Savings account for a child when I'm NOT the parent

willow839

Hi

I want to open a savings account/ISA for my niece but I'd rather not rely on the parents to do it.

Does anyone know of an account that I can open in my niece's name? I know I'll need her birth cert and everything and that's fine but I want to be the one to control it.

Thanks

M

LXdaddy

You probably can set up an account "in trust" for someone else. After all trustees don't need to be parents.
But I'd consider setting up any account you like in your own name and designating for your self as "Sophie's" fund (use an appropriate name!) and building the funds within that account. When "Sophie" reaches 18 you can then transfer the funds into an account she opens for herself.


I'll leave you to explain to her why you think you can't trust her parents to look after the account for her.

xylophone

You can't open a JISA for your niece.

It would be possible for you to open a savings account for her in bare trust.

However, it would be easier for one of the child's parents to set up a JISA for her and for you to contribute a set amount to the JISA every month - the interest rate on JISA tends to be the best available.

At the moment Nationwide offers 3.25% on their JISA.



Perhaps you could visit a branch with your brother/sister and do the necessary.

The parent would give you the sort code, account number, and name of the account and you would set up a SO from your bank.

While the parent would have control, all he could do would be to transfer from one JISA account to another- he could not take money out of the account.
The money in JISA belongs to the child absolutely - the child can have control at 16 and access at 18.

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