Where to put compensation money!

2 Posts
Hi,
My 15 year old son is due to receive £5000 in compensation following an accident that he was involved in. The court has said they will only pay the money into an account that he cannot access until he is 18. f one isn't set up then they will keep the compensation until he is 18, which means he will not be earning any interest on the money. The money he is due to receive is too much for an ISA and ideally I would prefer to open an account that lets me top up as and when, rather than on a fixed monthly basis.
Went to my bank this morning and was told I could open a trust fund but that I had to do that online - couldn't find any option to open such a fund on my banks website. Have now spent most of the afternoon online trying to find something suitable but am gong round in circles! Can anyone out there help.
Thanks
Rachael
My 15 year old son is due to receive £5000 in compensation following an accident that he was involved in. The court has said they will only pay the money into an account that he cannot access until he is 18. f one isn't set up then they will keep the compensation until he is 18, which means he will not be earning any interest on the money. The money he is due to receive is too much for an ISA and ideally I would prefer to open an account that lets me top up as and when, rather than on a fixed monthly basis.
Went to my bank this morning and was told I could open a trust fund but that I had to do that online - couldn't find any option to open such a fund on my banks website. Have now spent most of the afternoon online trying to find something suitable but am gong round in circles! Can anyone out there help.
Thanks
Rachael
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http://www.justice.gov.uk/protecting-the-vulnerable/cfo/childrens-accounts
If you want an account you can top up (and this doesn't work) set up a separate account for him?
In terms of ISA - could they pay it in 2 separate payments - the max for an ISA before this year ends, then the rest after that date?
Pay it in there, then open a new account for you to "top up", then pool it all together when the first ISA comes to an end, especially now you can have up to £15,000 in an ISA after July.
When I want specific answers, I'll provide the information.