Saving for grandchildren in Australia

Grannybusiness

I have two small grandchildren who live in Australia and I would like to start savings accounts for each of them, starting with a lump sum of £250, and then putting in £20 a month.

Can I do this through UK building societies, or as they're not UK citizens, is that not permissible?

Is there a tax efficient way of doing this (both for me and for them), given that they are not UK citizens?

Would it be better to put money into the stock market here instead of a building society?

What are the advantages and disadvantages of each approach?

EdInvestor

You can't open accounts for them here because they are not UK residents.

Savvy_Sue

In the light of what Ed says, your best bet might be to open the best account you can, and leave the contents of that 'pot' to be divided equally between your grandchildren in your will.

It will then be someone else's problem how to get the money to them.