I need a savings account for my 12 year old nephew

saxonrosecliff

Hi My nephew has an expensive school trip coming up next year. His parents have said that if he can save up/earn the spending money, they will pay for the actual trip. His parents are terrible with money - the kind who don't save anything and my nephew is worried that if they open an account for him it will end up with nothing in it, so he has asked me if I will look after his account. I've had a look at various accounts and most of them appear to have to be opened by parents, guardians and grandparents. Does anyone know if there are any that aunties can open? Thanks for looking.

Lokolo

I am not sure of this. The only thing I can recommend is if you open one in your name....

saxonrosecliff

Lokolo wrote: »

I am not sure of this. The only thing I can recommend is if you open one in your name....

The only problem with that is that I would have to pay tax on it. Presumably with a children's account you wouldn't pay tax? I don't have children so I haven't a clue what I am doing!

Lokolo

saxonrosecliff wrote: »

The only problem with that is that I would have to pay tax on it. Presumably with a children's account you wouldn't pay tax? I don't have children so I haven't a clue what I am doing!

Indeed, children get £100 tax free interest from parents. Any money from other relatves will not incur interest tax.

He could obviously open one in his own name but more than likely needs his parents with him, which is the problem lol.

Jazzy_B

He can open an account himself. My daughter has had her own account since she was 11.There are plenty to choose from.She has one with Bank of Scotland, and has her own cashpoint card. She opened her account online. She can also manage her account online, and had to phone herself to ask for her interest to be paid gross. If you look on moneyfacts.co.uk, you can look for savings accounts and specify what age group you are looking for.