Investing for my grandson

Mojisola

Don't save it in his name unless you are happy for your money to be spent in any way that a 16 or 18 year old would choose to spend it.

If you want to provide him with money for sensible things, keep it in your name.

phil-maskell

Thanks again for the replies, will look at opening an ISA, although as you say the rates are not very good, but may pick up.

phil-maskell

Mojisola wrote: »

Don't save it in his name unless you are happy for your money to be spent in any way that a 16 or 18 year old would choose to spend it.

If you want to provide him with money for sensible things, keep it in your name.

Exactly what I want to do!! It must be when he is 21 at least maybe to help with University or something like that

atush

Why cash though? Why not invest it in a S&S isa?

Make sure you update your will saying that that particular acct should go to the child in question if it is in your name. Never know when you might get run over the by the No2 bus.

MallyGirl

phil-maskell wrote: »

Exactly what I want to do!! It must be when he is 21 at least maybe to help with University or something like that

just a thought but uni costs such as board and lodging kick in from 18, not 21.

ozzage

atush wrote: »

Why cash though? Why not invest it in a S&S isa?

Make sure you update your will saying that that particular acct should go to the child in question if it is in your name. Never know when you might get run over the by the No2 bus.

Agree with this.

Invest it in a S&S ISA in your OWN name

When he's 21, hand him the money!

Make sure it's in your will in case you sadly aren't able to hand it over personally. Then the executor can deal with it.

xylophone

But should you ever require means tested benefits, remember that any money in your name is just that - no regard will be paid to the fact that you regard it as "earmarked" for your grandson.

DigForVictory

Why not buy a couple of barrels of whiskey, still in bond? It'll be far too raw to drink til he's in Primary school, ageing beautifully during the so often less-than-lovely teenage years & when he can afford to pay the duty & have it bottled, it's his. If he's been a dutiful (or better!) grandson, you may make arrangements to sort the duty yourself, but have his name & (birth?) address painted on the barrel...