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Best UK Savings Account for overseas child?
jennywee
Posts: 1 Newbie
Here's my scenario, I'd like to set up a savings account for my niece (2 years old). My sister and her family live overseas (Indonesia). My niece has a UK passport, but wasn't born in the UK and wasn't passport wasn't issued in the UK and isn't resident in the UK either.
Is it possible to set up a bank account for her here? If I can, which is the best one I should go for?
Is it possible to set up a bank account for her here? If I can, which is the best one I should go for?
0
Comments
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I think you may struggle to open an account in these circumstances.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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http://www.iii.co.uk/articles/66982/how-do-we-save-our-grandchildren-overseas
An investment trust in bare trust might be the solution.http://www.sit.co.uk/private-investors/products/stockplan-a-flying-start
Click on FAQ.0 -
Most UK banks will only open accounts for UK residents: however, they have international branches (generally on the Isle of Man or Gibraltar) that open accounts for people anywhere. However, these accounts tend not to offer particularly good interest rates and may come with unpleasant charges.0
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