Savings account for Grandchild

Jacdor

We're looking to set up a savings account for our Grandchild.  We're all in the UK and they do not live with us.  Does it have to be set up by his mum or is it something that we can do?

Exodi

Personally (others on this forum would disagree) - I would save any money for children or grandchildren in my own name (maybe in a bespoke savings product that I've earmarked for them) to manage and give as I see appropriate.

Plethora of reasons why, which I won't bore you with - but one of them is the pain of watching freshly turned 18 year olds rip through thousands of pounds worth of savings on nights out in a matter of months while parents/grandparents are powerless to stop it. 18 year olds aren't notorious for their financial responsibility...

Though others fairly argue that if they do this, it at least offers a 'relatively' cheap lesson early on that money doesn't grow on trees.

I'd personally rather buy their first car and driving lessons, or help them with a deposit, than give them a wedge of cash to do with as they please.

wmb194

Jacdor said:

We're looking to set up a savings account for our Grandchild.  We're all in the UK and they do not live with us.  Does it have to be set up by his mum or is it something that we can do?

No, you can do it with many providers e.g., Halifax but you need to obtain their birth certificate.

An investment Jisa might be a better idea, though, but these do need to be opened by the parent or guardian.

xylophone

https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/

You would need to check with the individual provider.

You will probably need a copy of the birth certificate and possibly evidence of parental consent.

Albermarle

Due to the long time scales involved, that makes investing rather than saving a better bet.  For which you can use a Stocks and shares JISA .

However as already said, if you want to maybe keep some money back for after they reach 18, you would be best just to save/invest in your own name.