Savings fund for children

AdamMunday

Hello I have just found out a member of my family is pregnant and would like to set up a savings account that they cant touch until the age of 18 but that I and other people can pay into in the meantime.

The child isn't due until August and most of the ones that I've seen say they need the childs details but I want one already set up with money in for the birth.

Any help you can give will be brilliant and apologies if I'm just repeating another thread

Adam

xylophone

Well, you can't open an account for a child still in the womb!
Best for everyone to hang on to the cash until a JISA can be opened for the child when he/she arrives?

https://www.gov.uk/junior-individual-savings-accounts/overview

AdamMunday

Thanks I have seen these but they can only be opened by the parents and I was wanting to open something as a gift.

I know when i was younger this was possible as it was done for me by my Aunt

xylophone

http://bank.virginmoney.com/savings/learn/childrens-accounts/

To be held in bare trust for the child.
But you'll still have to wait until the child is born!

Assuming that the child is a non-taxpayer, R85 can be completed - the parents will need to sign it.

After the child turns 16, if the account is to remain in trust until the child is 18, the R85 will have to be rescinded and the parent reclaim any tax overpaid until the child turns 18 when he will have the absolute right to access and control.

In Scotland, a child becomes eligible for access and control of bare trust funds at age 16.