Advise please

[suzanne]

This afternoon I got a phone call from my sons school. It was his maths teacher telling me he had good news and that they had found his maths exam paper. I didnt even realise that they had lost it but apparently he hadnt put his name on the front  He went on to say that you will be pleased to know that he has made a grade 7. Oh thats good I said having no idea what a grade 7 meant. Yes he said, we are all very proud of him, he is the only child in his year that has score so high. He then went on to explain that a grade 7 is equivalent to a GCSE "C" and hes only 12 years old 

This has got me thinking.

Presuming that he continues to do well in school there is a possibility that he might want to go to university one day. I know I have left it a bit late but I would like to start some kind of savings plan that will help him out. I have never been a saver and havent a clue which kind of account would be best. I have done a bit of googling but I am non the wiser ...any advice?

PS Blatant my son is as bright as a button and im very proud of him brag :-)

[bolt pp]

ship

[Graham C]

Congratulations  

[Grier78]

This afternoon I got a phone call from my sons school. It was his maths teacher telling me he had good news and that they had found his maths exam paper. I didnt even realise that they had lost it but apparently he hadnt put his name on the front  He went on to say that you will be pleased to know that he has made a grade 7. Oh thats good I said having no idea what a grade 7 meant. Yes he said, we are all very proud of him, he is the only child in his year that has score so high. He then went on to explain that a grade 7 is equivalent to a GCSE "C" and hes only 12 years old 

This has got me thinking.

Presuming that he continues to do well in school there is a possibility that he might want to go to university one day. I know I have left it a bit late but I would like to start some kind of savings plan that will help him out. I have never been a saver and havent a clue which kind of account would be best. I have done a bit of googling but I am non the wiser ...any advice?

PS Blatant my son is as bright as a button and im very proud of him brag :-)

Cash ISA FTW, reasonable interest rate with no risk to your money (and tax free).

[Wardonkey]

Stanford Wong ftw.

[suzanne]

Stanford Wong ftw.

Sigh!!!

It is a serious question :-(

I cant afford too much but what im thinking of is savings plan over 5 years where I am not allowed to take the money out (preferably able to in case of emegency), tops I can afford is 2k a year which would give him 10k as a starting point. Can I open an ISA in his name?

[Grier78]

Stanford Wong ftw.

Sigh!!!

It is a serious question :-(

I cant afford too much but what im thinking of is savings plan over 5 years where I am not allowed to take the money out (preferably able to in case of emegency), tops I can afford is 2k a year which would give him 10k as a starting point. Can I open an ISA in his name?

You have to be 18 to have an ISA (16 for a cash only), but being 12 there might be a range of tax free products that you could consider.

[suzanne]

Stanford Wong ftw.

Sigh!!!

It is a serious question :-(

I cant afford too much but what im thinking of is savings plan over 5 years where I am not allowed to take the money out (preferably able to in case of emegency), tops I can afford is 2k a year which would give him 10k as a starting point. Can I open an ISA in his name?

You have to be 18 to have an ISA (16 for a cash only), but being 12 there might be a range of tax free products that you could consider.

Thats what I was thinking..an account in his name and he wouldnt have to pay tax

[jizzemm]

Im sure Nationwide have a very good child savings account...

http://www.nationwide.co.uk/savings/rates.htm

Its called Smart Account about 3/4 of the page down..

[Wardonkey]

Stanford Wong ftw.

Sigh!!!

It is a serious question :-(

I cant afford too much but what im thinking of is savings plan over 5 years where I am not allowed to take the money out (preferably able to in case of emegency), tops I can afford is 2k a year which would give him 10k as a starting point. Can I open an ISA in his name?

Apologies Suze, for my flippant reply.

I can't help with financial advice, but I'm very happy that you have such a talented son. 

[technolog]

Have a look at this Suze. It's a PDF on student finance from Martyn Lewis's (the TV money expert) MoneySavingExpert.com website.

Also here is his article on savings in general.

[Grier78]

Have a look at this Suze. It's a PDF on student finance from Martyn Lewis's (the TV money expert) MoneySavingExpert.com website.

Also here is his article on savings in general.

Good links.

[suzanne]

Have a look at this Suze. It's a PDF on student finance from Martyn Lewis's (the TV money expert) MoneySavingExpert.com website.

Also here is his article on savings in general.

Spot on,,thank you kind sir, that is exactly what I wanted to know x

[cia260895]

well done that boy, my eldest has just done virtualy the same as yours wooohooo obv they get it from their parents lol (just wish i could get him into poker he'd kick ass)

but funnilly enough i wa thinking the same about him going to uni,,,

does anyone know roughly how much it would cost to put him/them through uni???

[suzanne]

well done that boy, my eldest has just done virtualy the same as yours wooohooo obv they get it from their parents lol (just wish i could get him into poker he'd kick ass)

but funnilly enough i wa thinking the same about him going to uni,,,

does anyone know roughly how much it would cost to put him/them through uni???

HAHAHA funnily enough I was thinking the same about poker :-)

I have no idea how much but im thinking a lot more than I can save in the next 5 years.

I recall there being a big uproar a few years back when grants were knocked on the head and kids having to take out huge loans to cover the cost...is it still the same?