Childs Saving Account (Nephew!)

MeeMMeeM

Hi,

I was wondering if it was possible to set up a childs saving account for my nephew in his name?

Well he isnt born yet, but will be in a couple months, and instead of giving him boring presents that basically he will play with for 5 seconds on birthdays and at Christmas's I was thinking of depositing a little something into a savings account, and basically when he turns 18 he can have what ever is in there.

But, I know there are child savings accounts that a parent can set up, but what about ones that an Uncle can set up?

Thanks for the advice in advance!

MeeMMeeM

OneADay

Halifax Childern's regular saver - the information reads

"One account per person - you can only open 1 account for one child. However, other people can also open an account for the child too e.g. relatives, friends. Accounts can only be held by 1 or 2 trustees jointly on trust for a child. Only 1 account per trustee per child"

So a relative could open it for given child. Although it looks like a 12 month deal (you pay in minimum £10 to £100 a month for 12 months) and get 6%. Might have to keep renewing it every year for 18 years.