What to do with inherited money for a 16 year old?

Sigilind21

We are having trouble sorting out what to do with money inherited from a grandparent by a 16 year old. The money is purely cash as willed to be shared by grandkids, no other stipulations. The executor has the money with a solicitor as there was a house sale etc. We don't know exactly how much it it, which doesn't help. It was suggested as £12,000, but we'd estimated it at £17-24,000. We have the child trust fund the government started which we can put £9,000 in. We know Nationwide has a future saver account which you can put £5,000. We know you cannot have a junior isa and the child trust fund. Normal savings accounts cannot be used as far as we are aware, as a minor cannot access inheritance until 18 and nearly all accounts allow over 16s access. We just don't know what to do. Any help would be appreciated.

DRS1

Premium bonds?

Two year fixed rate bond?

xylophone

You might consider

https://www.skipton.co.uk/savings/childrens-savings-accounts/childrens-saver

You would open the account and the whole inheritance could be paid in.

You could then use part of the bequest to contribute up to £9000 to the CTF (might you get a better rate if you transferred the CTF to a JISA?) in this tax year and subsequently up to age 18.

Sigilind21

Thanks for the help! Especially Xylophone! Looking at Skipton lead me to a more local building society that's suitable and I can go set up in branch.