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my son inherited several thousands and need advice on how to invest this money

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my son inherited several thousands and need advice on how to invest this money

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My sone have some savings, his 9 years old now, he has several thousands (which he is obviously not aware of) not much but I have kept it on my account for few years not doing much with it and not getting any benefits. I would like to invest it so he can have good amount when he turns 18, maybe to support him to pay university fee or use for other good purposes. can someone advice on suitable investment options and how to take this step as I have never invested before and do not know much.

Thanks 
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  • burner03burner03 Forumite
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    S&S JISA....
  • JamoLewJamoLew Forumite
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    Premium Bonds actually offer a reasonable return and are easily cashed in
  • dunstonhdunstonh Forumite
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    JamoLew said:
    Premium Bonds actually offer a reasonable return and are easily cashed in
    On several thousand pounds the return is likely to be closer to zero.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • DiggerUKDiggerUK Forumite
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    You could put the money in an S&S JISA, this would leave you in a position that you "might not get back any, or all, of the money you invest".
    The worst that can happen with Premium Bonds is you don't win anything and lose out to inflation. But at least all your money is guaranteed to be returned...and who knows..._
    I am not now, nor have I ever been, a Financial Adviser.
    'Forward to the British Spring' 'Viva Wikileaks'
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  • edited 10 July at 10:14AM
    kinger101kinger101 Forumite
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    edited 10 July at 10:14AM
    If the son doesn't need the money for a decade, then a global diversified tracker fund wrapped in a Junior ISA is likely to perform better than savings.  But premium bonds are not IMO a good idea in this case given that there are Junior Cash ISAs (including NS&I) which pay 3.25 % 
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • xylophonexylophone Forumite
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     have kept it on my account for few years not doing much with it and not getting any benefits
    If your child inherited this money and it was paid to you as his Trustee to hold until the age of 18, it should really have been placed in an account in his name with you as bare Trustee.

    At the least he could have been earning interest on the money almost certainly tax free because he was and is entitled to his own tax free allowance.

    Had it been placed in his CTF ( he should have one given his age), the question of tax would be immaterial as these are tax privileged accounts.

    How much is involved?
  • solomey1234solomey1234 Forumite
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    DiggerUK said:
    You could put the money in an S&S JISA, this would leave you in a position that you "might not get back any, or all, of the money you invest".
    The worst that can happen with Premium Bonds is you don't win anything and lose out to inflation. But at least all your money is guaranteed to be returned...and who knows..._
    the stocks & Shares ISA, is that like gambling you loss or increase your money? if so I wouldn't prefer such option simply because the money is not mine, however I wanted to invest for purpose of getting increasing the money or it least not loss it if that makes sense. 
    with regards to the premium Bonds how does that work is it like an account? it would be great if you can elaborate further 
    Thanks for your response 
  • solomey1234solomey1234 Forumite
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    DiggerUK said:
    You could put the money in an S&S JISA, this would leave you in a position that you "might not get back any, or all, of the money you invest".
    The worst that can happen with Premium Bonds is you don't win anything and lose out to inflation. But at least all your money is guaranteed to be returned...and who knows..._
    so you mean that S&S is like win or loss? and there is chance of losing invested money? which id not suitable for me if this is the case.



  • solomey1234solomey1234 Forumite
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    xylophone said:

     have kept it on my account for few years not doing much with it and not getting any benefits
    If your child inherited this money and it was paid to you as his Trustee to hold until the age of 18, it should really have been placed in an account in his name with you as bare Trustee.

    At the least he could have been earning interest on the money almost certainly tax free because he was and is entitled to his own tax free allowance.

    Had it been placed in his CTF ( he should have one given his age), the question of tax would be immaterial as these are tax privileged accounts.

    How much is involved?
    I've kept it on my ISA but not getting much really just like few pennies can't even remember, and felt like I could do something with it, its around 8k
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