Help with a savings gift

patijack

Hi, my son turns 21 very soon, I am giving him a savings amount of £1000 please can anyone guide me , he wants to add monthly to the savings, maybe for a good few years in order to have money behind him for his future or a house deposit, I guess depending on how he carves his life out. The money doesn’t have to be accessible but he wants to be able to add to it monthly 😀

colsten

Get your son to read up about LISAs and pensions and savings in general https://www.moneysavingexpert.com/banking

patijack

Thank you, anyone have any pointers, my son needs learning support, a starting suggestion with a suitable account  would be most helpful 😀

xylophone

 You could help him to open an Income Bonds account and a Direct Saver account with NS&I.
You would deposit the £1000 in income bonds and the monthly interest could be deposited in the Direct Saver (into which he could save monthly) - once he has over £500 in the DS he could purchase more IB.
If he opened a cash LISA, he could pay in savings from the above towards the end of the tax year
so as to benefit from the higher interest rate for as long as possible.
https://www.moneyboxapp.com/what-is-a-lifetime-isa/

https://www.nsandi.com/our-products