Saving for daughter who is working abroad

lyn60

My daughter works in Denmark, she plans to return home to UK in a couple of years. My mother wants to give her regular amounts of money to be saved in a uk savings account so when she comes home she will have a deposit for a house. Ideally this account should be in the names of my daughter and myself so I can manage it for her, however I can't find a savings account that will include her while she is living abroad. There must be a way to do this and I would appreciate any help. Thank you

atush

Some banks will allow accts for those offshore, esp ones with brances in other EU countries (such as Barclays and HSBC) some building societies will too (birmingham midshires). I might first open one in your name and see about adding hers later. Perhaps when she is home for a visit and bring in her ID etc?

xylophone

It might be better from the point of view of possible (we don't know the financial situation of OP and mother) IHT considerations and also tax considerations for the account to be held in daughter's name only?
http://www.nationwideinternational.com/accounts/accounts_sterling_glance.htm anything here?

Cook_County

You'll obviously check out Danish tax implications on both the gift and on any interest paid into the account

alexJ

I have same experience and the bank told me that I need to bring my daughter if am going to open an account with my name and her name.