Investment advice for two older children

Ladsbroke

We've been putting a little money away for our children since they were younger and have been making reasonable use of children's savings accounts, regular savers and ISA's with slightly better interest rates.

One of our sons is now 20 and had had his child ISA converted to an adult ISA with Santander paying little or no interest about 18 months ago.

Our other son has just turned 18 and is in a similar position, both have around £7000.

Neither are currently working as they are in full-time education so have little or no regular income.

The eldest is currently at University, whilst the younger boy is still living at home.

There is no immediate need to access these funds.

I'd be interested to hear what the collective wisdom of this forum would suggest as the best thing they could to do with their funds.

Thanks in advance.

unkle

What about transferring it into a LISA, £4k now and the remainder in April, they will then get 25% bonus from the government.

Of course, with a LISA you can only access to buy your first home or at pension (or lose 25%).

BM5118

unkle wrote: »

What about transferring it into a LISA, £4k now and the remainder in April, they will then get 25% bonus from the government.

Of course, with a LISA you can only access to buy your first home or at pension (or lose 25%).

I'd say exactly this^^
It essentially forces your kids to begin setting their sights on a property even if that is a few years away.

justme111

The same as any other adult person I suppose - invest or keep in savings. There are constantly threads on here about ehat to do with money.You can do preliminary research and then sit with them and decide/ move money together.

kidmugsy

unkle wrote: »

What about transferring it into a LISA, £4k now and the remainder in April, they will then get 25% bonus from the government.

The subsidy comes from the taxpayer.

unkle wrote: »

with a LISA you can only access to buy your first home or at pension (or lose 25%).

It's only 6.25% of your own money you'd lose: the rest is the taxpayer's money being returned to the Treasury.

I agree though: probably much the best thing available.

Or buy a motorbike. Each.

Ladsbroke

Now a motorbike sounds like fun but having ridden one for many years and seeing the current state of our roads and some of the drivers on them I think I'll pass on that.

I'll take a look at the LISA and see where that takes us. Thanks again for your input everyone.