2 quick questions about children's savings

wontfallforit

Firstly, am I able to open a children's savings account for a child that is not mine? (it's my niece). Am happy to open with pretty much any bank/BS.

Secondly, what kind of account would I need that would stipulate that the funds were hers, and not mine? I don't want to build up a nest egg for her over the years, and have something drastic happen like I find myself out of work, and find that the savings are mine for benefit claiming purposes. I know that's an extreme scenario, but I just want to be distanced from these savings, just in case

Not fussed on whether it's easy access or not, as I'm looking for the long-haul.

I will be paying into her CTF along with the rest of the family, but this is for additional overspill that exceeds her annual allowance.

Would be looking to deposit quite modest amounts - £10-15 per month or so, if that makes any difference, and would ideally like for it all to be deposited in just one account.

Cheers.

Lokolo

You can open it in her name but ID is usualy needed, so if the mother allows you to go that route.

If this is the case then the money will be hers and noone elses. She can also get any interest tax free assuming she doesn't earn thousands.

If you are going to contribute a monthly amount I recommend:

http://www.halifax.co.uk/savings/childregularsaver.asp

wontfallforit

Lokolo wrote: »

You can open it in her name but ID is usualy needed, so if the mother allows you to go that route.

Thanks. I thought so, but best to check.

Should be no problem to get hold of the ID.

If you are going to contribute a monthly amount I recommend:

http://www.halifax.co.uk/savings/childregularsaver.asp

That looks pretty good, actually. May check it out soon - thanks.

jennifernil

You will need the child's birth certificate, and ID for yourself if you are not already known to the bank.

I have just done a Halifax regular saver for my granddaughter, it pays a fixed 6% at present for 12 months, you can pay in between £10 and £100 per month, must be every month. They also open a Save4it account that the money goes into after the year. You will want to move it elsewhere then as the interest rate is miserable.

One option is to recycle the amount back through the RS by paying in the maximum £100 pcm till it is used up. You do not need to pay in the same amount every month.