Savings for teens

[madameMscastle]

My children are due some inheritance, i would like to put it into savings, my eldest is 16 and recently the bank moved the bank account to own online banking.

I dont have anything to do with 16 year olds father but 16 year does, i dont trust father as hes already spoke to child about his trust fund and how to spend it.

Is there a account that i put the saving in at least till 18/21 in childs name without telling child or that just cant be touched for a few years.

If you can sit with your son and explain / convince him to put the money into an ISA or a lifetime ISA that might be your best bet. I can't remember what the age is to open such ISA's though. You may have to appeal to your son with logic and emotion to convince him to want a better future. Wish you all the best xx

Before he is 18 put it into a savings account where it is locked away and can’t be touched e.g. a savings bond or fixed term account.

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

You can get almost 6% on a 5 year fix for example.