Children's savings for nephews

TwentySomethingGirl

Hi

I save money for my 3 nephews which at the minute go into eSavers in my name with appalling interest rates. I was going to open them Children's Smart Access accounts with Nationwide but they have stopped doing that account and now offer the Future Saver which only a parent or guardian can open (my siblings aren't great with money, so I don't want them having access to the accounts).

Are there any accounts that a relative can open (I'm aware I'll need birth certificates to do so) but without requiring the parent's permission? Ideally, one that also gives a savings book though they seem to be a thing of the past these days.

I only pay in £5 a month so we're not talking huge amounts but any interest would be better than a penny a month!

Thanks in advance

xylophone

Do the children have CTF/JISA?

While these can only be opened by a parent, the money is the child's absolutely and can only be accessed by the child at the age of 18.

Friends and relatives can contribute and the rate on these accounts tend to be better than anything else on offer - Coventry BS is offering 3.6%.

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

Otherwise

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

https://www.halifax.co.uk/savings/kids/kids-monthly-saver/

might be worth a look.

TwentySomethingGirl

Hi

Thanks for your reply. I highly doubt any of them has a JISA. Nephew 1 had a CTF but not sure what his parents have done with it since. Nephews 2 & 3 were born after they stopped.

I'm reluctant to go for an ISA as I don't want them to have the money automatically. They don't know it exists, and while it wouldn't be that much (I estimate just over a grand each by 18), with what their parents are like with money I don't think giving them it at that age is a great idea. I may be wrong, and will make the decision nearer the time (current ages are 11, 7, and 2).

The Virgin account looks good. I had the Halifax one for my son originally but I didn't get anything (book etc) with it and had to have an account myself to see anything on the online banking.