Need help on best option for savings

Russuk71

My son who is 13 has had £15000 left to him, he already has a CTF which is at its maximum.


I am trying to find out what the best options are for him to put that money into either a savings account or bonds.


If anyone has any advise, that would be great

Shashy

Depends on what he intends / you intend him to use it for?

If it's required in the short-ish term (i.e. for university fees) then it may be best to put it in an NS&I - zero risk and some small return.

If it's not required for another 5-10 years, then maybe an equity index fund would be best? Enough time to ride out volatility with opportunity for better returns.

Russuk71

He certainly will not need it for 5 years so will look into the Equity Index Fund, thanks

kidmugsy

5 years? You could always look at premium bonds. I used to love them when I was a schoolboy.

xylophone

See post 3 here

https://forums.moneysavingexpert.com/discussion/comment/70479762#Comment_70479762

You would just have time to do switch to JISA and get in £4080 in this tax year and then £4080 on 6 April.

You might then open http://www.nationwide.co.uk/products/savings/smart-limited-access/features-and-benefits

and move the money into JISA as soon as possible?