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

solomey1234

dunstonh said:

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.

why 'closer to zero' what's the average that is need to get an income and, can someone give an example of how it works? Ive never came across this account 'premium bonds' before, what's the pros and cons, 

eskbanker

https://www.moneysavingexpert.com/savings/premium-bonds/

xylophone

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

This is a great pity - the interest rate on CTF/JISA ( or even on ordinary child accounts) has usually been higher than on adult accounts - your child has lost out on income.

The child has a CTF - I assume that no contributions have been made for quite some while?

You might transfer the CTF to the NS&I JISA and put the £8000 in it - the interest rate is currently 3.25% which is far higher than inflation.
https://www.nsandi.com/junior-isa

dunroving

Hi, it sounds like the executors of the will that left your son the money have given it to you (as you said the money is in your ISA). If so, this was wrong. The money should be kept in trust for him. Currently, his money could be spent by you. I'm not saying you would do this, only that you could. The idea of money being in trust for a child is that it is protected against somebody else spending it.