Saving for grand children

too_many_details

Hi All,

my parents want to put some money aside for our 2 girls (one and two). They would like to do something where only the girls can get at the money once they reach 18.

Any ideas what to suggest? Child Trust Fund seems to be for parents.

Thanks

R

Kinnairdy

Yes but you can pay in to Child Trust Fund - any reason why you can't pay money in for your parents?.
Otherwise they can open a savings account for them amd put the money in there.
Lot's of options available to you and them, have a look around Martins Site there is sure to be an area dedicated to savings and best accounts etc.

Robert_Sterling

I think that with the Child Trust Fund the children actually get the money when they are 16. They are allowed to transfer all of the money into a sort Child Tust Fund ISA

Parents, any other person and some other legal entities ( charity, employer etc ) can put money in provided the total amount added in this way does not exceeed £1200 in any one year.

Alternatively

You can open a Building Society Account account in the name of the child with the grandparents as trusteees. Again the children will get their hands on the money when they are sixteen.


No Tax ... Use R85 to claim exemption

too_many_details

thanks for your answers guys.

One important requirement is that the parents can't take money out! My parents want to make sure that the money remains the kids.

R