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  • FIRST POST
    • lesta1980
    • By lesta1980 4th Oct 17, 2:01 PM
    • 111Posts
    • 26Thanks
    lesta1980
    opening funds for family
    • #1
    • 4th Oct 17, 2:01 PM
    opening funds for family 4th Oct 17 at 2:01 PM
    is it possible to open some sort of investment fund for a nephew?

    want to put in a lump and leave it for him till he's 18 and if others want to chip in over time they can

    edit - Im in UK (born and bred) he's australian in Oz
    Last edited by lesta1980; 05-10-2017 at 8:06 PM.
Page 1
    • dunstonh
    • By dunstonh 4th Oct 17, 3:09 PM
    • 89,851 Posts
    • 55,457 Thanks
    dunstonh
    • #2
    • 4th Oct 17, 3:09 PM
    • #2
    • 4th Oct 17, 3:09 PM
    Yes it is.
    • xylophone
    • By xylophone 4th Oct 17, 4:12 PM
    • 23,144 Posts
    • 13,412 Thanks
    xylophone
    • #3
    • 4th Oct 17, 4:12 PM
    • #3
    • 4th Oct 17, 4:12 PM
    Does your nephew have a JISA? You could contribute.

    It is possible to use both investments and cash.

    https://www.gov.uk/junior-individual-savings-accounts

    Or "Bare Trust"


    https://www.bailliegifford.com/individual-investors/literature-library/individualintermediary-non-fund/investment-trust/childrens-savings-plan-application-pack/



    https://www.charles-stanley.co.uk/sites/www.charles-stanley.co.uk/files/32.01%20Guide%20to_Investing%20for%20your%20childr en_140515.pdf
    Last edited by xylophone; 05-10-2017 at 2:36 PM. Reason: remove old link
    • lesta1980
    • By lesta1980 5th Oct 17, 10:00 AM
    • 111 Posts
    • 26 Thanks
    lesta1980
    • #4
    • 5th Oct 17, 10:00 AM
    • #4
    • 5th Oct 17, 10:00 AM
    he lives in Australia so guessing he wont be able to qualify for our JISA? Only want to lob 500 quid in for him but got no idea how to go about it
    • crv1963
    • By crv1963 5th Oct 17, 10:08 AM
    • 135 Posts
    • 397 Thanks
    crv1963
    • #5
    • 5th Oct 17, 10:08 AM
    • #5
    • 5th Oct 17, 10:08 AM
    he lives in Australia so guessing he wont be able to qualify for our JISA? Only want to lob 500 quid in for him but got no idea how to go about it
    Originally posted by lesta1980

    Many years ago we did something similar for our sons- we opened an account with the Harpenden Building Society put money into it on a monthly basis and on their 18th birthday they were sent a cheque by the BS for the amount plus interest in their account.


    Other banks and building societies must do something similar have a look at your own banks website first or google saving for a child?


    CRV
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • lesta1980
    • By lesta1980 5th Oct 17, 10:11 AM
    • 111 Posts
    • 26 Thanks
    lesta1980
    • #6
    • 5th Oct 17, 10:11 AM
    • #6
    • 5th Oct 17, 10:11 AM
    Many years ago we did something similar for our sons- we opened an account with the Harpenden Building Society put money into it on a monthly basis and on their 18th birthday they were sent a cheque by the BS for the amount plus interest in their account.


    Other banks and building societies must do something similar have a look at your own banks website first or google saving for a child?


    CRV
    Originally posted by crv1963
    I want to invest and not save
    • AlanP
    • By AlanP 5th Oct 17, 11:03 AM
    • 938 Posts
    • 648 Thanks
    AlanP
    • #7
    • 5th Oct 17, 11:03 AM
    • #7
    • 5th Oct 17, 11:03 AM
    If he is abroad then many of the UK based options won't be applicable as they are for UK residents.

    Have you had a look to see what sort of thing is on offer in Oz?

    Have you asked his parents for any ideas, they may be more familiar with the Oz equivalents of ISAs etc?
    • Eco Miser
    • By Eco Miser 5th Oct 17, 2:37 PM
    • 3,091 Posts
    • 2,856 Thanks
    Eco Miser
    • #8
    • 5th Oct 17, 2:37 PM
    • #8
    • 5th Oct 17, 2:37 PM
    he lives in Australia
    Originally posted by lesta1980
    It would be a good idea to edit the title of the thread to include this information. That way anyone with knowledge of Australian investment schemes is more likely to read it and give a relevant answer.
    Eco Miser
    Saving money for well over half a century
    • xylophone
    • By xylophone 5th Oct 17, 2:53 PM
    • 23,144 Posts
    • 13,412 Thanks
    xylophone
    • #9
    • 5th Oct 17, 2:53 PM
    • #9
    • 5th Oct 17, 2:53 PM
    As I understand it, provided that the Trustees are UK resident, it would be possible to set up a UK Trust for a non-resident beneficiary.
    • lesta1980
    • By lesta1980 5th Oct 17, 8:04 PM
    • 111 Posts
    • 26 Thanks
    lesta1980
    As I understand it, provided that the Trustees are UK resident, it would be possible to set up a UK Trust for a non-resident beneficiary.
    Originally posted by xylophone
    barclays don't allow it i'm afraid but open to be pointed in the right direction
    • xylophone
    • By xylophone 5th Oct 17, 10:07 PM
    • 23,144 Posts
    • 13,412 Thanks
    xylophone
    https://www.ft.com/content/d3118d02-1289-11df-a611-00144feab49a

    https://www.charles-stanley.co.uk/sites/www.charles-stanley.co.uk/files/32.01%20Guide%20to_Investing%20for%20your%20childr en_140515.pdf

    http://www.fandc.com/uk/private-investors/savings-plans/savings-plans-range/childrens-investment-plan/

    http://www.invtrusts.co.uk/en/investmenttrusts/how-to-invest/investment-plan-for-children

    https://www.bailliegifford.com/individual-investors/how-to-invest/childrens-savings-plan/

    You could check with the above.
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