Savings Account for Grandchild Not Resident in UK

jmhenderson

I currently have a Barclays savings account for my grandson in the USA that pays interest gross of UK tax. However, Barclays have now advised that they will withdraw this facility from mid Aug despite the arrangement being approved by HMRC.

I have been trying to find another account that permits non-UK resident children to receive interest gross but have found that all checked to date only allow UK residents to hold their accounts. Does anyone know of a childrens savings account that meets my requirement?

MTIA

Martin

Cook_County

Because of FATCA, Dodd-Frank and HSBC I doubt you will succeed. Better probably to put the money in 529 plan in the US. This will avoid US tax and FBAR problems in the future.

jmhenderson

Thank you for the advice; I'll get my US daughter-in-law to check out a 529.