Child to 'adult'

Andyjrb

My daughter is about to turn 16, and will therefore gain control of several thousands we've been putting aside for her since she was born. However, I'd like to lock this away somehow for a few more years yet. Any suggestions on savings/bonds etc I can set up before the big day?

Mnd

I would include her in these discussions

Skibunny40

You might find that it's a grey area until your child turns 18, and you might still be in charge of some of the accounts (certainly if it's stocks and shares) but I agree with MND that discussions around the money should start now with your daughter.

Albermarle

Most mainstream long term bonds , savings accounts etc are accessible early , you just lose the interest/pay a penalty . Probably she might just cash them anyway if she was that way inclined .
Depending on her personality , I might try giving her some money now and discussing how to deal with the rest . At 16 if you gave her £500 she would probably think she had won the lottery and would probably agree to anything, and hopefully forget about the rest of it until later.

pmjenkins

Transfer the money into an account in your own name. Simples

xylophone

Does she have a CTF?

You might just have time to use this

https://www.skintedmintedmum.co.uk/minted-blog/how-to-transfer-a-child-trust-fund-ctf-to-jisa-with-a-double-scoop-of-tax-allowance.html

to get a "double bubble" allowance for this tax year by transferring to JISA and then the maximum amount in next tax year - this could defer access to over £12,000 for a couple of years.

Coventry BS currently offers the best rate for JISA.

Otherwise it might be possible to open a fixed term bond for her (initially in bare trust) but she would have the right to control at age 18.

https://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html

HappyHarry

pmjenkins wrote: »

Transfer the money into an account in your own name. Simples

That would be theft.

Malthusian

HappyHarry wrote: »

That would be theft.

Pure and simples theft in fairness.

OP - are you in Scotland? If not, 18 is the age she legally gains control in England, Wales or NI.

As others have said your nearly-adult daughter needs to be included in these discussions. Should have been years ago, but no time like the present.