Savings For Grandchildren

[cupotee2]

Having searched the WWW I think I am allowed to open a savings account for my Grandchildren..just the odd tenner or a bit more for birthdays etc.

I have a copy of their Passport..will this be sufficient to open an account with? Some information on lone says I'd need their birth certificate. I'd like to do it without having to ask the parents for that info. Does anyone know that answer, please.

[MallyJ]

Just for interest why avoid involving the parents? I rather think you would have to - just on my experience years ago with premium bonds for nieces and nephew.... However nothing to stop you opening accounts for each in your name (with each name penciled in on e.g. the pass book) and putting money in then withdrawing said money when it is time for them to have it.

[Old_Geezer]

If you are still around.

You can but ask at the counter.

[ubasses]

Difficult question to answer as all Banks have their own procedures. In general if they are under 7 the account will have to be in your name re the child and can stay that way until 18. Over 7 up to 16 the account can be in the child's name but then they will have the right to access it and you will need the parents permission to open.
However as I said each bank may vary in all the information and I/D they require.

[cupotee2]

Sorry I didn't get back to this earlier..I set up the PB form etc as far as I could with cheques etc but the parent had a time scale to return the form with some vital info..

Date came and went...so I was trying to devise another way to start a savings account for them that I might be able to complete on my own.

Think I'll try the bank account even if its in my name, for now.

Many thanks for answers.

[vinpaul]

You may need PPS number, and possibly evidence of childs address. I bought prize bonds for grandson as christmas gift. Letter arrived to his home seeking copies of these items as well as passport photocopy, before they would issue bonds.

[cupotee2]

Thats what happened vinpaul. When the letter arrived asking for details there was a time slot for the paperwork to be returned...it never got returned by the cut off date.