Child Inheritance

SilentWhisper

Please could someone advise, my son is about to inherit £10,000. My thoughts were to put £9,000 into a JISA, and the remainder into a child savings account.
Are there any such savings accounts that are locked with no withdrawals until the child reaches 18?
Or are there any other solutions?

Look forward to the replies 

Keep_pedalling

No, but you could simple hold the final £1000 and add it to his JiSA next April. How old is he?

eskbanker

How old is your son?  It may be that you could open a fixed term product that effectively precludes access before 18, but if 90% of the money is locked away inaccessibly, is it really that much of an issue for 10% of it to be potentially available before then, should he have a requirement for it, e.g. driving lessons at 17, etc?

SilentWhisper

He's 14.
I'd prefer it to be all "locked" away for as long as possible.
I was under the impression that inheritance had to be put away safely until the age of 18 🤔

eskbanker

SilentWhisper said:

I was under the impression that inheritance had to be put away safely until the age of 18 🤔

Not unless there's some very specific wording in the will requiring that?

kempiejon

SilentWhisper said:

He's 14.
I'd prefer it to be all "locked" away for as long as possible.
I was under the impression that inheritance had to be put away safely until the age of 18 🤔

Locked away as long as possible sounds like a Junior SIPP. Limited to £2880 per year so it'll be 4 years before it can all be sheltered. Plus there's the tax rebate of £720 to add to the balance. No access until 58 or might be even later.
Some details https://www.ajbell.co.uk/pensions/junior-sipp?gad_source=1&gclid=CjwKCAjwktO_BhBrEiwAV70jXmX6GL4dhS85G08aJyuNbb1H4h9u68DE44Iibdb979-YT-7_5SQKxRoCh_4QAvD_BwE&gclsrc=aw.ds 

xylophone

You might  consider depositing the remaining £1000 in a Child Account in Bare Trust with Skipton BS and then withdrawing to deposit in JISA in 26/27.


https://www.skipton.co.uk/savings/childrens-savings-accounts/childrens-trust-saver