Money from grandparents

adea

My parents-in-law wish to put £10k each, for my 2 daughters into a long term savings account until they reach 18.
My husband and I have seen an account which we like but are still confused as to how much can be deposited in one go.
The account can have up to £50k in it.
Neither my husband or I work, so we can't have accounts in our name.
My daughters are 12 and 10 and the 10 year old has a CTF.

Any help you can offer is welcome.

xylophone

Older child born before 1 September 2002? If so, a JISA could take up to £4000 from July this year and this could be added to in subsequent years.

Subscriptions can still be made to the CTF - the CTF can be transferred to JISA next year.

https://www.gov.uk/child-trust-funds/overview

http://www.telegraph.co.uk/finance/personalfinance/savings/10534380/Child-trust-fund-savings-can-be-moved-to-Junior-Isas.html

http://www.familyinvestments.co.uk/new-junior-isa-child-trust-fund-limits-2014/

It might then be possible for your parents to be trustees on child accounts for your daughters - you would have to sign the R85s- all the money could be within CTF/JISA by 2017.

http://www.moneysavingexpert.com/savings/child-savings-tax-free