Saving for children who have lost their Mum

dreammcostume

they both they both have child trust funds, is it a bad idea to just add the money to that?

theoretica

So much depends on when they will most need the money which will require careful thought and consideration to work out.  Investing it for the medium term or locking it away until 18 in a child trust fund might not be the best thing if they need it more to give them care and opportunities while they are children.  Also, what did the go fund me imply would happen to the money? 

dreammcostume

The fund says that it’s raising money to “make some happy memories and perhaps save for future expenses”
it would be good if they can access it if needed, maybe for summer camps as their grandparents are old and will need a break over the summer holidays. I honestly didn’t expect it to raise so much, it’s at 5k at the moment.

xylophone

Are the children getting a decent interest rate on their CTFs?
Their guardians may wish to consider a transfer to JISA - Coventry BS currently offers 2.95% which exceeds inflation.
£5000 is a relatively modest sum - you might consider £1000 to each of the CTFs and perhaps something like the Bath BS child account in trust for the rest?

theoretica

dreammcostume said:

The fund says that it’s raising money to “make some happy memories and perhaps save for future expenses”
it would be good if they can access it if needed, maybe for summer camps as their grandparents are old and will need a break over the summer holidays. I honestly didn’t expect it to raise so much, it’s at 5k at the moment.

Seems to me then that both need and expectation are likely for it to be spent in the next few years so you don't want to put it into anything that will tie it up until they are 18.  A bare trust account is where I would start looking.