Lady_SJ
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Watch out, using bank accounts designed for children's investment. Because they can by law, withdraw money on their own after they are 14yrs.
We've invested money for the children in our family, but have put it in the grandparents name. Then the grandparents have had it put into their will, that if anything happens the money should go into another adults name till the children are 21yrs of age. |
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Greg S
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Open a 529 college savings account plan for each of them I believe it's tax deffered, it works like a retirement account (401k or IRA) you will have to do some research to get all the details, but it is your best option. |
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SpookyFox
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To save the money in the bank is the last option.
One of the idea is invest in mutual fund. Some mutual fund which related to equity is a good option, some might give u return around 30 -45 % yearly. If U used compounded interest U can save and make a lot of money. |
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Harishim A
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The stock market has performed better than banks and property for the last 100 years or more. Over the last fifty years the stockmarket has shown an average annual return of 11.5% which over twenty years of compounded investment would far outperform what the post office would ever give you.
do it yourself for the best potential returns, or invest into a share fund. |
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ChampDog
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For my case, I just invest in unit trust and treat it as an kids educational fund. Unit trust is the best investment strategy for long term. |
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$so fresh so clean$
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A 529 college savings plan is the way to go. The contributions are tax deferred and withdrawals are tax free for educational expenses. Also, a Coverdell savings account might be something to look at. They have a few different features, but both would be good routes to go. Good luck. |
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scorpionelyyours
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A saving account, with the best Interest %, just don't feel tempted to withdraw the money accumulated in that account with years..
;-)
Open that saving account, and don't touch it, just put more and more money years by years, and when your kids grow and need money for university or whatever school, they will use that reserve money. |
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Leny
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A high interest savings account would seem to be the best way to go. However this way, you may be tempted to touch the money and take away little 'bites'. So maybe a term deposit might be a good idea, as withdrawing early would take a big bite out of your interest earned. |
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Save Money Guide
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I would personally aim at a higher rate of interest than that which is offered by the Post Office. You have a computer so take a look at www.icesave.co.uk. They are offering a savings rate in excess of 6% at the moment which is about as good as it gets. Also you can add to the account whenever you wish.
http://www.save-money-guide.com/bank.html |
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machiavelli
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Pinkribbon,
Please check out the info on "cautious managed funds"; as the money men seem to be saying that they are a good bet at the moment.
The drawback is that they are linked to the stock market; so some times are better to cash in these funds than others.
Good luck!!!
The Mac |
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Chris W
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One thing my mother did for me was set up an ISA account, though I was about 15 at the time. How old are your children? If they are young, set up a building society account and put away a little bit of money over the years.
But if you can try an ISA, you can put up to 3000 a year so a few hundred won't cause any problems, they can then put the money into a bank account/building society just before it reaches 3000. |
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Merve
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I would put the money in a gauranteed return unit certificate. It yields slightly higher than the run of the mill savings account but it is gauranteed, and you can never lose money because it is backed by the strength. But still you need to be careful because it is the future of your family we are talking about, so therefore I would not invest in anything so risky. I think you should speak with an accountant or your clergyman. |
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Smart Investor®
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Yes, there is a better place to put money away for them for their further education.
Better invest in business.
I run my own business and I have profit margin of over 5% a month.
Some European banks pay 8% to 14% a year (5 years deposits).
Email me at investment4us@hotmail.com for more information. I would advice you something if you are serious about investing.
Best of luck! |
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Feeling Mutual
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If you are in the USA, you can get a Coverdell Education Savings account for your son. I recommend Scottrade for that.
Also, savings bonds are good. |
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MJoneSsssssss
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it's called a BANK |
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