Savings Help

farmerboy

Need a bit of advice.

Have 3 children aged 15,13,and 3. Before my mother died last year she wanted me to put 2000 each in to a savings account for them to get for futher education costs. Unfortunly we didn't get chance to do it before she died. The estate has now been settled and I have the cash to grant her wishes.

Where would be the best place to put it?

Robert_Sterling_3

It is not possible to answer your question.
We do not know what will happen tomorrow let alone over the next few years.

sympatex

farmerboy - u seem to be leaning towards a child trust fund (for the 3yr old). The government set these up with various tax breaks. Turns out they've been pretty rotten performers but the next 10years might be positive on the FTSE given the way its tanked over the last 18months.

If you want proper investment advice seek professional help on long term (mature t 18,21) type solutions.

ISA's are obviously no use until they are 16!

For the older kids perhaps its too late to do anythign of use, fix the savings and when they turn 16 put it in an ISA. The age they're at they will want to get their hands on it before any meaningful growth would be achieved on stocks and shares solutions.