Best and safest savings?

DeborahSt

My stepson is about to turn 18 and is then due to inherit approximately £3000 from his Mother's estate. Unlike his he has Aspergers Syndrome & lacks the mental capacity to choose what he will do with this money. It can be tied up for a good few years at least, so access to it is not an issue. We would just like it to be somewhere safe for him, working as hard as it can without risk...

Reluctant to approach his bank as they seem to have their own agenda! Any ideas please?

Playing_with_Fire_2

Two choices. You can either look on the main site for savings accounts, these can be opened online or in person in most cases. To make it easier to manage pick one that has a fixed rate rather than an introductory bonus so that you don't have to move it too often. Alternatively you can look at opening a couple of high interest current accounts, and setting up standing orders to bounce between them. Again, the main site (search for high interest current accounts), will help you. If your stepson is likely to be paying tax, look at the rates for ISAs, if not then ask for a form R85 and the interest will be paid tax free.

I'm not sure on the complexities of opening an account for someone before they are 18, if it needs to be done now then you may need to look for a child/young person account that will move to a decent interest paying account.

bigfreddiel

Start a pension
fj

xylophone

In view of his lack of capacity, presumably he has a guardian for his finance, health and welfare?

http://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

There are savings accounts but the rates won't set the world alight.

If possible, a TSB current account and a Tesco current account would be better - £2000 in the TSB, £1000 in the Tesco, set up a standing order to move £500 to TSB each month and then back to Tesco - move the interest accruing each month from TSB to Tesco.