Money to Invest for my Daughters.

Spuldoon

Hi all, I have some money to invest for my 2 daughters who are 14 and 17, I have around 4k each to invest.
Can anyone recommend the best course of action for each of my daughters as their ages differ.

Thanks in advance for any advice. :beer:

xylophone

Your 17 year old might consider the Halifax JISA which she can open
herself.

Similarly, if you have (or are prepared to open) a Halifax ISA of your own, the 14 year old could have the JISA at the 6% rate.

See http://www.halifax.co.uk/isas/cash-isas/junior-cash-isa/?srnum=1

ChopperST

The obvious question would be when do you want them to have the cash? i.e. Is it for a specific purpose uni etc?

Spuldoon

Thanks for the replies all, ideally I would like the 4k for my 14 year old (15 in August) to be tied up for 2 years.
I would like the other 4k to be maybe a bit more accessible for my oldest daughter in case she needs a car in the next year or so.
The Halifax JISA sounds very appealing for my youngest though.
:beer:

colsten

You could look into the Santander 123 Mini for your older one. Only pays interest on up to £2,000 though. The other £2,000 would need to go into a savings account, and interest rates are dire. She could, of course, have an adult ISA which is instant access, but again, at dire rates.

Alternative might be 2 TSB Plus accounts in your own name? When she is 18, she might be able to apply herself and the money can be moved then.

xylophone

2 TSB Plus accounts in your own name?

On which the OP would pay interest at his/her highest marginal rate - the daughters might well be non-taxpayers.

Can the elder daughter not wait for the car?

colsten

xylophone wrote: »

On which the OP would pay interest at his/her highest marginal rate - the daughters might well be non-taxpayers.

A taxed TSB account would still yield more interest than an untaxed savings account would. Unless you know of one that doesn't show on any of the comparison sites?

xylophone

Unless you know of one that doesn't show on any of the comparison sites?

No - but assuming the daughter is a non taxpayer, and if the parent is a higher rate or even standard rate tax payer, the daughter might just as well have £2000 in a Santander mini and £2000 in a TSB under 19 account?

It seems a pity for the daughter not to have the 6% rate for a year if she doesn't actually need a car.