The Childrens Bank

[Swiss Tony]

Set up a pension for the ikkle ones, nothing fancy just a simple stakeholder with a maximum of £3600 per year going in (anything more gets no tax relief).

That way when they have to think about saving for the rest of their lives they will be miles ahead and should reduce the pressure on them later in life when they are married and have kids etc.

[TimberWolf]

Wow!!! Bit left field here. But the smart money is going to be in potatoes.

If AtW float and becomes a zillionaire, he's going to buy up all the King Edwards in the country! There will be a shortage and the price will go through the roof.

I suggest you get down to Tescos and load up your trolleys with tinned spuds.

You heard it here first.

The potato market can be as easily manipulated as the currency and bullion markets and they have a very high water content. Best to diversify into currencies, gold and a basket of high protein energy rich vegetables.

[MarillionFan]

Wow!!! Bit left field here. But the smart money is going to be in potatoes.

If AtW float and becomes a zillionaire, he's going to buy up all the King Edwards in the country! There will be a shortage and the price will go through the roof.

I suggest you get down to Tescos and load up your trolleys with tinned spuds.

You heard it here first.

[Moscow Mule]

There's no CGT to pay on gold sovereigns.

Which was nice.

http://www.moneyweek.com/investments...gns-16088.aspx

http://www.thegoldbullion.co.uk/buy-sovereigns

A good idea for childrens savings.

Is there a limit on how much you can buy without notifying the revenue as there is with bullion?

[moorfield]

Never liked the idea of the CTF - handing over a large pile of cash when they're 18 only to watch them p1ss it up against a wall etc. etc.

We are collecting their cash in accounts which we control.
At the appropriate time, they will be bribed with their own cash to pass their exams well, without them knowing it was their cash all along - obviously.

[MarillionFan]

As it happens, I've gone with the Clydesdale bank.

They have a 5 Year Bond, Paying 5% per annum, guaranteed over five years.

I place £4k each into both kiddywinkies accounts and then I took out a 5 Year Monthly 50K bond for the missus which pays interest monthly at near the same rate which will pay out £200 per month.

Moved both childrens ISAs to Tesco and took additional Clubcard points.

Then have moved 60K into the AK100 Dividend payout and negotiated an extra 1% commission drop, so will get 8.5% payout in 12 months if it kicks out.

Havent decided where the other 150k is going yet? Maybe I should buy Majestic, but then I'm not sure what I'd do with the other £149,950?

[TimberWolf]

There's no CGT to pay on gold sovereigns.

Which was nice.

http://www.moneyweek.com/investments...gns-16088.aspx

http://www.thegoldbullion.co.uk/buy-sovereigns

A good idea for childrens savings.

I may buy some of the physical stuff, but the price of sovereigns appears to be heavily influenced by what's stamped on them. I've seen 7.98g 22c coins as cheap as £155, while the cheapest on that site is £184. Ideally I'd want coins that could be redeemed easily and without losing a packet doing so. It seems to be more difficult to find out how to sell and how much you lose than it is to buy them.

[DimPrawn]

Buy them gold coins, will still be worth something when they are old enough to need it.

There's no CGT to pay on gold sovereigns.

Which was nice.

http://www.moneyweek.com/investments...gns-16088.aspx

http://www.thegoldbullion.co.uk/buy-sovereigns

A good idea for childrens savings.

[Scary]

Buy them gold coins, will still be worth something when they are old enough to need it.

[jmo21]

I just applied for a Halifax bank account one for my new born

it's the best listed here:
http://www.moneysavingexpert.com/sav...vings-tax-free

there are restrictions and they are only a year long

[mudskipper]

The Natwest piggies fetch a few quid on ebay these days!

[MarillionFan]

I had to look at Child Trust Funds today for my latest addition to the Brood MF. Well, what a hotch potch of crap there is.

What was worse, was the fact that there are no decent bank/savings accounts for kiddy winkies. I mean, yes I know the market is crap for interest rates, but really is 1-2% the best we can do. Now, lending rates are still around the 7.9%+ for loans.

Surely, surely! There is an opportunity here. The Childrens Bank. An online bank which goes back to the basics. It takes deposits(albeit by cheque/bacs) for childrens accounts. Is compounded, provides little incentives for the little blighters over the years and is easily managed. On the opposite side, it lends out those funds in the form of classical loans or a Childrens Credit Card.

How about a link with a Credit Card, which for every 0.5%, 1% pays a cash back into you childs savings account. The account should be paying between 2-7.9 or an average of maybe 3/4%.

Is this really a difficult thing to ask for? How come no-one has implemented such a thing! It's a bloody liberty.

MF in 'Just got back from the pub' Mode.