ISA Saving Account for my 20 year old daughter

Diamonds2010

Hi Moneysavers

Need some help and advice. My daughter turns 21 in February and at present she is at University but after she would like to travel. For her 21st I would like to give her some money towards this not a huge amount but don't want to give her cold hard cash because she will spend it on clothes but I was wondering if I am able to open an ISA or some sort of savings account that would be in either her or joint names so that she cant just take it out.

Any suggestions would be great as not sure where to turn at the moment.

Thanks :beer:

atush

Yes you can set up an acct, but she'd need to sign the forms. Or you could ask her to open one at her bank ( I assume she has a student acct) and you could deposit funds there.


If it is to be used for travelling, it would be a good idea to have it linked to her current acct so she can check it online, and transfer funds for withdrawal.

ColdIron

You can't set up a joint ISA, the clue is in the Individual Savings Account bit of ISA. She could have her own ISA and you could deposit money into it but then it would be hers to spend whenever and however she wants

Diamonds2010

Thanks atush & ColdIron

Just trying to see which is the best option as this is meant to be a birthday present for her.

alanq

If a 21-year old who wishes to travel does not have the self control not to spend the money on other things she is heading for trouble. If she choses to spend her money in one way she doesn't get to spend it in another. Valuable lesson learned.

xylophone

Pay for her initial travel costs then remit a certain amount to her account each month to cover her expenses?

moneyfoolish

Get her to open a 5 Year Fixed Rate ISA which so she can't get the money for 5 years! ( or alternatively 1, 2, 3 or 4 year ISA depending on when you want her to be able to use the money!).