child trust

jtrobertson

Hi, I wish to leave some money in a simple trust fund / account for my grandchildren. I heard Martin state a few weeks ago that there was a bank that had such an account however can't remember which bank can anyone help ?

xylophone

Hi, I wish to leave some money in a simple trust fund / account for my grandchildren. 

Do you mean that you wish to  create a discretionary trust in your will with your grandchildren as potential beneficiaries?

Or do you mean that you wish to leave money to your grandchildren that will be held in bare trust while they are minors?

If either of the above, then you should consult a STEP solicitor.

https://www.step.org/step-directory

jtrobertson

Thank you for your response however I believe there is one uk bank which offers a child trust fund account, I thought by opening one of these it would be the easiest way to leave some money as by the nature of such an account the grandchildren ( nor anyone else for that matter) couldn't have access to it until they were 18 and it would save a job for my will trustees however I can't remember which bank it was and thats what I was trying to find out.

xylophone

Thank you for your response however I believe there is one uk bank which offers a child trust fund account, I thought by opening one of these

https://www.gov.uk/child-trust-funds
https://www.gov.uk/junior-individual-savings-accounts
New CTF accounts are no longer available and even if they were,like their successor accounts (Junior ISAs), could only be opened by a person with parental responsibility ( or in the case of the JISA, by the child himself if aged 16 or over).

If your grandchildren already have CTF/JISA, then you can contribute.

A grandparent can open a savings account for a child but you should be aware that some banks will make the savings available to the child at age 16.

https://www.halifax.co.uk/savings/kids/
Bath BS offers an account which can be held in bare trust up to age 18.
https://www.bathbuildingsociety.co.uk/savings/personal-savings-and-investments/Junior%20Saver