Setting up a bank account for my nephew

Exstra

I was hoping someone could help me.

I want to set up a bank account for my Nephew (Step Nephew if that makes a difference) in his name. I would want him not to have access to it until 18 and would like 2 pay into it twice yearly.

Does anyone know if this is possible? and if so any suggestions on which one?

mgdavid

'in his name' means he needs to be involved in the process doesn't it?
How old is he now?

Exstra

He is currently 7 months - he isn't too helpful at this point.

atush

Ok, so you are saving for at least 17 years. Which means saving in cash is most likely a very bad idea as the money you have saved, even with interest will buy less at the end then now.

Also, you'd need his parents help (ie a signature) to register for gross interest. And ISA if his parents have opened one might be the best way in cash, as they don't get it w/o parental OK until 18 I think.

A better idea is to invest in an investment trust savings plan. They can be added to ad hoc, by lump sum once or twice a year. I prefer the monthly pound cost averaging approach to even out peaks and troughs, but you'd need to split your money up. They start from 20/mon, but more start from 25-50.

xylophone

Does he have a JISA? You could contribute to it. https://www.gov.uk/junior-individual-savings-accounts/overview

Or you might consider a bare trust (with parent as joint trustee) in an investment trust? eaxamplehttp://www.sit.co.uk/products/investing_for_children/features/questions_and_answers/

http://www.moneysavingexpert.com/savings/child-savings-tax-free
might be something here.

Parent/guardian needs to sign any R85.