How to save for non-resident grandchildren

jodders

Hi there,
My son is a brit born abroad and my mum would like me to open up a UK bank account for him which is a little tricky as he doesnt have a british birth certificate.

Anyone on the forums, share a similar experience?

Best wishes

[Deleted User]

Open a savings account

Ben8282

jodders wrote: »

Hi there,
My son is a brit born abroad and my mum would like me to open up a UK bank account for him which is a little tricky as he doesnt have a british birth certificate.

Anyone on the forums, share a similar experience?

Best wishes

May I respectfully suggest that you register his birth at the nearest British consulate and obtain a consular birth certificate for him at the earliest opportunity. It is in your and his best interests to do so.

xylophone

It seems to be very difficult now to open a savings account for a non resident child.

If your child is very young, stock market based investments are likely to give a better return than cash.

It may be possible for your mother (as a UK resident ) to open an investment account in bare trust for her non - resident grandchild.

Example

https://www.youinvest.co.uk/investing-for-children/dealing-accounts-for-children

She might choose to invest £25 a month in Acc units of a multi asset - this could grow to a little nest egg for the child once he reaches age 18.

https://monevator.com/passive-fund-of-funds-the-rivals/