Grandparent savings account with control from parents

123Taylor

Am I able to open up a savings account for my grandchild but prevent withdrawals being made by my grandchild's parents? 

Thank you in advance. 

wmb194

123Taylor said:

Am I able to open up a savings account for my grandchild but prevent withdrawals being made by my grandchild's parents? 

Thank you in advance. 

Yes, you simply open a children's savings account with you as the named trustee. You'll need the child's birth certificate, though, so it'll be hard to open it if you want to keep it a secret from the parents.

etienneg

Ask yourself if this is really a good idea. For example, what happens if you die before the grandchild reaches 18?

An alternative might be simply for you to open a savings account in your name and put in your will what should happen to the money in the account at your death. Then you remain in complete control whilst you are alive (and no difficulties with birth certificates for opening, etc.)

kuratowski

Have you considered a Junior ISA?
https://www.moneysavingexpert.com/savings/junior-isa/

A parent needs to open the account, but once it's open, anyone can pay into it.  The money cannot be withdrawn before the child is aged 18, and after that age by the child themselves, not by the parent.

Mrs_Soup

Yes my parents opened accounts for my children with one of them as the joint account holder. I had to sign something but I don’t have access to the account. I assume if my parents die then the accounts would revert to my children as the account is in their name.