Mums Finance

Many grandparents like to establish a small trust fund for their wee grandchildren and that’s wonderful. But doing so these days can be a bit confusing given the number of options available. I have a suggestion that might be the one you are looking for, especially if you like the idea of a passbook rather than a card/statement account. They are so impersonal aren’t they?

Pop along to your local post office and ask to open a National Savings and Investment Account (NS&I). All you need to do so is £20 and you can ask to be issued with a passbook (remember those?) . Many people, like my Mum…and me even, like the old ‘book’ because we can see our balance in writing.

And as children don’t pay tax then effectively the account is tax-free. There are post offices everywhere and they are guaranteed safe.

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