Sons inheritance where best to earn money

bamjobo

Hi

my son received £25,000 from my mother when she died nearly 7 years ago I put in an investment account it is now £26418 (it did go to £30,000 and dropped to £22,000 at one stage) which I feel is quite poor return. As he is nearly 17 I wanted to put in a more secure location ready for him to use for a deposit on a house to use as an income. I’m really concerned it will go right down again but wondering if will go back up??? 

What is best savings account easy access, ISA or lock it in?

Will he have to pay tax on this if in a savings account? 

I do not know what to do for the best return for my son. 

Please let me know your thoughts

Regards

xylophone

Does he have a  CTF/JISA?

Albermarle

bamjobo said:

Hi

my son received £25,000 from my mother when she died nearly 7 years ago I put in an investment account it is now £26418 (it did go to £30,000 and dropped to £22,000 at one stage) which I feel is quite poor return. As he is nearly 17 I wanted to put in a more secure location ready for him to use for a deposit on a house to use as an income. I’m really concerned it will go right down again but wondering if will go back up??? As nobody can see into the future, then it is impossible to know.

What is best savings account easy access, ISA or lock it in?
The ISA is just the tax wrapper.
You can have an easy access cash ISA, or an easy access non isa account. Same with fixed rate/fixed term accounts

Will he have to pay tax on this if in a savings account? Not if it is in a cash ISA.

I do not know what to do for the best return for my son. 

Please let me know your thoughts

Regards

Savings are best for the short term ( <5 years) and investments for the longer term ( > 10 years) and a mix inbetween.
Savings - All Guides - MoneySavingExpert

ZeroSum

What did you invest in, as in that period a global index tracker would've double your money