Saving for Nephew/Neice

Aden101

My brother recently passed away and my family members and I are looking to set up some sort of investment/saving/trust for his 3 children (oldest is 12) . We have a small amount to invest as an initial deposit (say £1,000) and then will look to add To this periodically.

From what I can see, setting something up in “trust” seems quite expensive given the relatively small sums of money we are talking about. is it possible to set up a LISA for a child but retain control of it until they are old enough/fit to take charge of the funds?

afis1904

Have a look at the best Junior ISAs: https://www.moneysavingexpert.com/savings/junior-isa
This would need to be opened by a parent or a legal guardian and the child whose name it is in will gain control once they are 18.

There's also Stocks and Shares options available however it would depend on the amount of time until the child it is for turns 18 as well as the amount invested if that earns much more than the cash version.

AnotherJoe

The only way to retain control is to open soemthing in your own name.

xylophone

Does each child have a JISA? Your sister in law can open one for each child if not.
Coventry BS offers 3.6%
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html