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My grandmother is going to go into care very soon and as a result, sell her house. Each of her four grandchildren are going to recieve £10,000 from the sale of the house to help kickstart ourselves - my cousin wants to move cities, another wants to buy a car and the last one is too young so she is going to have it in savings.

I am looking at going to university next September in Belgium as an expat, as I have both British and Irish citizenship. However, there is no guarantee I will go to university as it is my backup to getting a job. The problem is, I have no idea what to do with the money in the meantime as:

  • I live with my parents

  • I am under 18 (I'm 17)

  • I don't have any debt

  • I don't plan on learning to drive

  • I have limited options of where to invest/save the money due to my age

  • I don't currently have any savings as I spent it on things I needed when I was younger (new saxophone and clarinet)

How can I maximise my gains from the money while keeping it accessible in case I need it?

Gladiator Kittens
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1 Answers1

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Since you want to maximize your gains but keep it accessible, I would rule out stocks and shares ISA as if the market goes down, you could lose money or be unable to take it out. Also a junior ISA has a limit just over 4K and is not really needed if you earn under about 17.5K a year (as you won't be paying taxes)

I can imagine that the best idea for you would be a child savings account, you can currently get around 4% - slightly more if you're willing to reduce your access to it.

T Wildash
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