Savings/investments for Children?

Ma77hew

Hi All,

I have quite a few nephews and nieces (currently 6 with a 7th on the way), at the moment rather than giving them presents at birthdays and christmas's I put money into an accounts that I control for them.

The accounts are child current accounts with nationwide, but as the oldest is 5 and the youngest 0 I though it might be better to be investing in shares etc that might provide a better rate of return. I am planning on letting them have access to the monies when they are 18.

Having searched around I cannot find any account that does this if you are not the childs parent. I would rather retain guardianship over the money as 1 or 2 of my siblings have already made suggestions that they would use the money before they are 18 (for school trips etc), but this isn't what I want it to be used for.

The amount invested each year isn't huge, its around £100 each at the moment.

Does anyone have any suggestions?

Lokolo

As you have stated, you can't do it without being the parents.

What a lot of people suggest is you can see if the parents have an account and set up a standing order to go into that account as your contribution.

Or you can just open up a number of accounts in your name and then when they turn X or whatever, send them the money to spend/save wisely.

TurnaroundSue

My friend had lots of nieces and nephews and just saved the money in her own name and then when they reached 18 she gave them the money then. I know that if you can put it into their own names you would save on the tax, but at the moment you wouldn't be saving that much anyway!!

It's nice to have an uncle who is thinking about their long term needs and I am sure that when they reach 18 they will really appreciate what you have done for them.