which a/c for grown up kids???

advent

Hi
I'd like to set up a savings a/c for my children and assume an isa would be best so as not to pay tax. My children are both over 18 but i don't want them to know about these new a/cs yet. Neither are in a position to save in an isa, but can i open accounts in their names as I already have an isa a/c in my name? If not, what is the best answer? I was thinking of setting up regular standing orders but can't afford too much at the moment, maybe starting off with £20 each. Any ideas?

BruceyBonus

You won't be able to open accounts in their name as they are over 18.

advent

I thought that would probably be the case. Any ideas then?

bye_bye_band_G

I save in ISAs for my grown up kids. It's money to repay their student loans when they have graduated. They know they exist because they had to sign the application forms but after that I've not offered them any further information and I keep the passbooks/certificates.
This would be more difficult if they didn't still have here as their home address (ie address verification ID) but they do, so all the mail to do with the accounts comes here and I open it even though its addressed to them.
So we co-operate - they know what's going on but are happy to leave me in control as they know it's my condition on them eventually having access to the money.
Yes, I know they could just go and get the money out if they really wanted by saying the passbook was 'lost', but I don't think they would ever do that, I have to trust them.

advent

Sounds reasonable, thanks. Both mine are in their twenties. I thought it would be a good way to give them something when I'm not around any more so that my other half doesn't have to raise a mortgage to give them a piece of my estate (not planning to go yet though!!!) Might have to have a word with them then, if only to set up and isa each.
Thanks