Best savings account for inheritance

MichelleC

Hi,

My son and I have recently been left some money by my Grandad.

I was wondering if anyone has any advice about the best savings accounts around for myself and my son.

He already has a Halifax savings account, but am looking for something with a high interest rate and ideally one we can deposit a large sum into and not be limited by a £100 a month cap which a lot seems to have.

bigadaj

How much are you talking about and how old is your son?

xylophone

I am assuming that your son is under 18?

Have you looked at the Halifax JISA?

At the Santander mini 123?

At the Nationwide Smart Limited Access?

MichelleC

About £14k for me and just under £10k for him.

He is 7 years old

xylophone

Your child has a CTF?

Assuming that you have added no cash in this CTF year, you might consider first adding £4080 to the CTF, transferring the CTF to a JISA, (this will permit you to add another £4080 after the transfer is completed), depositing the balance in another account in your child's name and adding that amount plus interest to the JISA on or after 6 April 2017.

See post 9 here https://forums.moneysavingexpert.com/discussion/comment/70723620#Comment_70723620