Can Grandparents open child savings account without parent present?

mattk1

Hi guys,


I am from the UK but now live abroad, my parents are visiting us on holiday and have decided they would like to open a child savings account for our 2 year old son when they go back.


The account they want to open and start off with is the Halifax Regular Saver at 6%.


Having looked at the Halifax website for what is required to open this account, the child's passport or birth certificate needs to be presented.


So my question is can I just hand my parents my son's passport to take back to the UK with them and they can open the account without me being present?


Thanks for your help guys :-)

cloud_dog

In theory, Yes.

The reason I say 'in theory' is because I have no experience of Halifax and how they treat the opening of a child account for a child in another country.

There's also the tax consideration on the interest earned in the UK for a non-UK resident (child). It might be that everything is fine regarding R85 (register for un-taxed/gross interest), i.e. there are reciprocal agreements between the UK and your country of residence or it might be that the account would have to be opened without the option of gross interest.

I think a photo copy of the Birth Certificate will suffice, although you should check.

You can either contact Halifax UK by e-mail / online help whilst your parents are with you and ask these questions or give your parents photo copies (originals if you like) and just see how they get on back in the UK.

atush

Do you have the birth Cert instead? That could be better then sending away your passport while abroad as you would not be able to travel?

CLAPTON

if unusual for a/cs to be allowed for overseas residents

xylophone

https://forums.moneysavingexpert.com/discussion/4738277
might be of interest.

http://www.web40571.clarahost.co.uk/archive/saga/2012/20120501News.htm

mattk1

Thanks for all the helpful replies on here guys, much appreciated :-)

I sent them a message to check and they replied telling me that the parents do not have to be present when opening the account and that showing my sons passport is all that is needed. Happy days :-)

Cheers again guys!