16th birthday gift ? Want to give money which he cannot access before 18 or without parental consent ?

Question

I want to give my nephew's son something for his birthday which he won't spend, use, break or waste for a bit. I was planning to buy Premium Bonds for him, but have just discovered you can only buy them for people under 16. He has a computer and all the electronic goodies he wants. Since we're talking confidentially here, he comes from a home of instant gratification, there is no concept of saving, planning or providing for the future. I want to buy him something which introduces the glamour of compound interest ! A sum of money he can watch grow, add to if he wants, but cannot touch without his Dad's permission or till he's 18. Or even 21. His Dad is a responsible parent but his Mum has custody.

Any ideas ?

El dude - his Mum is a junkie who lives on benefits and has never done a days work in her life. His Dad is a worker, who gave up on her - but not on his son - years ago. In the UK, mothers normally get custody. He lives with his Dad sometimes when life with his Mum gets too difficult.

I want to give the child money which his Mum cannot "borrow" Please forgive me for being such a controlling b*tch and wanting to give money to this child for his future.

Answer 1

Some useful information here.
http://www.fool.co.uk/savings/information/term-and-bond-accounts.aspx

Motley Fool is a very good financial advice site which, as you will see, explains what you would want to know quite clearly and at no cost to yourself....if you are stuck, maybe you could contact them or leave a message on their forum..

Good luck and kudos to you for having the sense to put some money away for him.

Answer 2

.Simple answerer to a rather protracted question.

Tell the boy you have funds for him Tell him he may draw on the money if its for his benefit and that as the giver you will help decide if he really needs it and give him the remainder at a age you think is right. Alternatively give the cash to dad with the same caveat

Answer 3

Set up a custody account at the bank. With his dad as custodian