Savings advice for child
Savings advice for child
Author
Discussion

Takemeaway

Original Poster:

651 posts

230 months

Saturday 5th April
quotequote all
I’ve a 15 year old and 13 year old who have borne received about £6k

Where’s the best place to lock it in till they’re 18?
Not sure the JISA is the best option

DaveH23

3,340 posts

189 months

Saturday 5th April
quotequote all
Why not a JISA.

Make sure it's S&S not cash ISA. Pick an S&P 500 index and forget about it.

Mr Squarekins

1,405 posts

81 months

Saturday 5th April
quotequote all
Takemeaway said:
I’ve a 15 year old and 13 year old who have borne received about £6k

Where’s the best place to lock it in till they’re 18?
Not sure the JISA is the best option
I'd genuinely show them at this young age, the magic of compound interest. If they don't need the cash, since it appears to have been a windfall, show them what it'll be worth in, say 10 years and 20 years.