£10k for Child from Granparents

[RedHeadPom]

My father has very kindly wrote a cheque for £10k each for my 2 boys (8 & 5yrs) I'm looking for advice with what to do with this. They both have a basic savings a/c with Lloyd's. Looked at Juniour ISAs but they have a £4K max investment pa. need to cash cheque in ASAP but not sure what to do for best. Would prefer an option for them not to access until 18 or 21. Any advice please

Open a savings account and have a co signature until 21. My kids account at NatWest is set up in this way

Open or put it into any bank Account for them but then pay it into junior sticks and shares isa. Pay in in stallements until its all in

Exactly what Fragalino said.

A stockbroker can also help you invest it wisely and get a healthy return. My partner's family stockbroker (I know) has helped them get good returns and as we get close to using the money for a deposit, it gets moved into low risk stocks (not fully sure how it works sorry!)

Thank you, I'll initially put into a good savings a/c and go from there

Just come across this post so sorry to jump on:

My DMum is also wanting to gift both my DD's (nearly 18 & 14) £10k each. Typical keep it under her bed kind of person and I'm unsure of how to go about this.

Do I just walk into the bank with this, put it in my account and transfer. Any advice please?

@RedHeadPom have you thought about premium bonds?

@finished31 Are you planning to put £20k cash into your bank account?

Wow, lucky kiddies

@Bluebell9 theymoney is not for me, it's for my DD's so I was wondering the best way to do it?

@finished31 You might have to answer some questions about where the cash has come from to the bank is what I was meaning. if the money is from your mum, she might need to show where the money came from for money laundering purposes.

So I've opened a children's ac with Virgin money initially to deposit the 20k (10k each) the money was via cheque from my fathers ac so all transparent

@Bluebell9, I thought something similar. She draws it out of her account every month so it's accumulated over the years. Her bank statements will support this.

Thank you

I would look to invest in equities given the timeframe. Also given the poor state of the market there is a better chance of good returns.

I wouldn't use a cash account for investing over a 10 year timescale plus as inflation will erode it