Gifting savings for children

strawberry0800

I am looking for a type of savings account for children. I am wanting to open a few different ones for my nephews where I can gift them money into their savings every birthday or Christmas instead of a present.
As I have a few nephews I would say that each time I add to the account(s) I’ll only be adding about £30 at a time (£60 a year)
I have struggled when searching online for something that fits what I am looking for.
I notice bonds may work but give no interest which would be a preference.
Does anyone have any recommendations?

xylophone

Do your nephews have JISAs?

You could contribute.

Or https://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

strawberry0800

Thank you.
I will look into both

Sea_Shell

The trouble with being an Aunt or Uncle, is that you can't OPEN the account. You have to rely on the parent(s) to do it, which is tricky if they are pretty useless when it comes to all things financial!

I think they were due to amend Premium Bonds so that anyone could buy them as a gift, but when I looked the other day, although they had dropped to £25 minimum, they still seemed to refer to parents and Grandparents only.

cloud_dog

strawberry0800 wrote: »

I am looking for a type of savings account for children. I am wanting to open a few different ones for my nephews where I can gift them money into their savings every birthday or Christmas instead of a present.
As I have a few nephews I would say that each time I add to the account(s) I’ll only be adding about £30 at a time (£60 a year)
I have struggled when searching online for something that fits what I am looking for.
I notice bonds may work but give no interest which would be a preference.
Does anyone have any recommendations?

What is the purpose of this money? By that I mean is it money you want them to have access to (savings type account) or is it money you want to put aside until they are 18 etc?

For my nephews I have been putting money in to a single investment fund (run by Baillie Gifford), with the plan to actually gift them a portion of the investment holding via a share certificate at age 18. They can then decide what they wish to do with it. The monthly savings scheme I am using uses Investment Trusts as the investment vehicle.

How old are your nephews?

kidmugsy

I see that it is now possible to buy Premium Bonds at £25 per pop.

Any use?

Flobberchops

As Sea Shell said: adults other than (grand)parents will have a tough time opening accounts for young relatives unless they happen to also be guardians.



Convince the parents to open Junior ISAs and contribute to those?