In any case, you can't buy a cash ISA for a child under the age of either 16 or 18 (not sure which). If you want a small gamble, invest �500 for each of them in a high interest savings account and put the other �500 in a unit trust. I wouldn't mind betting that on the law of averages, by the time they come to draw the money, the unit trust will have earned more money. Alternatively, if you want a REALLY long term view, you could invest the money in a stakeholder pension for them and then they won't be able to get their hands on it until they're in their fifties!.

[WendyS]

Forgot to add that if you children are not liable to income tax on their savings, ask your savings provider for a form to fill in and send to the Inland Revenue so that tax is not deducted at source, otherwise it will be deducted automatically.