Quizzes & Puzzles1 min ago
Grandma Saving For Children
I want to make some savings for my grandchildren BUT I have to make sure neither of the parents can touch it
is that possible?
Answers
No best answer has yet been selected by Ric.ror. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If you're happy for the money to be unavailable to your granchildren until their 18th birthdays (and then only available to them and to absolutely nobody else), get their parents to set up Junior ISAs for them. (Only parents or guardians can set up Junior ISAs but other family members, such as yourself, can then pay money into them).
Alternatively, you can set up Children's Savings Accounts for your grandchildren. Up until their 18th birthdays you (as trustee) can withdraw money from those accounts (e.g. to pay for school trips abroad) but their parents can't (as they're not trustees). When your grandchildren become adults, those accounts will then become instant access accounts from which they can directly make withdrawals themselves.
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