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£12k to invest for 14 year old for 4 years
quietsteam
Posts: 1 Newbie
My 14 year old son has been awarded £12,000 in a compensation case. He is not allowed to touch the money until he is 18. To open many accounts you have to be 16 so my question is what and where do people recommend for him? Should we go for a 4 year bond or a 1 or 2 year deal which we can review when the time expires. I don't want to get involved in anything with a risk. Thanks in advance.
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Comments
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Aldermore have 4 year minimum fixed term bond paying 4.20% gross/year for 4 years, 4.87% for 5 year terms.
Starting deposit is 1k.
4 years is too long for me personally but might suit your needs but look around first before doing anything.0 -
PS - Barnsley Building society paying a little more over 4 years as is Yorkshire Building Society.0
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