Tips for investing for children

The ways are many with different income tax and rights to access issues

1. Open a bank account with you as trustee for a child less than 18
2. Term Deposits and internet savings accounts
3. Use a 10 year investment bond where income is re-invested.
4. Create a discretionary trust where the child is a potential beneficiary.
5. Open a scholarship account via a fund manager.
6. Purchase managed funds or shares

Issues to consider

Do you know the specific issues/difficulties with each of the above?
How can any action add to your overall family’s wealth?
What is the most appropriate course of action in your case given that each person’s family needs/position will be different?
Find an experienced adviser who can identify and help you to take advantage of your best option.