Saving for my grandchildren

I have 3 grandchildren at present 4, 2 and five months. I would like to put a couple of hundred pounds each in some sort of account or isa that I can add to as and when on birthdays and christmas. I want it to be something from me that I build up over time, doing the same for any additional grandchildren (not young parents, so not expecting very many more). I am not great at presents and so this would be something I would want them to understand eventually was from me (in addition to relatively modest birthday and christmas presents) - its really about knowing they were important enough for me to take trouble over as well as some financial boost - about their self esteem as they get a bit older whatever happens to them in life. I am not a young grandparent and am well aware that anything I have may well be taken up in care costs should I need them later on, so I see this as something I can do for them regardless. What do forum members think would be my best option?

PS I hope you don't mind me adding this post. Just realised it may be a bit rude internetwise as it asks my own question. It does seem like a bit of a minefield and I would be interested to hear what others went for. Thank you for posting your question.

I have 3 grandchildren at present 4, 2 and five months. I would like to put a couple of hundred pounds each in some sort of account or isa that I can add to as and when on birthdays and christmas. I want it to be something from me that I build up over time, doing the same for any additional grandchildren (not young parents, so not expecting very many more). I am not great at presents and so this would be something I would want them to understand eventually was from me (in addition to relatively modest birthday and christmas presents) - its really about knowing they were important enough for me to take trouble over as well as some financial boost - about their self esteem as they get a bit older whatever happens to them in life. I am not a young grandparent and am well aware that anything I have may well be taken up in care costs should I need them later on, so I see this as something I can do for them regardless. What do forum members think would be my best option?

I’m doing the same as fiorentina51 but in the end, I can’t see my DDs taking their own children’s inheritance, so I’m wonder if it’s better to leave my DGSs a set amount in my will, as my friend has done. There’s a decent chance I won’t be here to see either reach 18.

Ixion we have grandchildren in USA and when they lived here we started buying Premium Bonds for them. Since they emigrated I have been saving the money in a box and wondering what to do with it. DS1 (their Dad) has started college funds for them so I have been sending him money by PayPal, which he puts in their accounts. The money comes out of our current account and I take the same amount from the box and put it in my purse. Once it has been dealt with I shall transfer the money over a couple of times a year. Not huge amounts but it will add up by the time they go to college and their parents and the US grandparents will also add to it.

My daughter opened a monthly savings account for our granddaughter when she was a few months old and we pay an amount in each month as well. (Slightly smaller amount as I didn't want to steal her thunder).

My daughter will have control over it as she didn't want our granddaughter blowing it all on shoes and handbags when she reaches 18.
Can't see why she's afraid her daughter would do that... ??

As a parent, I am not saving anything for my DD that she can access when she turns 18. I worry about her having access to money suddenly at that age. It’s a big responsibility and they often don’t know what to do with it (I got access to a chunky sum myself). I would encourage anyone looking to save for GC to do so in a way where the child doesn’t automatically get access aged 18.

I decided I would like to save a certain amount monthly for each of my grandchildren so asked my AC to research and open accounts for them which they did. I anticipate by the time they each reach 18 there will be a reasonable amount in them. The AC have control of the accounts which is what I wanted.

I opted for Junior ISAs. A parent has to be involved in the set up, providing the child’s birth certificate as far as I recall, but a grandparent can pay in. No withdrawals until the child is 18, but after that they can withdraw the cash or turn it into an adult ISA.
Child savings are available from most buildings societies and banks, usually at better rates than for adults. If you want to invest serious money in stocks and shares ISAs, it is recommended to get independent financial advice. When they reach 18, they will have access.

I am the last person to give financial advice, but if you are considering premium bonds, you might want to think about how you would feel if one child won.

The thought of having one child a millionaire and the other a pauper was what deterred is from buying them with birthday money when ours were young.

We’ve opened Junior stocks and shares ISAs for the grandchildren. We add something now and then. They’re 7, 6 and 2, so with a bit of luck by the time they’re 18, it should have grown quite a bit.

Look at Martin Lewis’ website.

Has anyone set up savings accounts for grandchildren abroad?
Thank you!

teetime54 you really need to get help and advice from a qualified financial advisor, one who specialises in investing for children.

In the meanwhile here is another link that may help you www.raisin.co.uk/savings/how-to-save/saving-for-grandchildren/.

I hadn't heard of this company before, but they have been reviewed by 'Which' alongside side other similar financial bodies www.which.co.uk/money/savings-and-isas/savings-accounts/what-is-a-savings-platform-ah9112x13r8n

I must emphasise that I am recommending nothing, just putting links your way that may be informative.

I am saving for my granddaughter through a Junior ISA. The money goes direct from my account into her ISA. Her parents cannot touch it.

I have a kids saver account with the Halifax for one of my grandchildren. Seems to work OK.

Thanks for the tips. I looked into Junior ISAs but it looked like the parents control the money etc.

Do you just send them the money for them to put in? Who did you end up going with?

I hesitate to give anything that reads like financial advice, bacause it isn't.

There are a number of ways of investing for children and these are listed here www.pensiontimes.co.uk/savings/saving-for-grandchildren/what-are-the-best-savings-accounts-for-grandchildren

My personal opinion is that you can do better than the two ways you mention, although others may disagree.

As it seems that you do not know much about savings for children, depending on how much you have in mind to save. You would be wise to seek help and advice from an independent financial advisor. You could speak to your bank, but they will only recommend their own products.

We are saving for our grandchildren through Junior ISAs.