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I want to make sure that our daughter has a decent start to adult life by saving for her now. Myself and my partner already have our own S&S ISAs which will have money going in for both us and her. However, I want her to have financial literacy and have money which is explicitly in her name.
My plan is:
Mini current account - birthday and Christmas presents, small chunk of child benefit and monthly pocket money - paid in from birth and she has access constantly for things that she wants now.
JISA (stocks and shares) - lump sum paid in to start off (between 750 to 1000) and 100 pound a month added + small chunk of child benefit
Junior SIPP - small lump sum (250) + 100 a month and small chunk of child benefit
I’ve never been the best with money and I want to make sure that our little one is much more savvy than me and she has access to funds at key points in her adult life.
First question - does this plan seem sensible enough? I’ve done my research but I would love to have a little confirmation before I get going.
Second question - thinking about who we will use for JISA/Junior SIPP. I know a lot of people go with Hargreaves Landsdown and I was thinking of using them for her Junior SIPP but I was leaning towards using Monzo for her ISA because I like how accessible the platform is for both me but also for family and friends. Anyone used the Monza Junior ISA for their little one?