Son 19 wants me to open a savings account for him

[TheGander]

I don’t really know where to start. He’s working and wants to give me £50 per month for me to pay into a savings account for him. It’ll be in his name. Should I go with a low risk Vanguard type ISA? Or play it safe and try and find a cash based savings account with a decent interest rate ( if they even exist?). Any advice gratefully received!

Tell him to do it himself! He's an adult.

Why does he want you to do it for him?

It’s more that he’ll HAVE to do it himself as he’s 18+.

Has he already got a current account and online banking?

Have a look at Martin Lewis’s website.

Look at MSE best buy tables either for a cash savings account or at accounts designed for younger people to save for a deposit. Also get him to research it and open it himself and just help him by discussing the options with him.

Tell him to Google savings accounts and do if himself. He can discuss the options with you if he wants.

Important life lesson that women aren’t his servants.

Bejasus

Does he want access to it?
If not you'd struggle to get a better rate than with an LISA, however he can only withdraw it for his first house or in retirement (or if terminally ill)

I use the moneybox app for mine.

Why on earth is he asking his mum to do that? Tell him to do it himself. He's an adult.

I think it's fine to advise him how to go about finding the right account (Money Saving Expert - savings accounts), but this is a valuable lesson in adulting that he needs to learn and you also need to learn to step back, advise and then tell him to do it himself.

He will need to open the account in his own name and supply all the documentation etc needed.
This is very important for both of you as if you were to hold it in your name and needed to be assessed for government support this money would be classes as your money or if you were to die the money would be classed as yours for probate.

If he is worried that he will withdraw the money he can ask if he can add you as a joint signatory to his account and arrange the mandate that you must both sign for each withdrawl

Ok, re the point about him doing himself- believe me I’m no doormat. Actually I believe it’s good he’s asking me for help, he is setting out on his journey of earning and managing money. I fully intend to transfer all management to him but he’s asked about help with researching a good account and setting it up.
For those who made helpful suggestions, thank you. We will do some research together at the weekend. I believe he has already opened at S&S based savings account on his own, so I’ll look at what that is and if heavily weighted to stocks I might consider something cashed based. A LISA is an idea, but I’m wondering if he’ll EVER be able to afford to buy a property, the way things are- what happens to the money if he can’t ?

We have looked at app based ones for my ds. He had some savings in a child's account so we have fixed those for six months, no access, then set up a regular saver for monthly payments.

www.moneysavingexpert.com/savings/savings-accounts-best-interest/

@TheGander if you don't buy a house with a Lisa then you can continue putting into it until you are 50 and then it accrues interest and you access it on retirement.

It's worth opening just for £1 to have access to it should they stop them, even if he choses not to use it as his main form of saving. I have mine set up to round up my other accounts with other banks which soon adds up but you don't miss the money and then split any larger amounts of savings between the Lisa and other accounts that I can access easier. He could set up a Lisa and save £25 a month for long term savings and another account for easier to access cash.

Thanks @bare and @Singleandproud those are two helpful tips. I understand with the LISA the govt puts quite a chunk of money in so it would be good to get one on that basis, good idea to split savings between that and an easier access one. Thanks for the link bare!