Need help on what to do

simmo60

My daughter who is 11 has just recived Compensation what would be the best for me 2 do i was going 2 put it in a bank till shes 18

greenface

is it alot ? i think there is a trust fund available which protects from any protential benifits or adaptations she may be or is claiming. Popping it into a bank for 7 years untouched isnt the worst thing in the world but there will be people along with information on both savings and investments for whats best for your daughter. Good luck

if it is alot seek a IFA and get advice from your solicitor re Compo winner about trust fund

simmo60

its going 2 be around £6000 but aint 2 sure yet im worrid about banking it coz how things are at the moment and will it be safe

rb10

If you're just concerned about the safety, the first £50k that she has in her name at any single banking group is covered by the FSCS (compensation scheme), so is 100% safe in the event of that bank/building society collapsing.

greenface

bank it no problems.Although £6k is alot of money .Stick it in a decent bank paying decent rates and spend some free time learning how to get the best from your money/savings long term.