Inheritance cash

Sophierf

Hello all.
I'm a bit rubbish at understanding all things money so was hoping to gain some assistance. My children (2 boys) have both just received almost £8000 from their great grandad in his will. It stipulated that no one should be able to access it until they each reach 18. Please could someone help me on what is out there that would fit this criteria? Many thanks in advance.

xylophone

https://forums.moneysavingexpert.com/discussion/comment/64180397#Comment_64180397 might be worth a look.

pip895

A JISA would probably fit the bill - you would be able to put £3720 in now and a similar (bit larger) amount in in April. In the mean time you could pop it into a child savings account. If the boys are very young then a S&S JISA would probably give the best returns.

xylophone

JISA would probably fit the bill -

But are the children eligible for a JISA? (Born before 1/09/02 or after 2.1.11)

Otherwise they are entitled to (and may well have) CTF - we have been advised the CTF will be transferable to JISA in due course.

kidmugsy

In an ordinary child savings account the annual interest beyond £100 is taxable on you if you provided the capital, but it is taxable on the child if a non-parent provided it. Since few children have an income above £10k p.a. that means that it's usually possible to take it tax-free. So complete R85 forms at the bank/building society so that they know to pay the interest tax-free, and be sure to safeguard the evidence that the money came from their great-grandfather.

On JISAs and CTFs I bow to the superior knowledge of the other commenters.