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  • FIRST POST
    • dollywops
    • By dollywops 11th Oct 17, 4:08 PM
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    dollywops
    Bare Trust Share Dealing Account for grandchild - which one?
    • #1
    • 11th Oct 17, 4:08 PM
    Bare Trust Share Dealing Account for grandchild - which one? 11th Oct 17 at 4:08 PM
    First grandchild has just arrived and great-grandpa wants to set up a share dealing account on behalf of his great-grandson. Obviously, things have moved on a bit since he did this for his first grandchild over 28 years ago. We want to be able to set this up on line as we don't want paper certificates.


    Does anyone have any experience of any of the companies who will provide this service. I have done a bit of research and found we can do this through share.com but they charge administration fees. I would prefer to avoid these, if possible. Wish we could do it through iWeb, as we use them ourselves already.


    The same goes for a stocks and shares JISA. I haven't managed to find one without administration fees.


    Both accounts will be self-managed. If anyone has any recommendations, I would be very grateful.
Page 1
    • Keep pedalling
    • By Keep pedalling 11th Oct 17, 4:35 PM
    • 3,732 Posts
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    Keep pedalling
    • #2
    • 11th Oct 17, 4:35 PM
    • #2
    • 11th Oct 17, 4:35 PM
    i would not look at dealing in individual shares as a way of building up investments for a little one.

    I am currently looking at the best options for a JISA for my week old Grandson, The Alliance Trust JISA has flat fees of £3.33 per month, but as there will only be £4,128 in it from day one the Vanguard JISA iworks out cheaper at 0.15%.

    Will probably put the lot in VLS 100 or similar fund and apart from top ups just leave it for a good few years.
    • dollywops
    • By dollywops 12th Oct 17, 8:35 AM
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    dollywops
    • #3
    • 12th Oct 17, 8:35 AM
    • #3
    • 12th Oct 17, 8:35 AM
    i would not look at dealing in individual shares as a way of building up investments for a little one.

    I am currently looking at the best options for a JISA for my week old Grandson, The Alliance Trust JISA has flat fees of £3.33 per month, but as there will only be £4,128 in it from day one the Vanguard JISA iworks out cheaper at 0.15%.

    Will probably put the lot in VLS 100 or similar fund and apart from top ups just leave it for a good few years.
    Originally posted by Keep pedalling
    I am not looking for investment advice, thank you.

    I think we will suggest to FIL that he sets up an account with his stockbroker for his great-grandson, in the same way he previously did for his grandchildren. We were hoping to avoid paper shares.
    • bigadaj
    • By bigadaj 12th Oct 17, 8:46 AM
    • 10,281 Posts
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    bigadaj
    • #4
    • 12th Oct 17, 8:46 AM
    • #4
    • 12th Oct 17, 8:46 AM
    I am not looking for investment advice, thank you.

    I think we will suggest to FIL that he sets up an account with his stockbroker for his great-grandson, in the same way he previously did for his grandchildren. We were hoping to avoid paper shares.
    Originally posted by dollywops
    Sounds expensive.
    • dollywops
    • By dollywops 12th Oct 17, 8:53 AM
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    dollywops
    • #5
    • 12th Oct 17, 8:53 AM
    • #5
    • 12th Oct 17, 8:53 AM
    Sounds expensive.
    Originally posted by bigadaj
    You have a choice. Someone like share.com charge for holding electronic shares or you pay a stockbroker. It's probably easier to let my FIL do what he's used to. He managed very well with his 2 grandchildren, so I think we can trust him to look after his GGS!

    We use iWeb, who don't have administration charges for holding electronic shares, but unfortunately, you can't set up a bare trust with them.
    • Keep pedalling
    • By Keep pedalling 12th Oct 17, 9:05 AM
    • 3,732 Posts
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    Keep pedalling
    • #6
    • 12th Oct 17, 9:05 AM
    • #6
    • 12th Oct 17, 9:05 AM
    You have a choice. Someone like share.com charge for holding electronic shares or you pay a stockbroker. It's probably easier to let my FIL do what he's used to. He managed very well with his 2 grandchildren, so I think we can trust him to look after his GGS!

    We use iWeb, who don't have administration charges for holding electronic shares, but unfortunately, you can't set up a bare trust with them.
    Originally posted by dollywops
    It's not the holding that is expensive but the trading and potencial CGT. What happens if he is no longer available to manage the account?
    • dollywops
    • By dollywops 12th Oct 17, 9:49 AM
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    dollywops
    • #7
    • 12th Oct 17, 9:49 AM
    • #7
    • 12th Oct 17, 9:49 AM
    It's not the holding that is expensive but the trading and potencial CGT. What happens if he is no longer available to manage the account?
    Originally posted by Keep pedalling
    GGP opens an account his name/a/c name of ggc.
    Both he and GP have authority to deal on this account.
    I don't think CGT will be an issue just yet, but GGP will be keeping a close eye on things.
    Will also open a JISA when we have the paperwork.
    Son is opening a mini 123 account.
    • steampowered
    • By steampowered 12th Oct 17, 10:07 AM
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    steampowered
    • #8
    • 12th Oct 17, 10:07 AM
    • #8
    • 12th Oct 17, 10:07 AM
    Most platforms will charge some sort of administration fee I'm afraid.

    It is not reasonable to expect this to be a free service - online stockbrokers are not charities.

    I have used share.com for a number of years and would recommend it. The platform is easy to use and customer service excellent. Though I accept you need to check what the fees are.
    • dollywops
    • By dollywops 12th Oct 17, 10:15 AM
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    dollywops
    • #9
    • 12th Oct 17, 10:15 AM
    • #9
    • 12th Oct 17, 10:15 AM
    Most platforms will charge some sort of administration fee I'm afraid.

    It is not reasonable to expect this to be a free service - online stockbrokers are not charities.

    I have used share.com for a number of years and would recommend it. The platform is easy to use and customer service excellent. Though I accept you need to check what the fees are.
    Originally posted by steampowered
    IWeb have a one-off opening fee and no other admin charges - its just a pity they don't offer a JISA.

    Thank you for the recommendation of share.com - will compare that with AJ Bell. Can't do anything until DS get's some paperwork for his son - a birth certificate would be useful for starters
    • bigadaj
    • By bigadaj 12th Oct 17, 10:42 AM
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    • 6,597 Thanks
    bigadaj
    You have a choice. Someone like share.com charge for holding electronic shares or you pay a stockbroker. It's probably easier to let my FIL do what he's used to. He managed very well with his 2 grandchildren, so I think we can trust him to look after his GGS!

    We use iWeb, who don't have administration charges for holding electronic shares, but unfortunately, you can't set up a bare trust with them.
    Originally posted by dollywops
    Yes but you're talking about someone who is presumably getting on and used to the way that things were done years if not decades ago.

    Things have moved on a lot and using a full bells and whistles stock broker is likely to be expensive, no more expensive than years ago potentially but far more expensive than more modern platforms.
    • xylophone
    • By xylophone 12th Oct 17, 11:44 AM
    • 23,066 Posts
    • 13,368 Thanks
    xylophone
    http://www.hl.co.uk/investment-services/investing-for-children/junior-investment-account


    http://www.hl.co.uk/help/fund-and-share-account/junior-investment-account/managing-the-junior-investment-account/how-much-does-it-cost-to-hold-investments-in-the-junior-investment-account

    It is free to hold shares, investment trusts, bonds or gilts and ETFs
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