Can I open an ISA for my 18 year old son?

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  • Sea_Shell
    Sea_Shell Posts: 9,378 Forumite
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    I'd make it VERY clear that the bank of mum and dad will now be closed, so he needs to be wise with this cash.

    No "please sir, I want some more" when it's all gone.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • skyrocket123
    skyrocket123 Posts: 15 Forumite
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    Thank you for your replies (yes even the sneery, judgy ones...remember the MSE forum rule of it's nice to be nice?)

    I will be discussing everything with him, I just wanted to know the lie of the land and what was possible.
    The suggestion to spend some, save some is a good one and one that I had considered.

    The inheritance is from a much loved relative so I will follow RG2015's excellent suggestion of talking to him about what he thinks his relative would want.

    I used to post on MSE a lot years ago but noticed a trend of some posters being goady and superior whenever someone asked a question whereas the majority were lovely. The financial and debt subforums seem the worst for it. It seems a shame because I wonder how many people don't ask questions at all for fear of the sneery ones.

    Thanks to everyone else.
  • eskbanker
    eskbanker Posts: 31,051 Forumite
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    skyrocket123 wrote: »
    Thank you for your replies (yes even the sneery, judgy ones...remember the MSE forum rule of it's nice to be nice?)

    [...]

    I used to post on MSE a lot years ago but noticed a trend of some posters being goady and superior whenever someone asked a question whereas the majority were lovely. The financial and debt subforums seem the worst for it. It seems a shame because I wonder how many people don't ask questions at all for fear of the sneery ones.

    Thanks to everyone else.
    Perhaps it comes down to relative thickness of people's skin but I honestly don't see any posters on this thread being sneery, judgy, goady or superior. Some may be a bit less fluffy than others but it seems to me that everyone offered accurate and constructive advice to answer your question - granted this isn't always the case on some threads but I really don't see you being given a hard time on this one!
  • Alexland
    Alexland Posts: 9,653 Forumite
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    edited 15 December 2017 at 3:30PM
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    I just reread these posts and they seemed reasonably factual and helpful. Even if LISA or Fixed Term accounts do offer withdrawal with a penalty sometimes that's enough of a deterrent to stop someone doing it. But they would need to agree to open the account in the first place. If you offer to prepare the paperwork to make it as easy as possible (just sign here...) then they might agree to tie it up for a bit. Assuming they have no immediate need for the money and have a basic understanding of the terms they are entering into. Most people don't read the full terms anyway.
  • elephantrosie
    elephantrosie Posts: 467 Forumite
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    you cannot open an account without his consent. he is an adult.

    the way around this dilemma is to teach him of the importance of savings. he is old enough to learn this.
    Another night of thankfulness.
  • jamei305
    jamei305 Posts: 635 Forumite
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    Alexland wrote: »
    If you offer to prepare the paperwork to make it as easy as possible (just sign here...) then they might agree to tie it up for a bit. Assuming they have no immediate need for the money and have a basic understanding of the terms they are entering into. Most people don't read the full terms anyway.

    But if they do end up desperately needing it when it's tied up, they may come to resent you for railroading them into it...
  • Alexland
    Alexland Posts: 9,653 Forumite
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    As I said before they would need to agree to it. I decided on my own to visit Chelsea BS at 18 to take out a 3 year bond paying 7.1% and its still the best safe cash savings rate I have ever had. 18 year olds can be pretty clued up.
  • adamh87
    adamh87 Posts: 51 Forumite
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    Don't patronise him (how would he feel if he read this article about himself?)

    Explain the money is an exceptional opportunity (agree with above poster, tell him there's no more/other money available from you), and if he uses it right it could help him his whole life.

    Treat him as what he is - an adult. Tell him your situation at that age, how it could've helped you and how that would make you feel (if he can't understand the power of money maybe he'll understand emotionally!) Be honest and tell him you're worried that he might waste this opportunity by making a frivolous decision and that it's very unlikely to ever come up again.

    Depending on the sum, you could suggest using a manageable fraction for a treat now, to satisfy his need to splurge (don't know if this would work for everyone) and then have him focus on how to use it well.

    Use words like 'smart' and 'wise' for the good outcomes you want to point him towards rather than 'sensible' and 'practical' (he might feel like he's missing out otherwise).



    Talk to him as a peer/adult and the change in tone might jolt him into understanding the gravity of the situation. Good luck!
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