What to do with inheritance?

fishwebsite

Hello everyone,

I’m making this post on behalf of my sister. She’s had her share of the inheritance in premium bonds but now she is 18 she is allowed access to them. She is planning to take a gap year after completing her A levels this summer and then do a university course. What is the best thing to do with this money in the mean time so she is set up for when she leaves university for buying a house etc.

Many thanks!

Albermarle

Can you say the amount of money involved?

I would have thought she would be wanting to spend some of this money on the gap year + even with grants/loans etc going to Uni is not cheap ( unless Bank of Mum and Dad are helping?)

Is she actually happy to save it for a future house purchase. Usually 18 year olds are thinking more about buying a car, gap years etc ?

MEM62

Without knowing the sums involved how can we possibly offer an opinion?

fishwebsite

I believe she has around £55k in total (Maxed out premium bonds + Other savings). I will ask her if she’s planning to keep any aside to have on hand

xylophone

Has she considered a LISA?

https://www.gov.uk/lifetime-isa

https://www.moneysavingexpert.com/savings/lifetime-isas/