Child Trust Fund due to mature

ladystow5

Hi, my son is turning 18 in October and we received the £250 trust fund money that we have been adding to each month since he was born.  He'd like to put a large chunk of what the fund is worth in a savings or ISA type account (would be approx £7k), does anyone know of any good options for this?

eskbanker

It'll depend on what he ultimately wants to use the money for, and when, but in many cases it'll make sense to put £4K into a Lifetime ISA, which the government tops up to £5K if used towards a first property purchase.