What should I do with the childrens money?

juliejay

Grandma and Grandpa have been saving regularly for my two children since they were born. I knew they were doing it but not how much. They are getting on a bit now and finding it a struggle so have passed the reins over to me. I have little or no experience with savings and investing because we never have that much spare cash so I would appreciate some advice.DS has nearly £20,000 in his account and DD nearly £15,000 in hers. The grandparents are still intending to save £100 a month into each account. There is no need to access any of the money for at least 8 years but what do I do with it all. Should I take the lump sum out and put it away long term or should I leave it all in a regular saver account with good interest. And childrens or adult accounts????Dont know where to start so any help would be appreciated

Cranston_2

A lot depends on the amount of risk you are prepaid to take.

Ask yourself what sort of % risk to the total are you are willing to take? Once you have that figure you will be able to move forward.

juliejay

Thanks Cranston. I've been thinking about what you said and I would be OK putting £5000 of each childs money at a higher risk but keeping the bulk of it somewhere safer. Does that sound a reasonable start?