Best way to make £5k work

[secondhoneymoon]

DCs have inherited £5k each from late Grandfather. One will put it towards a car, the others not sure but likely will use for future property deposits. Won't need to access for a couple of years. Any suggestions as to what to do with it?

Have you looked into a First Time Buyer's ISA? I wish I'd known about those. The government gives you 20% of whatever you've put in, on top. Pretty great!

No I haven't, will take a look - thank you

Is it the new LIfetime ISA you mean? Up to 4K can be saved annually and the government will top up by 25%. I would recommend putting that in a good fund (as opposed to any saving accounts). Can be then used for First time purchase or kept till retirement. If paid out for another reason, the government bonus will be lost and further penalty applied.