Ds(17) turns 18 next week and will get £30k in savings/junior isa accounts from various sources (lucky boy). Thankfully he isn't going to spend it on sex, drugs and rock n' roll.
We had a chat and he wants to keep it for what we hoped for which is a house deposit in the future, maybe use £1k on a holiday with friends next year, he already has his driving licence. His plans are to go to uni this year for 4-5 years (Scottish degree/masters), get the student maintenance loan of £4,750 to live on and probably stay at home. If he does go to halls we would be able to cover it for the first year or two. After degree hopefully he starts work and will think about buying somewhere.
So we are wondering how to get the best return over the next 4-5 years - thought he could start feeding £4k a year into a LISA for a start for a house deposit. In these uncertain times I am thinking a cash LISA would be more sensible than a stock and shares one for a medium term? Any recommendations on which provider to use?
The remaining I thought he could stick in premium bonds until he could add to the LISA each year (or change his mind and decide to spend on sex drugs and rock n' roll). Or is there somewhere better to put it for just 4-5 years?
Or should he just not get the maintenance loans and use the £30k to fund his way through uni? But that means he wont have any savings left for a house deposit (and might stay at home forever 😱)