opening funds for family

lesta1980

is it possible to open some sort of investment fund for a nephew?

want to put in a lump and leave it for him till he's 18 and if others want to chip in over time they can

edit - Im in UK (born and bred) he's australian in Oz

dunstonh

Yes it is.

xylophone

Does your nephew have a JISA? You could contribute.

It is possible to use both investments and cash.

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

Or "Bare Trust"


https://www.bailliegifford.com/individual-investors/literature-library/individualintermediary-non-fund/investment-trust/childrens-savings-plan-application-pack/



https://www.charles-stanley.co.uk/sites/www.charles-stanley.co.uk/files/32.01%20Guide%20to_Investing%20for%20your%20children_140515.pdf

lesta1980

he lives in Australia so guessing he wont be able to qualify for our JISA? Only want to lob 500 quid in for him but got no idea how to go about it

crv1963

lesta1980 wrote: »

he lives in Australia so guessing he wont be able to qualify for our JISA? Only want to lob 500 quid in for him but got no idea how to go about it

Many years ago we did something similar for our sons- we opened an account with the Harpenden Building Society put money into it on a monthly basis and on their 18th birthday they were sent a cheque by the BS for the amount plus interest in their account.


Other banks and building societies must do something similar have a look at your own banks website first or google saving for a child?


CRV

lesta1980

crv1963 wrote: »

Many years ago we did something similar for our sons- we opened an account with the Harpenden Building Society put money into it on a monthly basis and on their 18th birthday they were sent a cheque by the BS for the amount plus interest in their account.


Other banks and building societies must do something similar have a look at your own banks website first or google saving for a child?


CRV

I want to invest and not save

AlanP_2

If he is abroad then many of the UK based options won't be applicable as they are for UK residents.

Have you had a look to see what sort of thing is on offer in Oz?

Have you asked his parents for any ideas, they may be more familiar with the Oz equivalents of ISAs etc?

Eco_Miser

lesta1980 wrote: »

he lives in Australia

It would be a good idea to edit the title of the thread to include this information. That way anyone with knowledge of Australian investment schemes is more likely to read it and give a relevant answer.

xylophone

As I understand it, provided that the Trustees are UK resident, it would be possible to set up a UK Trust for a non-resident beneficiary.

lesta1980

xylophone wrote: »

As I understand it, provided that the Trustees are UK resident, it would be possible to set up a UK Trust for a non-resident beneficiary.

barclays don't allow it i'm afraid but open to be pointed in the right direction

xylophone

https://www.ft.com/content/d3118d02-1289-11df-a611-00144feab49a

https://www.charles-stanley.co.uk/sites/www.charles-stanley.co.uk/files/32.01%20Guide%20to_Investing%20for%20your%20children_140515.pdf

http://www.fandc.com/uk/private-investors/savings-plans/savings-plans-range/childrens-investment-plan/

http://www.invtrusts.co.uk/en/investmenttrusts/how-to-invest/investment-plan-for-children

https://www.bailliegifford.com/individual-investors/how-to-invest/childrens-savings-plan/

You could check with the above.