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Saving Advice needed
Henrycole
Posts: 1 Newbie
Hello everyone I just joined!
My mum has £5,000 she wants to give to my son in 2 years in my sons name when he reaches 18 for him, advice needed please where the best place to put it?
Thank you
My mum has £5,000 she wants to give to my son in 2 years in my sons name when he reaches 18 for him, advice needed please where the best place to put it?
Thank you
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Comments
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If she's keeping the money herself in her on name and then gifting in in 2 years, then probably a fixed term savings account may be best?0
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Invest it in auto jumble?0
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Open a Junior ISA if he doesn't already have one - you'd need to do this but once opened she can pay her money in:
https://www.moneysavingexpert.com/savings/junior-isa/#bestbuys
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Does your son want to learn to drive? I ask, because my thoughts would be that your Mum finds a one year fixed rate account for the money and then she release it to him/you to pay for driving lessons, a small car and insurance.
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