Savings advice

Nige.Eccles

Hi all,

Our son has rebounded back and is now living with us again. Want to take the money he pays in board and put it in some form of savings plan, which we dont want him to know about, to hopefully give him a wedge of cash when he finally buys a house.

What's the best options??

thanks in advance

eskbanker

If you're looking to save in your name(s) rather than his then that precludes the use of the usual products geared to first-time property buyers, so your best bet is likely to be one or more regular saver accounts: https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

xylophone

Rather than hiding it from him, get him to open a LISA and offer a regular contribution?

newatc

Can you not combine the ideas above

1. Use regular Saving option

2. Transfer to son opened Lisa at the end of 12 month period

This assumes you are well within your personal saving allowance (ie less than 1000 interest per person per year).

OldMusicGuy

Use it to max out a LISA for him if he is not doing so already.

Keeping it secret from him is just silly IMO. I assume he is a grown adult? If so, don't treat him like a child. Have a serious discussion about personal finance and why having a LISA is a good idea if he does plan to buy a property at some stage.