best place to put £100 per month

daveyjp

If he's working and paying rent time for him to begin to understand financial management. Rather than you continue to manage his money tell him to research the different accounts, then have a discussion about what will work best and once the account(s) are opened you will stop charging him rent.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81886017#Comment_81886017

I think the clue in @Middle_of_the_Road 's post was the capitalisation of SAVING. It's not the use of "regular", but "savings" (plural noun) that is being criticised. What you are doing regularly is saving, while the product is usually described as a saver.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81886031#Comment_81886031

It may seem like it sometimes, especially today as I'll have clocked up 20 posts including this one. But even on a busy day like today MSE has probably only consumed a little over an hour of my time, spread over a multiple short sessions between other things. Others put in a lot more hard work here than me.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81886031#Comment_81886031

Not sure why you deleted your earlier post, which added context to the issue I originally raised. I did manage to read it in quoted form, but now can’t seem to, due to how the forum has been altered.
I agree that the use of the term ‘regular’ has been subject to Americanism, which is somewhat key to the point I was raising.
As for the cheap shot at masonic, quite unnecessary, you were not being ‘corrected’, only made aware of the main point I was trying to highlight.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81884164#Comment_81884164

You can save this money for him as you intend, but he might decide to also open a Lifetime ISA if you make him aware of this very lucrative opportunity.

eskbanker

Not sure why you deleted your earlier post…

Posters who are, let's say, hoping for a reaction will sometimes find that they don't get to choose when posts are deleted!

fistfulofsteel

Be very, very careful with lifetime ISA. You can't (without significant penalty) access the money in them if you end up not buying the right kind of property with a mortgage, and if you have a decent amount in one you're not eligible for universal credit. Mine is easily the worst financial decision I ever made.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81886713#Comment_81886713

OP has already ruled out LISA for other reasons anyway, but while the property qualification and access penalties are well-known and clearly publicised restrictions on LISAs, your point about means-tested benefits applies to any type of savings so isn't a LISA-specific issue.

sheramber

Remember if the account is on your name then any interest arising is counted as your interest for tax purposes.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81886713#Comment_81886713

Your money is still present and earning interest. You could elect to transfer it to a stocks and shares LISA and hopefully it should see a decent return when you reach age 60, so I don't see how it could be 'the worst financial decision I ever made'