£1,000 for a teenager

Lauramck

Hi, I've been given £1000 to save for my son. He's 14 ATM and I don't want him to be able to access this money until he's 18 or 21, unless its an emergency. Whats the best way to do this? (I'm in Northern Ireland)

eskbanker

£1,000 for a teenager
That's quite cheap, you'd have to pay quite a lot more than that in some countries!

Anyway, moving on from the weak gag, your best bet is a Junior ISA, see https://www.moneysavingexpert.com/savings/junior-isa, as these aren't accessible at all (not even in an emergency) until he's 18 (when it's his to do with as he wishes).

However, if you feel he might need the money before then, or that you really don't want him to have it until 21, then you might be best keeping it in your name and control until you're ready to pass it on, unless the terms of the donation/legacy/whatever don't allow this.

Lauramck

It is quite cheap, but no returning
Thanks, he want to save this to put towards buying a car in the future so i'll check out the Junior ISA's.