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Savings account for grandchildren

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Nardy Posts: 91 Forumite

9 November 2023 at 2:37PM edited 9 November 2023 at 2:38PM

wmb194 said:

If you want to keep it in your own name I'd suggest using an Isa.

That's what we have done. We didn't want to have our sons making a fuss. Only me and my wife know about it.

Our plan at the moment(it may change), is to give our grandchildren their share after A levels. The mischievous side of me, when the time comes, wants to transfer the money by cheque. They will then need to find out how to process a cheque.

1
elsien Posts: 35,724 Forumite

6 December 2023 at 10:48AM

You also have to bear in mind that keeping it in your own name could have consequences if life throws you a curveball in the event of illness and needing to claim means tested benefits, or divorce.

All shall be well, and all shall be well, and all manner of things shall be well.

Pedant alert - it's could have, not could of.

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klawren111 Posts: 1 Newbie

8 May 2024 at 2:12PM

How does a grandparent invest into a savings account or bond which matures when the children reach 18

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ForumUser7 Posts: 2,403 Forumite

8 May 2024 at 3:57PM edited 8 May 2024 at 3:58PM

klawren111 said:

How does a grandparent invest into a savings account or bond which matures when the children reach 18

Have the grandchildren already got a Junior ISA? If not, a Cash or Stocks and Shares (depending on age) ISA can be a good approach. Alternatively, there are some providers who allow children to open fixed rate bonds.

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false&id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=false&include-term=true&age=12&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2

If you click 'full search' you can put in an age to see which they can open, and you could put in a term duration to match when they turn 18.

There are savings accounts that mature when a child turns 18, but generally most non-bond and non Junior ISA ones will allow access of some kind before they turn 18.

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N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
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