Lifetime ISA (LISA) on behalf on adult son

[Bayleaf25]

Has anyone opened one of these on behalf of an adult son (19 year old).

It seems that Moneybox have the best interest rate (and reviews) but is an App based account only. Do you think I can open the account in my sons name but have the App on my phone (I would essentially pay into it and look after it on his behalf until he buys his first home.)

Or, do I really need my son to download / manage the account on his phone (which just means I would need to pester him to check the account etc.)

I know officially he should manage the account as he is an adult but as it is us saving for his future I'm just wondering if anyone has any experience of this?

Thanks

My 18year old daughter has a MoneyBox LISA and regularly tells me how it’s doing. It’s very up and down obviously. She finds the app very easy to use. I’m sure your 19 year old son will find it very straightforward. All he needs to do is transfer money into it and leave it alone.

There’s nothing to ‘manage’ with the MoneyBox LISA. When he opens the account he chooses 1 of 3 risk levels. He can then just leave it be. The most he can do is switch between the 3 levels. He can’t really go too wrong. You won’t need to pester him to do anything other than open it in the first place and put money in.
Be aware though that although the government add 25% if he withdraws it for anything other than a property purchase the government take out 25% of the whole amount that includes any capital gains and not just what they contributed. Martin Lewis doesn’t think they’re great as a pension btw.