best place to put £100 per month

oliel

My son pays rent of £100 per month to me as he now works. I;d like to put this into a savings account for him but without his knowledge so that it can help with a deposit when he moves out. Where would be the best place for me to put the money?

eskbanker

A regular saver account:

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

It would be far better financially to use a Lifetime ISA, designed for saving for first time buyers, with a 25% government bonus, but that would need to be with his knowledge (he'd actually need to open it himself).

Middle_of_the_Road

You might want to consider keeping him in the loop, and open a LISA in his own name.

https://www.moneyboxapp.com/isa/lifetime/cash

If you want it to remain a secret, look at opening a regular-saving account.

Middle_of_the_Road

Not surprising that even MSE use the wrong terminology for regular SAVING accounts.

Calling them regular savings accounts leads to them being thought of as an ordinary/ standard offering.

The purpose of these accounts is to offer a higher interest rate for those who can commit to regular SAVING.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/81879141#Comment_81879141

The purpose of these accounts is to offer a higher interest rate for those who can commit to regular saving.
They are called regular savers because you are expected to save REGULARLY (eg monthly).

The ordinary/ standard offering are usually called normal or ordinary or standard or easy-access savings accounts, or just savings accounts. They are still SAVINGS accounts.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81879141#Comment_81879141

You do realise that if the term 'regular savings accounts' is 'wrong', it's a 'mistake' made by all prominent comparison sites, not just MSE, e.g.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/

https://www.comparethemarket.com/savings-accounts/regular-savings-account/

https://www.gocompare.com/savings/regular-savers/ (titled 'Regular Savings Accounts')

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81879439#Comment_81879439

Seems you don’t agree that the phrasing is misleading. I don’t frequent the sites you linked regularly, so I didn’t realise that they also term these accounts in the same way. They could improve clarity by hyphenating, i.e., regular-savings accounts. Around here we mostly call them ‘regular savers’, which is not likely to be confused.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81879970#Comment_81879970

It undoubtedly can be misleading, just like 'basic bank account' is often used in the more generic sense than the 'defined term' version, but that doesn't make it 'wrong' as such. I do agree that 'regular saver' is slightly more precise though, which is why I used that in my earlier post above!

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81879986#Comment_81879986

Glad we've cleared that up. Hopefully the OP is up to speed with reg.savers, and comes back to let us know what they decided to do.

oliel

While the Lifetime Isa is appealing - id like to keep it a secret from him et this point. So regular saving it is.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81883700#Comment_81883700

It's also worth mentioning that I maintain a list of the top regular saver accounts on The Top Regular Savers Discussion Thread.

If you have any queries about regular saver accounts feel free to ask them in that thread.