Child savings account for non resident infant

TTUS

Has anyone found a UK bank that offers child savings account for non resident infant. I am from UK, now live in US. My baby was born in US to American father but we are applying for UK passport with British embassy. So he will have UK citizenship. He was given British pounds by family as a gift (I dont want to convert money to US dollars) and his Nan who lives in UK wants to give him monthly pocket money into a UK bank account. I see advice for best savings accounts for children on this website. But my question is specifically which bank offers a child savings account for non resident UK citizens. Thank you.

AnotherJoe

What is the purpose of this savings account ?
Is it to build a lump sum that they child gets age 18?
To build a lump sum that the child gets when you deem ready which might be 16, 18, 26, whatever.
For the child to dip into as and when ?

What sort of sums are you looking at ?
And is this for Nan or you to save into ?

TTUS

@anotherjoe

Wanted to explore what is available for these 2 options for my baby boy:

1) Long term to get a lump sum when he is 18.
2) For him to dip into when we come back to UK for holiday.

Wanted either me or Nan can deposit money for him on his behalf. But am flexible so am happy to give Nan the full authority to run the account on his behalf as she lives in UK and I live in US. I have UK bank accounts still so I wanted to do online transfers into his account if possible.

Thank you

AnotherJoe

Have you considered investments rather than savings .,over 18 years or so investments will almost certainly pay back several times what savings will. Realistically how much will he need for holiday spending?
The other question is where you are likely to be living for the next 18 years. Savings or investments held in pounds when he will likely want the lump sum in dollars (if this is a long term move) could easily wipe out and more any investment / savings gains.
It might be that half and half is better. You invest long term in US, nana saves in UK.

TTUS

Thank you for your thoughts

heathrow

Irrespective of what passport you apply for, the child will be a US Citizen.


Be aware that they will be caught by FATCA.

Green_hopeful

I have bought my non resident grandson premium bonds. There are some hoops to get through to set it up but it worked ok. He has a uk passport. The premium bonds guidance says that you have to check that the country where the child is resident is ok with gambling. The parents control the bonds but grandparents can buy them. I couldn!!!8217;t find anything else that I could invest in for non resident children.

TTUS

@heathrow

I had to look up what you mentioned.

!!!8220;FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer's annual income tax return.!!!8221;

I report all of my uk bank accounts every year to the US government, so I!!!8217;d be expecting to tell my US accountant for his advice as to how if when to report. I was hoping to find something so his Nan can help him save a little each month. It!!!8217;s not going to be anywhere near $50,000, that would be a nice thought though if it was

TTUS

@greenhope

Thank you premium bonds sounds like a possibility. I!!!8217;ll have my Mum check them out.

Flobberchops

You should be able to open a child savings account in trust for a non-resident minor as long as the controlling adult is a UK resident. Whether that's the smartest move is another question (as pointed out above) but it is possible.

TTUS

@flobercho thanks