Best children's account for non-cash bare trust (grandparents control)

anandp

I've finally been able to convince my parents that if they want to put some money aside for my son, then cash is not king!

Now I'm looking for a non-cash way where my son's grandparents can put some money aside every month in his name, but under their control until he is 16/18.

Any ideas?

xylophone

Investment Trust in bare trust ?- Discussed before https://forums.moneysavingexpert.com/discussion/4468881 post 4

Hargreaves Lansdown account in bare trust? They provide a special form.
http://www.hl.co.uk/faqs/contact-us/can-i-invest-on-behalf-of-a-child

ozzage

I realise it's not 100% what you asked for, but what about a Junior ISA? They would be able to add money themselves when they wanted, but only the registered contact could make investment changes.

A child can also only have a single JISA so this might scupper the idea anyway if they really want to have their own account for your son.

Just a thought.

anandp

ozzage wrote: »

I realise it's not 100% what you asked for, but what about a Junior ISA? They would be able to add money themselves when they wanted, but only the registered contact could make investment changes.

A child can also only have a single JISA so this might scupper the idea anyway if they really want to have their own account for your son.

Just a thought.

Unfortunately not, we already have a CTF so can't open a JISA under current rules.

xylophone

Have you looked into investment trusts, HL offering, OEIC in bare trust?
(If OEIC is required it might well be easier to go with HL.... see http://www.guardian.co.uk/money/2005/mar/17/finance1)
http://www.bgchildsavings.com/pages/how_to_invest.aspx - another IT bare trust offering.

anandp

xylophone wrote: »

Have you looked into investment trusts, HL offering, OEIC in bare trust?
(If OEIC is required it might well be easier to go with HL.... see http://www.guardian.co.uk/money/2005/mar/17/finance1 )
http://www.bgchildsavings.com/pages/how_to_invest.aspx - another IT bare trust offering.

I don't really understand OEIC's to be honest, and as its not going to be operated by me, I'd prefer something simpler.
Do you know if these BG and HL ones are well performing compared to others in the market?

xylophone

Hl is just a platform - you choose the investments, whether investment trust, OEIC, individual shares etc.

http://www.fool.co.uk/Your-Money/guides/Unit-Trusts-And-OEICs.aspx
http://www.sit.co.uk/products/investing_for_children/features/how_to/
http://www.money.co.uk/investment-trusts.htm
http://www.trustnet.com/InvestmentTrusts.aspx

An investment trust in bare trust seems simple enough?

anandp

xylophone wrote: »

Hl is just a platform - you choose the investments, whether investment trust, OEIC, individual shares etc.

http://www.fool.co.uk/Your-Money/guides/Unit-Trusts-And-OEICs.aspx
http://www.sit.co.uk/products/investing_for_cidren/features/how_to/
http://www.money.co.uk/investment-trusts.htm
http://www.trustnet.com/InvestmentTrusts.aspx

An investment trust in bare trust seems simple enough?

Thanks, will take a look at those links tonight.
I know what HL is, just wasn't sure about OEIC, but read up on it earlier.