can i set an account up for a neice/nephew without the parents knowing??

onlyroz

If possible, the account should be set up in the child's name, because then it will qualify for gross interest. If it's in your name then it'll be taxable at the same rate that you're taxed at. I also think that you need the child's birth certificate to set up the account.

Js_Other_Half

I found this the dailymail site - something to consider?
http://www.dailymail.co.uk/home/frame-money.html


"Stakeholder pension

Although it may seem odd to think of giving a child a present that they won't be able to get their hands on until they are 55, stakeholder pensions are a great tax efficient way of saving. Parents can pay up to £2,808 every tax year into a pension plan on behalf of a child. The great thing about this investment is the tax advantage – for every £78 invested, the Government will contribute £22.



A grandparent can't open a stakeholder pension directly, it must be the parent or legal guardian of the child. "

Oldernotwiser

galvanizersbaby wrote: »

Oh dear!
I think it's a lovely idea to set up a fund for the little one anna42hmr!

I never said it wasn't a lovely idea, but if this relationship breaks down the mother could move to who knows where and has no reason to keep in touch with her ex's sister. If this can happen (often) to grandparents it can happen even more to a sister. I think the child trust fund is the best idea.

lisadunn1199

I am sure you can set up a child trust fund for them, might be wise to find have a look on the Child trust fund website as I was looking into setting one up for my younger cousin (he lives with my parents so is more like my brother) and I am sure I was allowed, although i never got round to it.

Hope this helps

anna42hmr

thanks everyone your your suggestions and assistance, i will consider all the options, many thanks

*Louise*

The parents will get a child trust fund voucher from the government. Once the account is set up, all you need is the TF number, and you can set up a standing order to put money into the account.

The parents have no access to withdraw money from it at all.

I_know_my_ABC_and_my_CMYK

My son had one set up for him by his grand parents when he was born. they didn't use his birth certificate but the account was in their name but held for my sons name. It was done with Halifax.

whatatwit

I think that you would be as well to set up an account in your name, but kept to one side for the child when it is older.
If the parents know about the account and they then go on to have several children, you could find yourself feeling obliged to pay a sizeable sum into trust funds or savings accounts.

fsdss

one to bear in mind .....please consider what would happen if your brother and his partner has one or maybe two more children! it would cost you a pretty packet!!! ok if you can afford it............but you never know whats round the corner.