How to save/ invest a CTF that will mature soon?

[ihatethecold]

We have a ctf that will mature next month for my DS.
There will be about 15K.
He will open a LISA but he can't invest all the money in that. He will put in the max deposit and then do a standing order for the £200 each month.
He has also just applied for a children's ISA with Nationwide that allows money to go in every month.

Where can we put the lump sum?
The savings account with a higher % will only let you put in a small amount each month.

He doesn't need the money because he works part time whilst at college so I think he will use it towards a deposit for a flat etc in time.

He isn't going to Uni so won't need it for that.

A normal ISA

Is it possible for the CTF to be transferred into the children's ISA? I think they have finally sorted things so you can do that, it was really silly for a while when you couldn't.

Hmmm he should have been able to transfer his child trust fund to a junior isa, but if he's now opened one this financial year he may not be able to. Have a look on the money saving expert site. They have info on all the best savings accounts

We have applied for a children’s isa today with nationwide. It said we have to open it before he is 18.

It’s really what to do with the lump sum.

I'm interested in the replies as my ds child trust fund seems to be doing well so far. I am concerned about the effects of Brexit in a few years though when his is due to end. I think moneysavingexpert will have some advice.

He will open a LISA but he can't invest all the money in that. He will put in the max deposit and then do a standing order for the £200 each month.

I think you're confusing LISA with Help to Buy ISA there - one or the other of these might be better for him depending on what he'll use it for. It's HTB ISAs that have the £200 a month limit. You can put £4,000 per year in a LISA and that can go in as a lump sum. However there are heavy penalties if you have to withdraw it for any reason other than to buy a house (or retire, but that's not relevant for your son). There's a penalty of 25% of the whole amount in the account, which means losing some of your own money as well as the bonus. That said, it's a great option if you already have savings and know you're going to use them for a deposit.

Yes I think I am confusing a LISA with a help to buy ISA.
I need to find out the difference.
I’m fairly certain he will buy somewhere in a few years.