Baillie Gifford has announced the launch of a Children's Savings Plan which provides a flexible way to buy and hold shares in its range of six investment trusts.
Savings start at a minimum of £30 a month or a lump sum of £250. There are no management charges or commission beyond stamp duty on share transactions and a £20 exit fee.
There are two methods to set up the plan, either as a Designated Account or a Bare Trust. The first means the account is held in an adult's name and designated with a child's initials and access to funds can be had at any time. The Bare Trust plans means parents only act as administrators to a formal trust with access to the money usually transferred to the child at the age of 18.
Investment trust liaison & development manager Robert O'Riordan says: “The Baillie Gifford children saving's plan is gimmick free. It is a straightforward route for investing on behalf of children, whether your own child, a godchild, grandchild, nephew or niece.”