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?

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    Who is going to fund her care? If she might need public funding to pay for it, there are rules about giving away your money (thus meaning the government has to pay more), so you should be careful about counting on this. I believe money that's given away can even be clawed back later. – GS - Apologise to Monica Dec 12 '17 at 12:05
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    The house is worth £300k so most of it is going on her care – Gladiator Kittens Dec 12 '17 at 12:58

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.

  • where did you find the accounts nearer 4%? I've looked and they generally require you to be 15 years of age or younger, so I'm too old – Gladiator Kittens Dec 12 '17 at 16:17
  • Apologies, didn't look at all the details. You're right most of these are max age 15. And i also didn't notice - regular saving 10-100 pound a month limits either! That's no good. Might have to go with Nationwide smart limited access - only 2.5% and one withdrawl a year (more and the rate drops) but max age 17 and 50K deposit limit should fit your needs. – T Wildash Dec 12 '17 at 16:23
  • I've got a Santander account already, so I can put some in there to get the 3%, 3k could go in the HSBC mysavings at 2.75% since it's got unlimited withdrawals and the rest goes in the Nationwide smart limited access. Money is so complex! – Gladiator Kittens Dec 12 '17 at 16:27
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    Yes it is! Since you don't mind complexing it up, you could put 2.5K in nationwide 5% account - just need regular payment of 1k a month. Of course if you have instant access money you can move 1K around accounts to satisfy this if you don't have a job. – T Wildash Dec 12 '17 at 16:32
  • That makes a lot more sense. I've upvoted your answer because it's really helped me in figuring out what to do. I'm going to town in a few days so I can start getting my accounts ready then. – Gladiator Kittens Dec 12 '17 at 16:36

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