Savings account for non-resident grandchild

dhpaul

I am looking to save money here in UK for my grandchildren, but as they live in Australia they are classed as non-resident in UK. Can anyone advise banks, building societies who don't see this as a problem please and have suitable savings accounts?
Thanks

xylophone

I have read that it is very hard to set up a savings account for a non- resident child, largely due to money laundering regulations.

You might try an off shore savings account. You might try setting up a bare trust with Nationwide's International subsidiary. ID is required from both parties, but the society says "the residence of either the trustees or the beneficiaries is immaterial to us except for tax purposes".
In cases where grandchildren live abroad, and you want to set up something more complex than a savings account, you'll almost certainly need advice from a Trust specialist.