Dad died last week has left grand kids ?2500 each.

21 year old wants the cash.

15 year doesn't know what to do,

9 year old doesn't have a say

Should i buy premium bonds or put in long term savings scheme.

Please help but don't need shitty answers at the moment.

I'd give the 21 yr old the money.

Invest the 15 yr olds money for either 3 or 6 yrs (your choice) in a safe investment vehicle like an ISA or similar.

Lock the 9yr olds money into a longer term investment (10yrs?)

 

My sympathies for your loss.

No advice from me.

Sorry to hear about the loss though.

you can stick up to ?3600 a year into a cash Isa...Abbey are giving a very good rate of intrest at the mo fixed for the next 12 months...then if you want you can shift it to another provider and not pay a penalty...

 

I have P Bonds as well...I have a return on a investment that would equate to about 8% if it were in the bank...win a bout ?50 every couple of months, i just reinvest the savings...all winnings are tax free and you can draw it when ever you want...better than the lottery couple of miliionaires every month and the odds on winning are about 22,000 - 1

 

for me it's long term saving...so i.e my stocks and share isa..although it isn't performing as well as it has done...it's in their for the duration..and to be topped up when i have some to top it up with....

 

hope it helps....sorry about the owd fella.

I've not a clue what you should do with your money, but my sincere condolances for your sad loss mate.

Without being tax a payer, an ISA may not be necesary for the youngest. A simple guaranteed bond with fixed bonus' over a period of time could be the right way to go.

 

Sorry for your troubles.

Sorry to hear your loss.

 

The best financial move I have ever made is to buy in and out of Redrow Homes. Been doing it for 10 years from buying at 90p to selling at 700p.

 

Strong cash rich business, currently trading at half of what they are worth in normal housebuilding conditions.

 

Buy em, forget about em.

 

Rainy day stock, and will make my kids a tidy amount for when they are older.

Edited May 12, 200818 yr by Smiffs

I agree with Traf about giving the 21yr old their money,there old enough to take responsibility for it!Im not sure about investment as ive no idea about ISA's and such,however sorry to hear about your loss and wish you well in your time of need!

Condolences mate.

 

If you give the 21 year old the cash, make sure you give him/her some sound advice. I got a couple of grand when my grandad died when I was 21. It was gone within a couple of months, pissed away in the pub.

I agree with the 21 sentiments. In fact, i'd suggest investing the money for your two younger kids until they're 21 as well. Condolences for your loss.

Sorry to hear that your Dads passed on, im sure you will make the right choices with his legacy and he will be proud of you.