Growing Pains - Savings for a Teenager

wakey_2

Can anyone give me some advise on the best way to put a fund together for my 15 year old son so he can get at it when he is 18 - preferably to help with a house deposit or some other useful activity.
He will be 18 in Sept 2008, he lives with his Mum and I pay maintainance each month and he comes to me at weekends.
He wants to leave school after his exams and get work so Im guessing he wont be going to Uni although he would like to take an apprenticeship for a trade.

Is it just a case of finding the best savings account or is there a better vehicle for this fund.
Oh yes _ I could look at an initial set up amount of £3000, with an additional 100 per month for the next 27 months.
Thanks In advance guys

oramgepekoe

When he turns 16 in September he can have a mini-cash ISA so that would use up £3000.

Mikeyorks

You need to make the basic decision as to whether you are going to put the money under your son's control - or whether you want some jurisdiction over it (at least initially)?

Mine managed to blow his entire 3 year Uni 'pot' in a few months - despite I would never have believed it until (at just prior to 18) it was too late to take control back.

If you want to help him out - but exercise a modicum of control - would suggest ISAs (in your name) - unless you've already used your allowance? But some other thoughts here :-

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089574348,16470,