Recommendations for Teens

Katiek22

Hi

I've never really had any savings so I'm looking for some guidance please. My son will be 18 later in the year and will receive £10,000 (gift from Grandparent). 

He's not going to Uni and intends to live at home for the foreseeable whilst doing an apprenticeship. He's keen to save what he can. 

My husband and I are lifelong renters and he/we would love him to get on the property ladder eventually. Can someone please advise the most suitable product/account for him to invest his lump sum in, which he can also add to? Many thanks

Katiek22

**Also, is it too small an amount so seek advice from a financial advisor. I have a ridiculous fear of being laughed out the door!

Middle_of_the_Road

If you are all happy the money is to be for the purpose of a house deposit then it would be wise to get him to open a Lisa. (Lifetime ISA)
Each year he can add max £4,000 and the gov't will add a £1,000 contribution.

https://www.moneysavingexpert.com/savings/lifetime-isas/

Katiek22

ThNk you Middle of the Road we'll definitely look into this.

Middle_of_the_Road

Katiek22 said:

ThNk you Middle of the Road we'll definitely look into this.

Great move, it's so easy to do online or in app. Well done to him for getting an apprenticeship, a really worthwhile and rewarding choice often overlooked in today's world. My stepson also did an apprenticeship and is now working for Rolls Royce Aero. He has a Lisa with moneybox, see below-

https://www.moneyboxapp.com/isa/lifetime/cash/