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Saving for grandchildren who live abroad
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gwen7
Posts: 2 Newbie
Does anyone know how or if we are able to open a savings account, in the UK, for our first grandchild who lives in Switzerland with his British parents? They are not sure how long they will live abroad. What is the best form of saving for grandparents to open for grandchildren?
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Comments
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https://www.moneyland.ch/en/gift-savings-accounts-comparison
Perhaps the parents could open a gift savings account and you can contribute annually to save currency costs?1 -
If the child is very young history says investing is likely to give a much better return than saving over the long term.
Only 30% of parents invest for their children whereas 70% save in cash. It seems very odd to me.1 -
The easiest option is just to set up an account in your name, and give the money to them when you think it is the right time1
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