JISA, CTF or savings!?

[sparklymams]

I want to start saving for my dad, I don't have a huge lump sum of money to put down straight away but will be putting £100 a month in until she's 18.

Ideally I'd like it to be that once the money has gone in we can't withdraw it (bad habit of doing this) but I can only see that JISAs and CTFs allow this kind of restriction?

I don't really understand the whole investment/interest rate and whenever I ask or whatever I Google I just can't seem to find a simplified answer of the differences or what's best to get.

So I guess I'm asking on here because I just want a short straightforward answer?😅

What type of account is the best to set up for savings?

Thanks in advance 🙏🏼

For *dd not my dad!!

You not said how old she is now. If you have 10 years or more before 18 then a stocks and shares junior ISA could potentially give you more gains but is risky in that value can go up and down. I would recommend research into this before you make a decision and use a big name platform like Fidelity. If you don’t want stocks and shares then check Best Buy junior isa rates.

Another thing to think about is at 18 any monies revert to the child with full control at 18 if they don’t need the money then I would suggest at 18 moving maximum yearly allowance from the junior isa into a LISA with that product you get 25% free from the government if you use the money towards house purchase.