Saving money for Child

Hello Guys,

Anyone aware of what is best way to save money for the child for her future? Please note I am a NRP and child lives with ex.
What I want is that ex should not be aware of the saving for my child. In the past when we used to live together, ex used my daughter's savings and bought her diamonds.

Please advice.

Thanks
NM

Does your daughter have a Child Trust Fund? www.childtrustfund.gov.uk/ If so, you could make payment into that fund. It can't e touched until shee is 18 so her mum can't use it.

Alternatively you could open a savings account for your daughter; you would normally be a trustee on the account while she is young, but be aware that if the account is opened in your daughter's name, she would be entitled to make withdrawals herself once she is old enough to understand how it works! Because the account would be in your daughter's name, she would (assuming she doesn't have other income)not usually have to pay tax on any interest, although I think you have to fill in a form Evey year to confirm this.

You could set up a savings or investment plan for her set up to mature when she turns 18, or 21.

You do not have to tell your ex that you are saving for your daughter, and unless her name is on the account she would have no access to it.

If there is a CTF it is likely that thi was set up with your ex as the named contact, however, this only means that she can instruct the fun on how to invest the money, and that she will be able to access information about how much the fund is worth, it would not allow her to withdraw money from it.

You can set up a savings account for your child but you will need to have passport or birth cirtificate for them for proof that you are not money laundering. Halifax currently have an excellent rate for 1 year after which you can transfer it into another high interest account. I have just set this up as a savings fund for mine and it was a quick and easy process except the faff of having to go into a branch to show thier passports.

Thanks TBagpuss, meand3 for the quick information.

I dont have birth certificate or her passport and I dont think my ex will give it to me. I will see what else I can do.

There is no reason why you can't open an account on her behalf and save some money in your name.

I know there are tax implications but maybe if you can get access to some ID later you can then transfer it into her name.

NonMolest wrote:

I dont have birth certificate or her passport and I dont think my ex will give it to me. I will see what else I can do.

Yours and mine both. Simple solution is just go and get a duplicate birth certificate. You'll find as time goes on it comes in useful for other things anyway.

T