Savings for God-Daughter

Froglette

Hi,

I'm hoping that someone can offer some advice on opening some kind of savings pot for our god-daughter.

We would like to set up something in her name so that she benefits from a high interest rate which is tax free. We want to deposit money at Christmas and on her birthdays. We also want to keep control of the account for as long as we see fit ie. possibly passed when she turns 18 incase we think it is not quite the right time for her to have access to the funds depending on how responsible she is.

Is this possible? Is a child trust fund an option for us as we are not her parents and do not have the voucher?

Thanks in advance for any help you can offer us.

Froglette

Does anyone have any advice they can offer please?

Froglette

We have still not been able to do anything on this as we can not decide what our best option is. Can anyone help?

agal

Hi Froglette, have you checked out the "sticky" on CTF discussion area (third one down)? You may get some relevant answers there.
I think you are looking at two incompatible requirements viz; you want tax-free interest which will mean having the account in your god-daughter's name and at the same time you want to retain full control of the account indefinitely which will mean having the account in your name.
Sorry I couldn't be of more help as I haven't been in your situation.

maple41

Hi Froglette
How about you open a Halifax childrens regular saver, minimum £10 a month pays 10%. You can open it in your name in trust for the child so they get interest tax free and you "control" it until they are 16. We both did it for our daughter for a year until she was 16. Here is the link http://www.halifax.co.uk/savings/childregularsaver.asp
Hope it helps

Froglette

Thank you agal and maple41, your advice has given me a great starting point.