Ideas for investing £70k now for uni in 2018?

silvermum

CKhalvashi wrote: »

A more sensible solution would be for OP's son to ask OP to hold the money on trust for him, which I'm sure a fairly sensible 18 year old would do.

I'm a lot older than 18 and if I have access to money I will be tempted to spend it, where if I don't have it to hand and it'll take some effort to get it I won't be bothered to go to that effort.

This sounds like a sensible approach in theory, but I've found that holding money in trust severely limits the options for where it can be held, and may prevent him from using his tax free allowances e.g. I don't think you can hold an ISA in trust ?

" if I don't have it to hand and it'll take some effort to get it I won't be bothered to go to that effort" - this is pretty much what I want to achieve.
I'd prefer that it wasn't held in a savings account linked to his bank account, for example - just too easy to transfer out with two clicks on a mobile phone app!
But if it is safely stored in Fixed Term accounts, or S&S ISAs or Premium Bonds etc then its much harder to 'dip into'?

Any other ideas for these sorts of 'at arms length' savings/investments?

CKhalvashi

silvermum wrote: »

This sounds like a sensible approach in theory, but I've found that holding money in trust severely limits the options for where it can be held, and may prevent him from using his tax free allowances e.g. I don't think you can hold an ISA in trust ?

" if I don't have it to hand and it'll take some effort to get it I won't be bothered to go to that effort" - this is pretty much what I want to achieve.
I'd prefer that it wasn't held in a savings account linked to his bank account, for example - just too easy to transfer out with two clicks on a mobile phone app!
But if it is safely stored in Fixed Term accounts, or S&S ISAs or Premium Bonds etc then its much harder to 'dip into'?

Any other ideas for these sorts of 'at arms length' savings/investments?

A savings account with another bank without telephone or internet banking would giver a broader range of options. Assuming that OP’s son would be living at home away from term time there would be no issue with addresses.

It would mean him physically going into a branch with ID to withdraw money, which would limit the possibility of impulse buys as he would be forced to think about it.

If he feels comfortable with waiting for the money, a notice account (Al Rayan bank is the first that comes to mind for decent rates) would give him time to wait before accessing the money, which would be advised with keeping a small amount in an instant account Justin in case something major happens.

If that’s makes no sense I apologise (please point out which parts) as I’m trying to type quickly and an iPad software upgrade has moved my keyboard from what’s im used to this morning.