Saving for godchildren

desperatelyseeking

Hi. I have four godchildren and really want to save for them up till they turn 18, but I want to do it in their name, not mine, so they don't get taxed etc. I also want to open an account for them individually rather than have one account in my name for all four children as I currently do.

It doesn't really matter whether or not their parents need to know about it. But all I can find from NS&I and similar is saving for your own children which is obviously a totally different concept.

Does anyone have any experience of opening an account for a child who is not their own??

Help much appreciated, thanks.

Westie983

young saver from halifax can be opened in childrens names but controlled by nominated adult being a parent, grandparent, uncle etc.

just need ID for each child and for yourself to open, unfortunately can be only opened in branch but information can be found here

http://www.halifax.co.uk/savings/accounts/

Drp8713

A bare trust sounds like it fits your requirements e.g. http://www.bailliegifford.com/individual-investor/how-to-invest/investing-for-children.aspx


Or you could use a Junior ISA if the parents want to open it for you e.g. http://www.hl.co.uk/investment-services/junior-isa


Note that they cant open a JISA if they have a Child Trust Fund, at least for the next two weeks or so until the rules change.

Westie983

Junior ISAs can only be opened by the parent and not godparents or grandparents,

anna42hmr

Westie983 wrote: »

young saver from halifax can be opened in childrens names but controlled by nominated adult being a parent, grandparent, uncle etc.

just need ID for each child and for yourself to open, unfortunately can be only opened in branch but information can be found here

http://www.halifax.co.uk/savings/accounts/

that is good account but would suggest that the op checks first to see if the parents know if anyone else has done the same thing for them at halifax as only one account could be held in a child's name so if parents, grandparents, aunts/uncles etc already has a Halifax young saver in that child's name it cannot be opened (even if the controlling adult is different between them).