Saving a large sum for someone else

JS02

Hi all,

I have a large amount of money (over £60k) for my younger sister who is under 18. Luckily, I didn't have to do any convincing and she said before I had the chance to, but I want to put this away for her (in her name) for the best possible interest.

I want to put a smaller chunk in an instant access saver for when she starts learning to drive and other general things, but the vast majority I'd just like to hopefully gain value even if it can't be withdrawn for a while. I understand this would likely involve splitting it up into different accounts and I'd be fine with that; however I don't really want investments and am looking for something on the simpler side.

Does anyone have any advice on the best product for what I need?

Thanks in advance

Emmia

Why can't your sister have the money in account(s) in her name, and under her control?

 Being 16/not an adult isn't a barrier to having current or savings accounts. 

Emmia

JS02 said:

Hi all,

I have a large amount of money (over £60k) for my younger sister who is under 18. Luckily, I didn't have to do any convincing and she said before I had the chance to, but I want to put this away for her (in her name) for the best possible interest.

I want to put a smaller chunk in an instant access saver for when she starts learning to drive and other general things, but the vast majority I'd just like to hopefully gain value even if it can't be withdrawn for a while. I understand this would likely involve splitting it up into different accounts and I'd be fine with that; however I don't really want investments and am looking for something on the simpler side.

Does anyone have any advice on the best product for what I need?

Thanks in advance

Ok, on re-reading your intention is to have it in her name.

Are you just looking for the best savings rates? Junior ISAs? (Google for best buy tables) How long will she leave the money in the account(s) is it intended to pay for Uni, a house? As that would dictate the strategy (especially once she's 18)

JS02

Emmia said:

JS02 said:

Hi all,

I have a large amount of money (over £60k) for my younger sister who is under 18. Luckily, I didn't have to do any convincing and she said before I had the chance to, but I want to put this away for her (in her name) for the best possible interest.

I want to put a smaller chunk in an instant access saver for when she starts learning to drive and other general things, but the vast majority I'd just like to hopefully gain value even if it can't be withdrawn for a while. I understand this would likely involve splitting it up into different accounts and I'd be fine with that; however I don't really want investments and am looking for something on the simpler side.

Does anyone have any advice on the best product for what I need?

Thanks in advance

Are you just looking for the best savings rates? Junior ISAs? (Google for best buy tables) How long will she leave the money in the account(s) is it intended to pay for Uni, a house? As that would dictate the strategy (especially once she's 18)

A house would be the general end goal, she will be going to uni and wants to use some of it to help her with accommodation fees, which I was thinking of keeping as part of the more accessible chunk.

But yes, best savings rates was on my mind I think - I tried googling and found some good looking options but upon further reading they usually end up being only open to existing customers. Found myself getting a bit overwhelmed with jargon as well lol

Emmia

(Removed by Forum Team)

Give her the money and let her open the accounts, point her in the direction of banks that offer savings accounts - who does she bank with now? / Does she have a current account? If not, get one opened 

Personally I wouldn't hold money for someone else, even if they were a minor 

xylophone

I have a large amount of money (over £60k) for my younger sister who is under 18. 

Your sister has inherited this under a will?

You say that your sister is under 18.

How old is she?

Are you her legal guardian?

Albermarle

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