Divorced father - saving in Childrens names

Peaceful_Warrior_2

Hello from a long time lurker, first time poster!

I'm unfortunate enough to have gone through a very tough divorce over the last few years and have been left with ludicrously limited contact with my children (thanks to our wonderful family justice system).

It's my daughters birthday soon, and as I've so far only been able to find out the things that I'm "not allowed" to buy her, and have no idea of what she actually wants, I've decided that I'd like to open "savings accounts" in each of their names so that I can pass this on to them when they are older.

My particular requirements/issues/concerns are as follows:
* Finding a decent investment rate. I anticipate setting up a standing order of initially £10 a month per child, and this would be topped up with money at birthdays and christmas from me and my family (who are also prevented from seeing my children)
* Opening an account that only I and the Children would have access too. I don't want the money "disappearing" in the wrong direction
* Proof of ID. Do I need the kids birth certificates? Could be tricky!

All advice gratefully recieved.

sarahlouise210

not sure about an account with a decent rate but anyone can apply for a birth certificate..fill out a form..pay the fee and its yours! You need to know where they were born and the date (I am sure you will have no problems with that!) good luck

newfunk

Hi, and sorry to hear about your predicament, ive been there myself...

I have opened an account for my daughters, and I did need their birth certificates, which like you proved difficult, i told my ex I needed them for something else!!

Its tough, when you are stopped from seeing them, i really feel for anyone like that, I was prevented from seeing my girls, and it hurts like hell!! i finally got proper access, so stick in there......

ReportInvestor

I would open two accounts to make sure you get the best rates - one a regular saver and another for your additional contributions.

One way of doing this is with Halifax who offer 10% for the first year on the regular saver and they also open another account in the same name(s) into which this money is swept annually - so you would only have to go to one institution. But bear in mind that this 10% is for the first year only when funds are low.

If I were you I wouldn't go for Halifax. Given the birth certificate/divorce situation you probably don't want to have to go on changing accounts.

The next best accounts for regular savers with £10+ & no fixed terms are Scarborough (6%) and Derbyshire (5.85%). In your circumstances I'd go for Derbyshire since Scarborough have a bit of a reputation for teaser rates that they drop later.

Then look for a good child's account for birthday/christmas money. Furness BS & Loughborough BS pay 5.17% and Chelsea BS (a larger society) pays 5.10%.