Suggestions

eskbanker

Mark_d said:

bozzy18 said:

Hey!  My 2 kids (ages 16 and 17) have received £500 each from their aging great grandmother (handed to me).  They already have a CTF which they are looking forward to accessing and spending!  Rather than give them that £500 each which they will no doubt spend and waste - is there somewhere I can pay this amount into that would be tied up for a few years and increase in value?  I'm thinking maybe set up a pension fund but I'm overwhelmed with information that is out there on the internet!  Some suggestions would help me narrow down the search - please!  Thank you so much.

I would be looking at a Lifetime ISA - such as the one offered by AJ Bell

Only available once they reach 18 though....

Albermarle

eskbanker said:

Mark_d said:

bozzy18 said:

Hey!  My 2 kids (ages 16 and 17) have received £500 each from their aging great grandmother (handed to me).  They already have a CTF which they are looking forward to accessing and spending!  Rather than give them that £500 each which they will no doubt spend and waste - is there somewhere I can pay this amount into that would be tied up for a few years and increase in value?  I'm thinking maybe set up a pension fund but I'm overwhelmed with information that is out there on the internet!  Some suggestions would help me narrow down the search - please!  Thank you so much.

I would be looking at a Lifetime ISA - such as the one offered by AJ Bell

Only available once they reach 18 though....

And then they would have to voluntarily open one themselves and then put the £500 in it. Unless they had already spent it............

£500 does not go very far these days.

born_again

Let them buy something that will help them remember the aging great grandmother by.

Imagine how you are going to look if she see's them & asks what did they get with the money & they say what money...

Best way to learn about money is to have some & manage it yourself. Once it's gone it's gone.. Soon learn that you need to put a bit aside if they have any sense.

UncleK

My great grandfather left me £500 in his will that I got when I was 18 by which time it was over £800. This was a loooooooong time ago so I did the sensible thing and went and bought a motorbike - against my parents advice. Whilst I appreciate £500 won't get you a motorbike these days, I'd still go with the sentiment of letting the kids get something they can remember their great grandmother's generosity by. And driving lessons count, of course.