Money Moral Dilemma: Should I open savings accounts for my nieces?

MSE_Sarah

This week's MoneySaver who wants advice asks...

Last year I wanted to give my two nieces, aged two and six, some money for Christmas (as well as presents). I researched opening a savings account for each of them, as their parents hadn't done so. But my husband told me I'm meddling and to stop, as it might make my brother and sister-in-law feel bad.

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Pollycat

Why not just ask your brother & sister-in-law if they mind you opening an account for their children?

68ComebackSpecial

Pollycat said:

Why not just ask your brother & sister-in-law if they mind you opening an account for their children?

Can't think that there should be any response other than this! I can't understand the need by some to over-complicate and over-think every little thing.

justworriedabit

Personally, I would not even ask as they may find it insulting and may not want to do that ATM.
Therefore, give them cash gifts if you wish and let them be.

Rayche

Asking your brother and sister in law first seems only polite. As parents, they may not have thought about opening a savings account for them yet, or they may have plans to do so at a future date. You could offer to open one or ask if they'd prefer you to give an alternative gift. 

74jax

68ComebackSpecial said:

Pollycat said:

Why not just ask your brother & sister-in-law if they mind you opening an account for their children?

Can't think that there should be any response other than this! I can't understand the need by some to over-complicate and over-think every little thing.

Come on now, it's a mse moral dilemma, it has to go on for at least 6 pages, it's in the rules somewhere. 

dekad

i have just opened a credit union account. Is it worth putting 1 or 2thousand pounds in it?

acassidy

I have paid £15 a month into a One Family Junior Bond for my neice since she was born. I am just about to cash it in to give her almost £5000 for her 18th. I did the same for my own 4 children who had a very jolly time back packing around the world on it, although one did put some towards a second hand car. 

REJP

Speak to the parents.

Flipflop13

One of the few occasions on these dilemmas I have a strong opinion about. You must be considerate when asking your brother and sister-in-law, can I suggest you say ‘do you have an account for ‘X’ I can pay into regularly’ or ‘I’ll set aside some money for a milestone birthday’. Do not do as my mother in law and sister in law both did on separate occasions and ask to have our baby’s birth certificate so they could go into a bank and open one in our child’s name, that we all should pay into (a suggestion of £100 per relative per month to make it £100,000 on their 18th birthday) but they have control over. It’s rude and condescending especially if the other party has considerable disposable income. I’m sure you aren’t planning on making that kind of suggestion however tread carefully that people can take it in different ways, especially in these difficult times

keithyno.1

Well you could always buy them a few cartons of Benson & Hedges to put towards their future instead, as happened with Denise & Dave’s Baby David in The Royle Family.