Child inheritance

rhubarbs

My 16 year old child is due to receive an inheritance of £30000 to be held in trust until she's 18. We've been told to research where we want to put this money. I'd be grateful for any advice on options. Thank you. 

Albermarle

It depends on what she will want to do with it when she is 18 .
If she wants it all to spend ( new car , Uni costs; unsuitable boyfriend etc )  then it needs to be kept in a cash savings account ( two year fixed rate ?) as two years is too short for investing it .
If she is more sensible and wants to keep say £20K for a house deposit in a few years time ( for example ) then you could consider investing that part .

xylophone

https://www.skipton.co.uk/savings/childrens/childrens-saver might suit.

cloud_dog

rhubarbs said:

My 16 year old child is due to receive an inheritance of £30000 to be held in trust until she's 18. We've been told to research where we want to put this money. I'd be grateful for any advice on options. Thank you. 

Assuming you are not in Scotland and that you haven't used any of the child's ISA allowance this year, you could put £9k in to their Junior ISA this FY, and another £9k after April 5th, etc..  For example Coventry BS offer 2.25%.  There are others in/around this rste.

rhubarbs

cloud_dog said:

rhubarbs said:

My 16 year old child is due to receive an inheritance of £30000 to be held in trust until she's 18. We've been told to research where we want to put this money. I'd be grateful for any advice on options. Thank you. 

Assuming you are not in Scotland and that you haven't used any of the child's ISA allowance this year, you could put £9k in to their Junior ISA this FY, and another £9k after April 5th, etc..  For example Coventry BS offer 2.25%.  There are others in/around this rste.

We're in Scotland. I assume that means this isn't an option? 

Keep_pedalling

rhubarbs said:

cloud_dog said:

rhubarbs said:

My 16 year old child is due to receive an inheritance of £30000 to be held in trust until she's 18. We've been told to research where we want to put this money. I'd be grateful for any advice on options. Thank you. 

Assuming you are not in Scotland and that you haven't used any of the child's ISA allowance this year, you could put £9k in to their Junior ISA this FY, and another £9k after April 5th, etc..  For example Coventry BS offer 2.25%.  There are others in/around this rste.

We're in Scotland. I assume that means this isn't an option? 

In which case she is entitled to her inheritance now. 

xylophone

In which case she is entitled to her inheritance now. 

But there is nothing to prevent her from choosing to subscribe to a JISA (up to age 18).

https://www.gov.uk/junior-individual-savings-accounts