DCs inherited £25k - where to put it?

[CherryMaple]

My DCs have been lucky to inherit £25k each in grandparents’ wills. They are aged 9 and 17 years. What is best to do with this money? The wills state that the DCs can access the money when they are 18. I would like to think that it will go towards a house deposit, so not to be touched for sometime. DD who is 17 is certainly not planning to rush out and spend it when she turns 18.

Thanks in advance for the advice.

JISA locks it away until age 18. Max that can be put in each financial year is £9k.

You can buy premium bonds for children, max £50k.

So for youngest child, £9k to JISA, remainder to premium bonds, then feed the JISA with £9k each year. S&S JISA as the timescale is over 5years. Global equities fund of some kind, keep costs low.
Fidelity, AJ Bell, Vanguard - all have JISA accounts.

Eldest gets access to the money very soon, so discuss with them about what to do with the money. Consider higher education, something the giver of the money would have wanted them to do with it. Encourage use of an ISA... they can have a cash ISA in their own name now, a S&S ISA when they are 18. They can have a Lifetime ISA at age 18 if they want to put some towards a home deposit. They could start a Pension.

@nannynick Thanks so much for this.