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Teenager savings/investment
MadamBT
Posts: 2 Newbie
My 17 year old son will receive somewhere in the region of £35-40k from a compensation claim. He may well be 18 before he actually gets the money but either way I am looking for advice because it’s a rather large sum. I’ve never had enough money to look into investment and am a bit risk averse anyway, so guess I’m asking about savings, ISAs etc? I saw a Martin Lewis video on similar situation which basically said don’t spend money on student fees, but keep it for a deposit on a house. That made a lot of sense. But until he gets to house buying age then, where should we put the money? Thank you!
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Comments
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If he won't need the money for 5 - 10 years (or more) an S&S ISA is the way to go.
I wouldn't put it in a LISA as that limits what the money can be used for - but I can see the attraction of them.0 -
I'd open up a LISA and drip feed £4k per year. Keep the rest in a Fixed savers.0
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