I have two DC's age 19 and 17.
The 19yo already has a cash LISA (which is fully topped up to the max of £4k for this year, and I was planning to top it up annually myself) and an adult S&S ISA (not fully topped up).
The 17yo has a Junior S&S ISA (not fully topped up), and will get a LISA when he's 18 (which I will be contributing to).
Otherwise, they both have current accounts, and linked instant-access savings accounts with modest interest rates.
Their grandparents want to start gifting them (and their 2 cousins) some money "from time to time" towards future house deposits. They were cagey about how much or how often and I didn't want to ask too many questions. It will probably be surplus pension income or savings as they don't get out and about much these days. (They mentioned separately that their 'estate' is below the IHT threshold, so I don't think they're worried about any annual limits).
They have asked me to tell them what accounts they can pay into, so I need to decide whether to suggest existing accounts or new ones. They would like to gift the money directly into a 'savings' account, not into current accounts, so it is clear that it is 'put away' for the long term.
They would be able to gift directly into DS2's S&S JISA, but only until he turns 18. They can't gift directly into DS1's adult S&S ISA. In any case, I suspect they would feel uncomfortable about gifting to S&S accounts.
I've been looking for alternatives. We're with Nationwide. Most of their savings accounts with decent rates seem to either require a one-off lump sum, a monthly savings commitment, or have a monthly limit, none of which seem appropriate for adhoc unspecified cash gifts.
Any suggestions for adult accounts, with decent rates, that can be gifted to on an adhoc basis?