Bare Trust

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82024482#Comment_82024482

Given Skipton's variable rate is less than half NSI's lowest fixed rate, doesn't seem worth the hassle jumping through hoops for the Skipton option.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82024543#Comment_82024543

I agree that the rate isn't fantastic, but the OP had mentioned that he had chosen this option, which is why I posted about it.

I don't agree though that going to Skipton and saying "I want to open a Children's Trust Account for my nephew please" amounts to "hassle" or "jumping through hoops". It clearly does not.

xylophone

I would be inclined to question this.

The money has indefeasibly vested in the children (ie it belongs to each child now) and therefore you hold the money in bare trust.

I am not at all sure that if you are holding a cash account as bare trustee for a minor child any registration is actually necessary?

https://www.gov.uk/hmrc-internal-manuals/trust-registration-service-manual/trsm23160

https://www.bucksbs.co.uk/savings/trust-accounts/

If Skipton prove immovable you might try the above but the interest rate is really very poor. However, if you then go the JISA route this could be mitigated within around ten months, the money would all be in each child's own name and inaccessible until the age of 18 which is as stipulated in the will.

gizchloe

thanks they are all great options to look at I also tried Harpenden. That was going to be a lot of hassle and wanting lots of information verified. Including wanting a different version of the will and signatures from various people. I’ll have another look at Skipton and the national savings option looks good for the interest rate. There are very few trust accounts out there.

LHW99

Including wanting a different version of the will

That must be pretty difficult when the testator is no longer present….