UK Savings when Child reaches Adulthood

Nutty63

Years ago, I opened two Royal Bank of Scotland First Saver Accounts for my children. Now that they are both over 18, I’ve started receiving emails advising them to transfer the funds to a different account.

The issue is that we are not UK residents and do not have a physical UK address or proof of residence. However, we are British citizens with permanent residency in South Africa.

Does anyone know if there are any legal options available for my children to manage their accounts within the UK?

poseidon1

Nutty63 said:

Years ago, I opened two Royal Bank of Scotland First Saver Accounts for my children. Now that they are both over 18, I’ve started receiving emails advising them to transfer the funds to a different account.

The issue is that we are not UK residents and do not have a physical UK address or proof of residence. However, we are British citizens with permanent residency in South Africa.

Does anyone know if there are any legal options available for my children to manage their accounts within the UK?

Nothing within the UK I am aware, but Skipton Building society in Guensey might be worth a look, if the amounts meet their minimum levels - see link below

https://www.skiptoninternational.com/offshore-savings-accounts/

Had also considered HSBC international, but they don't extend their services to South African residents.

Exodi

Could you transfer the funds to a SA bank account in their name? (By you, I mean would the bank be open to it - I don't know).

Easier than trying to hold accounts with UK institutions when they're not UK residents.

xylophone

Did you make the bank aware that you had moved to S.Africa?

If not, perhaps you should contact the bank, advise the change of residence and ask how the funds can be transferred to your children (presumably you were holding the accounts in bare trust for each child)?

Nutty63

Thanks for all the advice, will investigate further...