Childrens' savings

DaveMc99

Hi
I have 2 grandchildren and I'm looking to put some money into savings for them. I've tried the Coventry BS but only parents can invest. Can anyone tell me the best savings for them that a grandparent can put money into? Thanks

MX5huggy

Are you trying to do this without any input from the parents? Or is it ok for them open an account and then you add to it. 

Child ISA’s are the obvious answer. 

refluxer

According to this article, you should be able to open a savings account for a grandchild provided you have proof of their ID which is normally a birth certificate. How well that works in practise though I don't know and it's possible that certain banks and building societies will have their own rules, as you've found with the Coventry.

Do they have a Junior ISA ? They can be a good way of saving for a child but I think they can only be opened by a parent. The best Junior Cash ISAs pay decent rates and a Junior Stocks and Shares ISA is another option if the child is suitably young enough and you're happy to accept an element of risk. The money is not accessible by anyone until the child reaches the age of 18, at which point they get automatic access to the money. They are normally given the option to take control of the account at 16 (so will therefore become aware of it) but can't access the money until they are 18.

If you'd prefer a conventional children's savings account, then I would check out the accounts listed here. The amounts you think you'll typically have in it and accessibility of a branch may determine which account you choose. If you're not able to open one for a grandchild yourself then you'll need to get a parent to do it and, once it's set up, you'll be able to pay into it once you have the bank details, just like any other account. Just be aware that the money will be accessible by both the parent and the child (depending on the account), so you need to be happy that the parent will act in the child's best interests.

So... I guess you need to decide on what type of account you want them to have, whether you want them to have access to the money before they're 18 and whether you want to save (in a bank account) or invest (in a Junior S&S ISA).

DaveMc99

Hi both. I tried to get a Child ISA with the Coventry BS. I had 2 lots of ID for myself and my grandchildren BUT their rules are that only parents or guardians can open accounts for them. My daughter is well aware of me wanting to open them for them I just want to open them myself.

ZeroSum

For a non ISA, possibly virgin but they make it incredibly difficult for you to open them as apparently they have special staff that can only open them. But they're rarely around.

We've been waiting for about 2 weeks & not yet heard back, so sacking them off & going to Newcastle BS instead, due to what is essentially dreadful customer service from virgin.

refluxer

DaveMc99 said:

Hi both. I tried to get a Child ISA with the Coventry BS. I had 2 lots of ID for myself and my grandchildren BUT their rules are that only parents or guardians can open accounts for them. My daughter is well aware of me wanting to open them for them I just want to open them myself.

Yes - you can't open a Junior ISA for a grandchild unfortunately and all banks and buildings societies will have to follow the same rules.

From https://www.gov.uk/junior-individual-savings-accounts/open-an-account

"Only parents or a guardian with parental responsibility can open a Junior ISA for under 16s."

xylophone

My daughter is well aware of me wanting to open them for them I just want to open them myself.

Why not ask your daughter to open  JISA accounts? You will then be able to contribute.

Or would the Halifax Kids Monthly Saver be suitable?

https://apply.halifax-online.co.uk/sales-content/cwa/h/pao/index-app.html#/kidsoneyearsaver/before-you-start