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Advice
susieyt67
Posts: 1 Newbie
My dad would like to pay a one off lump sum of £5k into an account for my 14 year old. I had thought ISA but advice would be appreciated He already has an RBS general savings account, and N&I savings.
We are based in Scotland - not that it makes any difference but thought it would be useful to know.
Thanks
We are based in Scotland - not that it makes any difference but thought it would be useful to know.
Thanks
0
Comments
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If this is a gift and he is happy that it will be locked away until the child can access themselves (for whatever they want) from age 18 then you as a parent or guardian can open a Junior ISA with some paying over 3% interest. Any existing Child Trust Fund would need to be transferred-in (ask the JISA provider to do this) as the child cannot hold both accounts. The JISA contribution allowance has increased to £9k pa from next tax year starting 6th April so £5k can be deposited in a single transaction.1
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