Savings accounts for grandchildren

Jackanory19

I have childrens savings accounts with nationwide for my two grandchildren who live in australia and have just been informed the interest rate is going from 1% to 0.1%. Are there any childrens savings accounts which I could open for my grandchildren. I see there are accounts paying 2.5% and more, but I dont know if children living in australia would be eligible

coachman12

Junior ISA should be best for your grandchildren, even in Australia. 

Alexland

coachman12 said:

Junior ISA should be best for your grandchildren, even in Australia. 

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

Who can get a Junior ISA

Your child must be both:

• under 18
• living in the UK

Is there any particular reason you want to save in the UK rather than gift the parents the money to manage in Australia where they will then have more certainty on what it will be worth to the child?

xylophone

https://www.saga.co.uk/magazine/money/personal-finance/giving/saving-for-grandchildren-overseas
You might find it very difficult to open accounts for non resident grandchildren with another provider.