Child lump sum savings?

Hi, after my father died, my mother closed the Halifax savings account they had for my 8 year old son and gave me a cheque for £12k payable to my son. What's the best thing to do with it? Can't find a child's savings account that will allow such a big deposit on opening. I don't mind opening a separate savings account for ongoing savings, just need to know where to put this big cheque! Any suggestions? Thanks

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  • I'm looking for similar - we want to put aside £10k from some inheritance to have as back up to pay for our son's education.
  • Westie983
    Westie983 Posts: 5,213
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    Halifax Young Saver accepts up to 20k for 2.25% gross, can only be opened in branch with ID, for yourself and your son. The account will be opened in your sons name, with yourself as the controlling adult till you want to give your son access.

    More information can be found about the Young Saver on the halifax website here. (need to scroll down)

    hope this helps.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • jimjames
    jimjames Posts: 17,515
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    For a period of 10 years plus, I'd be looking at investments not cash savings. Any investment savings scheme would take that value
    Remember the saying: if it looks too good to be true it almost certainly is.
  • xylophone
    xylophone Posts: 44,010
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    Does your child have a CTF? If so, you could invest the maximum for his "CTF year" now and then arrange for the CTF to be transferred to a JISA - this could take care of over £8000 of the amount - the balance could be held in a child savings account and then transferred into the JISA in the 16-17 tax year?

    Within the JISA you have a choice of using cash deposits or stocks and shares or both.

    https://www.gov.uk/child-trust-funds/overview
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