help needed with teens savings

kitten_jo

my kid is nearly 15
she has a Halifax regular savings accounts for kids (has had for about 4 months) it runs for a year
my mother has died and in her will has given her £3,000
my mum did not want her to have the money to she was 18 at least
any ideas what i can do with the money to she is 18 (i no i have to pay tax on it if she makes more than £100 in a year from her accounts)
thanks for any ideas

cloud_dog

I haven't looked into it (I'm affraid) but I'm sure you could open a savings account 'in trust' so that the money is identified as belonging to her but cannot be accessed until she is 18.

Wrt the £100 interest limit, this applies ONLY to money her parents gift to her. Monetary gifts from other sources do not atttact this tax consideration, so the inheritance from the grandmother will not fall under this rule. Probably best to retain the will / deposit information just in case.

cloud_Dog

oramgepekoe

Harpenden Building Society have an 18 Club account currently 5.15% variable. You can't access the money in it until 18.

http://www.harpendenbs.co.uk/savings/savings_fset.html

ReportInvestor

Not a bad plug given the nature of the enquiry. There is a very useful guarantee from the Harpenden, given that you can't move the money.

"...As from 2001 the Society has given the added commitment that the interest rate paid will always be the highest of the variable rate investment products that we offer.."