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Saving Account For Grandchildren

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cazdee | 18:34 Thu 26th Jun 2014 | Business & Finance
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Can anyone advise of an account I can open for my grandchildren, without needing any parental input of any sort.
Thanks
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Not personally, but I was standing behind a couple in the queue at the Nationwide the other day who were opening an account for a grandchild - it seemed pretty straightforward.
Can you buy premium bonds in their name? Ask at the post office.
I'd advise Children's Bonus Bonds. My four all have them and they are great. They are from NS &I. You ring them and ask for an application form.
You can buy Premium Bonds for a Grandchild, but one of the parents has to be nominated.
pretty damn difficult quite honestly

I had to wait until one lot had reached majority (18)
and I never succeeded with another lot

Mummies get some odd fixed ideas of which one: " this was never done for me so I am damned if I am going to allow it for my kids " recurs with depressing regularity....

however one co-operator came out with:
now my kid is one and his cousin is 19 so it is only fair that you make up 19 y contributions to little jo jo....

swings and roundabouts my dear
You will need to show a birth certificate, so would need to get that from the parents.
Some accounts can be held as Trustee Accounts by Grandparents in the name of the child, e.g. Virgin http://uk.virginmoney.com/savings/find/Virgin_Young_Saver_Issue_2/opening-your-account/, Llyods http://www.lloydsbank.com/savings/young-saver.asp.
Others are considered to be the Childs money and all letters are sent to the childs address - e.g. the Halifax regular saver which has a good interest rate, but if things aren't passed onto you you might not know if they'd forgotten to register for gross interest - money given by Grandparents is not liable for tax (and I did ask!!!)
Halifax Children's ISA also has a good interest rate, but legally an ISA can only be opened by a parent.
The Halifax have a junior isa which will pay 6% interest if you also have an isa. I opened one for my daughter for a few hundred pounds and one for myself with £1 as this only paid 0.25% interest
My FIL opened done sort of account for boy#1 (think it was with Direct Line) and he didn't have his birth certificate.
All the ones I've opened asked for birth certs - money laundering

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