What are best savings accounts for a lump sum …?

Bothy007

Hi.  I am writing to ask what best savings account would be if a lump some £10k .  The account would be in my eldest daughter’s name.  I have pre paid my funeral but would like to leave them actual money when I die .  I  privately rent and and do not have a property to leave when I die .  Many thanks in advance x

saajan_12

How much would your total assets be? If under the IHT threshold, you could leave it in your name and write a will. That way if you need it you have control of the money but thereafter your daughter (or whoever you designate in the will) would get it. 

Bothy007

Thank you ever so much .  The account would need to be in my daughters name .  She knows that I am trying to arrange this but is too busy to actually find an account and i would like to send her details of what account to open ….

vacheron

You say you want to leave your daughter money "when you die" in which case you can keep it in an account in your name and simply leave the money to your daughter in your will. 

If you wanted to give her the money now, then you would need to send it to an account in her name. But you could always transfer it to her normal bank current account for now and she can set up an interest paying account when she finds the time. 

Remember though that as soon as it is transferred, it is hers to do with whatever she pleases. She may not want to save it and instead spend it on something she wants, and you would no longer have any say in the matter. 

Beddie

Bothy007 said:

Thank you ever so much .  The account would need to be in my daughters name .  She knows that I am trying to arrange this but is too busy to actually find an account and i would like to send her details of what account to open ….

The best savings rates are all listed here: 

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/?from=forum-guidesbar-savings-investments

It's also a link at the top of this page.

There's no one best rate, as it depends if you want a fixed rate, or an ISA etc. That's something you'll have to decide.

Malchester

Lots of questions to ask among which are:

Will your daughter want immediate access to the funds or would giving notice (say 30 days up to 185 days), or would no access for a specified term be OK? That would be a starter that would help to determine which type of account.

Would she be happy with online only, app only, or both?

jimjames

Bothy007 said:

Hi.  I am writing to ask what best savings account would be if a lump some £10k .  The account would be in my eldest daughter’s name.  I have pre paid my funeral but would like to leave them actual money when I die . 

If this is only relevant when you die then it makes no sense to look at the best account now as that will change on an almost daily basis. (I'm assuming you're not expecting to go imminently)