{"id":22506,"date":"2021-10-04T20:48:29","date_gmt":"2021-10-04T20:48:29","guid":{"rendered":"https:\/\/www.churchillretirement.co.uk\/?p=22506"},"modified":"2023-02-02T11:14:43","modified_gmt":"2023-02-02T11:14:43","slug":"how-to-save-money-for-grandchildren","status":"publish","type":"post","link":"https:\/\/staging.themediapeople.co.uk\/churchill2021\/news\/retirement-finance-news\/how-to-save-money-for-grandchildren\/","title":{"rendered":"How to save money for grandchildren"},"content":{"rendered":"<div class=\"vce-row-container\" data-vce-boxed-width=\"true\"><div class=\"vce-row vce-row--col-gap-30 vce-row-equal-height vce-row-content--top\" id=\"el-f043aa22\" data-vce-do-apply=\"all el-f043aa22\"><div class=\"vce-row-content\" data-vce-element-content=\"true\"><div class=\"vce-col vce-col--md-auto vce-col--xs-1 vce-col--xs-last vce-col--xs-first vce-col--sm-last vce-col--sm-first vce-col--md-last vce-col--lg-last vce-col--xl-last vce-col--md-first vce-col--lg-first vce-col--xl-first\" id=\"el-73116298\"><div class=\"vce-col-inner\" data-vce-do-apply=\"border margin background  el-73116298\"><div class=\"vce-col-content\" data-vce-element-content=\"true\" data-vce-do-apply=\"padding el-73116298\"><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"vce-row-container\" data-vce-boxed-width=\"true\"><div class=\"vce-row vce-row--col-gap-30 vce-row-equal-height vce-row-content--top\" id=\"el-b1d9c4f7\" data-vce-do-apply=\"all el-b1d9c4f7\"><div class=\"vce-row-content\" data-vce-element-content=\"true\"><div class=\"vce-col vce-col--md-auto vce-col--xs-1 vce-col--xs-last vce-col--xs-first vce-col--sm-last vce-col--sm-first vce-col--md-last vce-col--lg-last vce-col--xl-last vce-col--md-first vce-col--lg-first vce-col--xl-first\" id=\"el-070f1db0\"><div class=\"vce-col-inner\" data-vce-do-apply=\"border margin background  el-070f1db0\"><div class=\"vce-col-content\" data-vce-element-content=\"true\" data-vce-do-apply=\"padding el-070f1db0\"><div class=\"vce-single-image-container vce-single-image--align-left\"><div class=\"vce vce-single-image-wrapper\" id=\"el-87f35cff\" data-vce-do-apply=\"all el-87f35cff\"><figure><div class=\"vce-single-image-inner vce-single-image--absolute\" style=\"padding-bottom: 56.25%; width: 1024px;\"><img decoding=\"async\" loading=\"lazy\" class=\"vce-single-image vcv-lozad\" data-src=\"https:\/\/staging.themediapeople.co.uk\/churchill2021\/wp-content\/uploads\/2021\/10\/Grandkids-1920x1080-1.jpg\" width=\"1024\" height=\"576\" src=\"\" data-img-src=\"https:\/\/staging.themediapeople.co.uk\/churchill2021\/wp-content\/uploads\/2021\/10\/Grandkids-1920x1080-1.jpg\" alt=\"\" title=\"Grandkids-1920x1080\" \/><noscript>\n        <img decoding=\"async\" loading=\"lazy\" class=\"vce-single-image\" src=\"https:\/\/staging.themediapeople.co.uk\/churchill2021\/wp-content\/uploads\/2021\/10\/Grandkids-1920x1080-1.jpg\" width=\"1024\" height=\"576\" alt=\"\" title=\"Grandkids-1920x1080\" \/>\n      <\/noscript><\/div><figcaption hidden=\"\"><\/figcaption><\/figure><\/div><\/div><div class=\"vce-text-block\"><div class=\"vce-text-block-wrapper vce\" id=\"el-295767ca\" data-vce-do-apply=\"all el-295767ca\"><h1>How to save money for grandchildren<\/h1><p>All grandparents want the comfort of knowing that their grandchildren\u2019s future is in good hands (well, most of them). Investing in your grandchildren is a great way of achieving this goal, while teaching them a valuable lesson about how money works. Saving for your grandchildren and wondering how to go about it? Our guide should point you in the right direction.<\/p><h3>What is the best savings account for my grandchildren?<\/h3><p>The best savings account for grandparents saving for grandchildren will depend on what you want the money to be used for, and how much control you want your grandkids to have. Find out some of the options available below!<\/p><h3>1)&nbsp; Open a savings account in their name<\/h3><p>If you want a no-nonsense way of saving money, a children\u2019s savings account is your best bet. You can teach your grandchildren about the value of not spending all of their money in one go, and the joys of gaining interest on money saved. It is definitely a good idea to shop around for the best deal you can get, as some savings accounts offer higher interest rates than others.<\/p><h3>2)&nbsp; Start a Junior Pension<\/h3><p>Are you someone who likes to plan ahead for the future? Now is the time to start! A junior ISA allows you to save up money for your grandchildren when they turn into adults. The \u2018junior\u2019 in junior ISA refers to the fact that children have to be under 18 to be eligible. When they turn 18, they can begin to manage the funds themselves. Best of all, the interest rates that children get are much more profitable than adults! Save money in a junior pension now, and your grandchildren can take advantage of the benefits later.<\/p><h3>3)&nbsp; Try premium bonds<\/h3><p>The lucky dip of saving options. Instead of putting your grandchild\u2019s savings into a regular account, premium bonds give them the chance to win tax-free prizes every month! Every \u00a31 premium bond you buy has an equal chance of winning - the more you buy, the higher your chances! If your grandchildren find the idea of saving money boring, this option might change their mind.<\/p><h3>4)&nbsp; Help them put down a mortgage deposit<\/h3><p>Houses in the UK are not cheap. If you do have the capacity, why not make the ultimate money-saving gesture - chip in for your grandchild\u2019s first mortgage deposit. If you can\u2019t afford to pay a large sum up front, you can put some money aside in either a Junior ISA or children\u2019s savings account. It takes a while for the average first-time buyer to get on the housing ladder, but helping your adult grandchildren pay their way will make it much quicker!<\/p><h3>5)&nbsp; Leave the money in a trust<\/h3><p>The best option if you want your grandchildren to use their money later rather than sooner. Leaving money in a trust for your grandchildren will secure the money until they are old enough to use it carefully. The best part of bare trusts? The money you put in for your grandchildren will not be liable for inheritance tax.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>All grandparents want the comfort of knowing that their grandchildren\u2019s future is in good hands (well, most of them). Investing in your grandchildren is a great way of achieving this goal, while teaching them a valuable lesson about how money works. <\/p>\n","protected":false},"author":4,"featured_media":22507,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[227],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to save money for grandchildren - Churchill Retirement Living<\/title>\n<meta name=\"description\" content=\"All grandparents want the comfort of knowing that their grandchildren\u2019s future is in good hands (well, most of them). 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