Saving for my daughter for after Uni

Mfoggin

Hi, I'm looking to invest a monthly amount over 3 years for my daughter whilst she is at Uni for her travelling after Uni. I want to ideally put it in her name but also have the option for family and friends to add to it for her if they wish, what are my best options pls?

justme111

I see nobody responded so did not want to read and run  as well. Could you just transfer money to her  bank account /one of her bank accounts? This option seems so obvious I feel like I must have missed something in the question.

Seldonista

All you need is a normal bank account, I think the reason you might to have had an answer yet is because your question is a bit trivial.
It's good that you're doing this though, my parents never did 
 You could just give it to her and let her save it, or open an account in your name (right now the best rates you can get are NS&I) and make it so that she has to ask you whenever she wants to access it.

MalMonroe

I think that's so lovely but I'm not sure you can open an account in someone else's name any more. Not even for younger children, like my parents were able to. Also I'm not sure if other people are allowed to make deposits into someone else's account because banks don't want people to be laundering money. Things that wouldn't occur to most honest people but I tried to open an account for my daughter in her name when she was a teenager and I wasn't allowed. She had to open it herself. Spoiled the whole thing.

Perhaps you could just open an account in your name, the highest interest one you can find (they're a bit thin on the ground right now!) - maybe one where you have to leave it for a couple of years to get the best rates. 

MalMonroe

Seldonista said:

All you need is a normal bank account, I think the reason you might to have had an answer yet is because your question is a bit trivial.
It's good that you're doing this though, my parents never did 
 You could just give it to her and let her save it, or open an account in your name (right now the best rates you can get are NS&I) and make it so that she has to ask you whenever she wants to access it.

The OP wasn't saying that nobody had answered the question, that was another commenter! I don't think it's trivial, anyway.

Think you've missed the point anyway, what adult wants to be asking their mummy every time they want to withdraw some money?!

MalMonroe

justme111 said:

I see nobody responded so did not want to read and run  as well. Could you just transfer money to her  bank account /one of her bank accounts? This option seems so obvious I feel like I must have missed something in the question.

I think you did miss something with your obvious solution. The OP wants to save for her daughter while her daughter's away at Uni. Transferring money into one of her daughter's accounts just isn't the same. Besides, she wanted other people to be able to make payments into it. What fun is it just transferring money like that? None, that's what.

cfw1994

I’d probably consider using premium bonds for this sort of thing.  

If she has none now, get her to open some up (£100 to start?), then trickle money in.  

I obviously couldn’t recommend you “controlling” the online access during the Uni period, because that would sound fraudulent.....

For other people to ‘invest’ (presumably grandparents or similar, not a GoFundMe Kickstarter page!), they can add money (perhaps you might have to do the actual transfer).

Not sure if you are trying to keep it a surprise - if so, do them in YOUR name, and surprise her at the end!

The capital is all safe, a fair chance of about a 1% return, a teeny-tiny chance of her having a world trip to remember in 5* luxury!  Do it in your name, and you can chose to tag along if ERNIE’s numbers come up big time!

wmb194

MalMonroe said:

I think that's so lovely but I'm not sure you can open an account in someone else's name any more. Not even for younger children, like my parents were able to. Also I'm not sure if other people are allowed to make deposits into someone else's account because banks don't want people to be laundering money. Things that wouldn't occur to most honest people but I tried to open an account for my daughter in her name when she was a teenager and I wasn't allowed. She had to open it herself. Spoiled the whole thing.

Perhaps you could just open an account in your name, the highest interest one you can find (they're a bit thin on the ground right now!) - maybe one where you have to leave it for a couple of years to get the best rates. 

You can open accounts for children. Different banks have different policies and procedures, though. Other people can make deposits to other people's accounts but it's cash deposits made by someone other than the account holder they seem to have the biggest problem with.
The OP's problem is that her daughter is an adult or about to become one so, as you say, probably easiest is to save in their own name. I guess they could set up some kind of trust but it probably wouldn't be worth the effort and cost.