Savings For Grandchildren

[malagabob]

Called into the bank I bank with, to enquire about opening a bank account for my 2 grandsons. It's not done. Only parents are allowed to open accounts for children.  Long story. The mother separated from my son/partner. Amongst other things she's refusing to allow visiting rights. Wanted a secure savings for my grandson. In the past, one of them had a GoHenry card. Mother used spent deposits on it for personal use. Any advice. TIA.

 

 

[Redhelen72]

Is this any good? You will need a birth certificate but your son could get that for you

https://www.thetimes.co.uk/money-mentor/income-budgeting/family-finance/save-invest-grandchildren

 

[barry1010]

If you want secret savings that their mother doesn't know about you could consider premium bonds in your name - these are tax free and the winnings can be reinvested automatically up to the maximum of £50k.  Simply cash them in when you want your grandchildren to have the money, and name them as beneficiaries in your Will.

Of course no guaranteed interest and you can't do this if you have the maximum premium bonds already.

If you don't have ISAs you could do a similar thing - again avoiding tax.  

 

[theshedman]

We opened one up for our grand daughter a number of years ago after son split from his other half and similar was happening with her mother spending anything that went back to her house so grandaughter asked us to keep it for her.  We needed her birth certificate and opened it in her name with wife to sign until she was old enough to change it into her name only.  This was with Nationwide.

[calmck]

I had bank accounts for both my grandchildren at Barclays since they were born. The account had both mine and their name on them.