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so what do you guys do with regards to bank accounts for your little ones? I have collected a sum of money over the last few months for my son and i need to put this away somewhere. What are the best options? Some sort of bond or a savings account?

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vaga bond

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Rave is dead.

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Connell stealths the rave in these days like a good'un.

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pm Saul Goodman

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the g/f and i both put money into a savings account each month for the wee'n but its one of those locked away high interest jabs so that by the time hes 18 there'll be near 50K for wee bastard but thats to cover car/uni/house deposit etc, i also thinks theres bonds as well but she handles all that shit.. i'm probably getting stiffed tbf

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Stick it in a Premium Bonds account. My dad did that for me. A bonus is that they put your account in a lottery type thing and if your number comes up you can get a small amount sent through in the form of a cheque, which is nice.

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What Ryan said. Reminds me to take out one of those badboys

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we have those as well... thing is the wee cunt is gonna be fucking loaded when he hits 18.. all i got was a grand and a clapped out fiesta 1.1Lx when i hit 18 ffs... can see me and his ma doing a serious holiday when he turns 18 tbf

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Premium bonds are for fools. No offence.

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I am a fool

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RJ - see it as savings for you and the kid - he gets 25k, you get 25k. Simple

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Premium bonds are the equivelent of a high interest savings account if you are a top rate tax payer since you can out away £30000 odd interest free but you win most months, and gambling is more fun than saving.

Child trust funds are dead so you have to go for the Junior ISA. Make it more fun by going for the stocks and shares one.

I think I got cashback fo=rom quidco for Family Investments for the last child.

Indeed, the rave is ded

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but you win most months - not true

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I have a basic child savings account moneys goes into each month.

Going to have to look into other options

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Dont see the point in saving up for a childs future. Youre doing them no favours holding their hand. They need to build character n backbone.

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I got nothing. Too ghetto and poor to be pampered by mummy and daddy

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Gherkin, if you have £30000 in bonds you win most months almost certainly.

I have £200 in bonds, I've won £50 in 3-4 years.

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With bonds, the more money you put into the account, the more numbers you get - thus increasing your chance of winning.

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cash ISAs have (or at least did have) the same protection from income tax as premium bonds and are a guaranteed return. Premium bonds are very popular because of the dream of winning the million one month but you could very well end up with an amount worth considerably less in real terms than it is now.

If you stuck away £1,000 over 10 years your expected return would be £100. In a cash ISA your eguaranteed return would be £330 over the same period. Of course theres a chance you might win a monthly £1m jackpot but the odds on that are RIDICULOUSLY long. The chances of you making even £500 or more in premium bonds with the above investment over the given time frame are around 1.2%. So for 99% of people a cash ISA is a better investment than premium bonds.

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not quite 99% in fairness but certainly for a large majority

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50k to an 18 year old?

Wise up

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Do you actually think id give an 18y.o. 50K... wise up, he'd be lucky to see a smidgen of that by time ive gotten my old mits on it, thats to cover the wee shits expenses

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"Dont see the point in saving up for a childs future. Youre doing them no favours holding their hand. They need to build character n backbone."

Wayne likes this.

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Anyway with inflation being so high at the minute you are actually saving yourself money by spending it as quick as possible

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Not really related to saving for kids but as Ryan says, the more bonds you have, you decrease the variance and they pay out regularly. They benefit higher rate tax payers as they can max out £30k in bonds interest free and you have a crack at the big monthly prizes, look at the stats for the monthly winners and it tells you how much £bonds they have, most have the full whack.

Last I checked this mind you was when a typical savings account would pay 5-6% before they bubble burst. Premium bonds paid winnings of 4% at the time. This was the equivalent of ~9% to higher rate tax payers given that it is interest free.

Not beneficial to most people but at least it's a bit of fun.

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£10,000 in premium bonds for a year odds:

£0 Exactly
1 in 148

At least £25
99.3%

At least £50
96.1%

At least £75
88.2%

At least £100
75.4%

At least £150
43.8%

At least £175
30.1%

At least £200
19.7%

At least £250
7.69%

At least £350
1.73%

At least £400
1.35%

At least £450
1.26%

At least £500
1.24%

At least £750
1 in 245

At least £1,000
1 in 286

At least £1,500
1 in 2,020

At least £2,500
1 in 2,157

At least £5,000
1 in 2,157

At least £10,000
1 in 4,672

At least £25,000
1 in 11,042

At least £50,000
1 in 26,016

At least £100,000
1 in 60,654

At least £1,000,000
1 in 361,341

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At least £250
7.69%

translates to

92.31% likely to yield less than 2.5%

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that's some good analysis.

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From the premium bond calculator Choc ice

"The Key Result
You are lucky - only 1.73% of people who have put £200 in premium bonds over 4 years win more than £50."


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You would be better sticking your money in a 3.3% Cash ISA and gambling the Interest in other ways. Even the national lottery would have a better return than that.

So over the year your 10k gets u £330 interest. Stick that in the national lottery and your odds of winning are 1 in 42,424 and if u won, u could probably end up winning 4 or 5 million as well.

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All I'm interested in is the total percentage pay out. In Variance I trust.

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That's what i gave you.

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Online casinos offer nice cashback on losses for playing Roulette for eg which offer a much better return of investment. But you have to trust in the variance and not become of fucking degenerate and go tilty as fuck when you go on a losing streak

Best sticking till the ISA.

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Not what I mean Gherkin, what is the percentage of total cash prizes to the total sum of bonds?

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lol

Trust in the variance of playing roulette? Really? The one thing you will get from that is the longer you play the more likely you are to lose.

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Without cashback the House has the edge.

WillHill were offering 20% cashback a week up to £250 a while back. Stick £1250 on a single number every week to maximize the cashback.

Someone else do the math but the player has the edge.

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Is that cash instantly yours or do you have to earn it by playing a crtain number of spins as you do with 90% of gambling promotions. Like on poker sites they will match your lodgement but you will need to clock up frequent player points or similar to unliock your bonus. I find it very hard to believe that they would be offering the edge to the punter as that goes completely against how they make money.

On a single number you get paid 35-1 on roulette. Actual odds are 36-1 due to the 0. by refunding your 20% they are effectively making the odds 28.8-1 and offering you 35-1 on it so you would have a big edge on the house.

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Single number 36/1 Actual odds 37/1

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Paddypower typically wants you to do say 20 spins and will look at your methods to see if you are just playing for the bonus.

WillHill had no stipulation like that. One spin would do. You got the cashback the day after the promo ended.

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not including stake Ron mate, you get you're stake back too so odds in this form are 35:1 as yousee displayed on a roulette table

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Fair play to William Hill, I might get involved.

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Not to say that its 20% cashback now. I think it may only be 10-15%.

All the big Bookies do these offers, but not as regular as Billy Hill.

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Invest in Villa tops knowing by the time hes a teenager they will be priceless heirlooms, charting the path to world domination.

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Give him fuck all, buy him a football then burst it in front of him to show him the value of money.

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How did a parent head end up as gamblers anonymous

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My contribution to this thread is fucking awful.

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fbcdn-sphotos-h-a.akam...

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Didnt know you had a kid Connell. I must have missed the facebook update. Old enough for a villa strip yet?

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So my wee'an has just entered his terrible twos about 5mths before his official 2nd bday, how long exactly does this period in a toddlers life last exactly cause by god its fucking melt

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Any present ideas for a one year old girl? Niece's first birthday next month and haven't a clue what to get her.

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