Start by deciding the purpose, time frame and level of risk you could accept, remembering that investments can fall as well as rise and are not guaranteed. Consider whether the money will remain in your name or be held for the child, as ownership can affect control, tax and when the child can access it. Charges, diversification and the tax treatment of income or gains should also be checked before investing. Rules and account options can change, so confirm details with Revenue, Citizens Information or a regulated financial adviser.