Savings account for child living abroad

elaysea

Hello,
I wonder if anyone can help. Rather than buying presents each year and paying for postage each time, I want to open a savings account for my nephew, who is a 2 year old New Zealand national. Of course, I'd ideally like the interest to be tax-free. Which bank can I do this with and what information will I need?
Advice much appreciated.
Many thanks

bryanb

Many UK accounts are for UK residents only. Why not ask the parents if he already has one in NZ that yiu can pay in to?

elaysea

Thanks for the reply. I've considered that but I'd rather pay into an account in the UK. Firstly because the exchange rate is often poor to the NZ dollar, and secondly because I'm expecting that he will come over to the UK to work when he's in his late teens/early 20's, and will hopefully benefit from having some surprise savings in Pounds Sterling.
Are you/is anyone else aware of any UK accounts for non-UK residents?

bryanb

Not aware, not even sure it's legal.

jamesnc

You can't open an account for him here in the UK as you would need to take in proof of his name to open a childrens account.

You can only open a cash ISA if you want it tax free in your name but then it would use up your annual allowance. otherwise you could open up an account in your name but just give it to him when he arrives in the UK. Should be a nice nest egg when he gets here!