Joint Savings Account for Inheritance

PurpleGiraffe13

My 3 adult children have just received money from my mother’s estate and while the 2 eldest are sensible with their money and have mortgages, our 22year old son isn’t. He has agreed to me managing this money for him, but not sure the best way to do it. Would prefer it is in his name as it is his money - would a joint account with 2 to sign work?

GrumpyDil

Why not a fixed term savings account to lock the money away?

Joint accounts tend to get current accounts, don't pay interest and would create a financial association between both of you.

Keep_pedalling

What is the long term aim for this inheritance and how much are we talking about?

Brie

Put it in something like a LISA or even a pension? Or something simple like premium bonds where at least there's a delay between asking for the money to be withdrawn and actually getting it??

poseidon1

I manage my mother's cash isa with Hargreaves Lansdown via a family link to my own HL account.

I see no reason why you could not organise something similar for your son if you are reasonably tech savvy.

Albermarle

Joint savings accounts are quite widely available, but ones where you both have to sign are only branch based and not all will offer them.

So will be difficult to organise and will probably be a poor interest rate as well.