Savings & Investments for a grandchild living in Australia

LilyThePink

Hi there, we are proud new grandparents, the downside being that our granddaughter was born and is resident in Australia and we are in the UK.

We want to open a regular savings/investment/trust fund/isa but unsure of how we can do this. Some of the sites I have visited have suggested that the child must be a UK resident. Will we therefore have to open an Australian account for her?

Does anybody have any experience of this?

Many thanks

Lily

xylophone

If the account is opened in Australia, presumably you will simply require sort code and account number so that you can make a bank transfer.

Opening an account for a non-resident grandchild in this country seems to be very difficult judging by the experience of previous posters.

Even were it not, you might not wish to save in cash at the moment as interest rates are so poor.

You might wish to consider investing in an investment trust /OEIC or similar in bare trust for your grandchild.

Example here and details of the difference between bare trust and mere designation.

http://www.sit.co.uk/products/investing_for_children/features/questions_and_answers/

LilyThePink

That is very helpful, thank you. I think I will look over at the Australian websites to see if I can get to grips with their child accounts. That might be the best option.

Thanks again for the advice and the link.