Savings for Teenagers

BOGUSDUDE!

Hi I have two teenagers (16 and 12) and until very recently ive never been in a position to put money away for their future. Something im not very proud of but unfortunatley circumstances dictate etc. Now im financially able I want to set up some sort of savings or investment in the hope they can have a lump sum they can access in 5 or 10 years time.  Im thinking if I start with £500/£1000 for each and then possibly pay £100 a month into each account, with the possiblity of adding lump sums if and when possible.

I appreciate this is probably not the best of times to be asking, but could anyone recommend the best way to do this and are the above figures realistic to achieve a decent return?

xylophone

Are you content with each child's being able to control and access the accounts from age 18?

If so, each of them will have a CTF - you could transfer to JISA and consider investing in a multi asset fund as and when you can.
https://monevator.com/passive-fund-of-funds-the-rivals/
https://moneytothemasses.com/quick-savings/parents/best-junior-stocks-and-shares-isa
At age 18 the account becomes an ISA - you can continue to give the children the wherewithal to continue the regular investment.

BOGUSDUDE!

Thanks xylophone, appreciate the advice

xylophone

advice

Just suggestions - forumites ( I nearly wrote fomites - brainwashed!) aren't allowed to advise....

dunroving

xylophone said:

advice

Just suggestions - forumites ( I nearly wrote fomites - brainwashed!) aren't allowed to advise....

  I have a good friend who regularly needs very basic help with her finances (like how to fill out a withdrawal form, and how much she can save in an ISA).

I'm always telling her not to use the word "advice". She once told her pension provider she is getting "financial advice" <<slaps head>>