Teen Savings

Ginsatonic

Hi there!


We have been saving for our daughter since she was a baby and have £13,000 saved (in her name) which is for her to use towards University fees or towards a deposit on a house if she doesn't go to Uni. I'm looking for the best place for her to put this money until she is likely to need it which would be September/October 2019. As she is 16, some adult accounts aren't suitable and a lot of the Junior accounts seem to have limits on the amount that can be saved. The best I've found is a Nationwide limited access Smart Saver but we have just opened her a Current Account with Nationwide, I don't want her seeing the £13k every time she logs onto her internet banking and being able to switch it in too easily to her current account. I would prefer that it was 'out of sight, out of mind'. Junior ISA's only allow around £4k to be saved and the adult ones all seem to have very poor rates.


I'm stuck ... has anybody any suggestions?!


Thanks in advance

xylophone

In less than two years time your daughter will have the absolute right to this money so it seems a little late to worry about seeing that it is there.

It is time to have a serious discussion with your daughter about matters financial?

A JISA with Coventry and the Smart Limited Access Account moving the cash to JISA as soon as possible seems the best option from the point of view of interest.

Ginsatonic

Thanks for your reply Sorry I should have been clearer - she does know all about the money and actually it is under her control now. I'm just trying to teach her at the moment about how to use a current account and savings and just don't want this amount sitting waving at her as a temptation every time she logs into her internet banking. I called into a branch today to see if it was possible she could open the limited access Smart Account just as a passbook account without it appearing on her internet account but unfortunately not. I'll take a look at the Coventry JISA. Thanks