Need advice on future plans for investing, etc as a beginner first timer

Advice on just starting out

So, I came first in school and my school offers a free no tuition fee policy for topstudents.

My parents have asked what I want to do with the money they were going to use as the fee ? I don’t want to spend all of it on material things. How do i invest/ensure that it is being thoroughly utilized?

Should I have them open a minor savings account and make them deposit the money there?

(I have a measly amount of knowledge on finance and am still a minor)