Savings account for niece / nephew

henryscat

Does anyone know where/ if I can open a savings account for my grandniece?

The option I can find that doesn't require you to be a parent/grandparent or legal gardian is Premium Bonds.

I want to put about £50 in an account for her. She is only a couple of months old.

Thanks

typistretired

You say you want to give him/her £50 but don't say if you want to give on a regular basis.

Malthusian

You could open an account in bare trust for her. But I would ask first of all whether it's worth the bother. The advantage of opening an account in bare trust is that the money is taxed as the grandniece's rather than your own. But if you are a basic rate taxpayer and receive less than £1,000 in interest per year, you wouldn't pay tax on it anyway. So why not just keep hold of the £50, open a new account in your own name if necessary, and mentally earmark it for the grandniece? Apart from convenience, it means you retain full control over it.

xylophone

If she has a JISA ( her parents can open one for her) you can contribute).

https://www.gov.uk/junior-individual-savings-accounts/overview

henryscat

My idea was an account that I, and others, could add money too for birthdays and xmas etc.

I wanted it in her name so she could learn about money and savings as her parents/grandparents aren't too clever at finances.

Not bothered about tax implications.

typistretired

I opened one of these for each of my grandchildren. I also opened a savings account online for myself and the One Day Account was linked online for transferring money.

Yorkshire Building Society One Day Account
Start putting some money aside now to help you plan for your child’s future
Key Features
• Open to all young people under the age of 21
• Account must be opened and operated in trust for a child under the age of 7
• Save from £10 upwards
• Add to your savings whenever you can with no limits on deposits
• Receive a variable rate of interest, paid twice a year
• Make as many withdrawals as you want - with no loss of interest
• Manage your account in any of our branches or agencies
• Parents, grandparents and friends can make deposits too if they like