grandparents saving for g'children? advice please?

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thegirlsmum
thegirlsmum Posts: 123 Forumite
in Savings & investments
we are having some issues with "pocket money" so my husband thought we could just put it into some form of account rather than a large jar in the bedroom. something is making me think that it's not as easy as it used to be due to money laundering risks. how can i set up any sort of account without having to provide birth certificates etc. Can i even buy premium bonds i their names?
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  • thegirlsmum
    thegirlsmum Posts: 123 Forumite
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    scrub the q about premium bonds,seems they have to be held by the parents
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    What is it exactly that you wish to achieve?

    One very easy solution is to open savings accounts in your name and then deposit as you see fit. When you want to give you grandchildren the money you can do so without any complication. To ensure it gets to them in the event of your death, simply update your wills to allocate that money.

    You can't open accounts in their names, only their parents can do that, and it seems that you aren't comfortable with that option (as per the comment about premium bonds).
  • Keep_pedalling
    Keep_pedalling Posts: 16,623 Forumite
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    A junior ISA would seem a good idea as it locks the money away until they reach 18.it has to be set up by a parent, but anyone can put money into it once set up..
  • thegirlsmum
    thegirlsmum Posts: 123 Forumite
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    we would prefer to give them £5-£10 per weekto buy themselves a treat but we have been told we can't do that. i suppose we could do 1 account but stipulate in the will that it is to be divided in 3. it's not going to be thousands but i still like to give them a wee treat. might revert to the large jar idea then we can give a lump sum at holiday time
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
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    thegirlsmum wrote: »
    we would prefer to give them £5-£10 per weekto buy themselves a treat but we have been told we can't do that. i suppose we could do 1 account but stipulate in the will that it is to be divided in 3. it's not going to be thousands but i still like to give them a wee treat. might revert to the large jar idea then we can give a lump sum at holiday time

    From what you say it sounds like their parents don't want them to have such regular sums of money for treats on a weekly basis. Perhaps you need to have an open conversation with their parents about what they consider to be right for their children. It may well be that a smaller regular sum is acceptable, or that a bit of holiday spending money is okay. It may also be that their parents would like them to learn more about the value of money, and that regular spending on treats doesn't help to reinforce this, but that some arrangement where they get pocket money from you regularly, but they have to save it to buy things, is more in line with their thinking.

    I think the biggest issue here is not necessarily the vehicle (i.e. a savings account or a coin jar), but rather what their parents' aims are with regard to how their children are brought up.
  • sheramber
    sheramber Posts: 19,109 Forumite
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    thegirlsmum wrote: »
    we would prefer to give them £5-£10 per weekto buy themselves a treat but we have been told we can't do that. i suppose we could do 1 account but stipulate in the will that it is to be divided in 3. it's not going to be thousands but i still like to give them a wee treat. might revert to the large jar idea then we can give a lump sum at holiday time

    Who told you you can't give them a sum of money each week?

    Why not get each of them a piggy bank to put the money in?
  • thegirlsmum
    thegirlsmum Posts: 123 Forumite
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    this is very much a (completely different) problem between my daughter and her in laws so the husband is saying well if my parents are being hard done by thenso must yours. but trust me, they are not being punished because this is a recommendation by her psychiatrist who say they are the source of her mental health problems. but this is a side issue, although a major problem in it's own right, but i dont like giving 1 child and not the other 2. def sounds like a money box job.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    No doubt that made sense to you when you wrote it but it doesn't make sense to me when I read it.

    In any case it doesn't seem to be an issue about saving money at all but a complex set of family dynamics.
  • xylophone
    xylophone Posts: 44,411 Forumite
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    https://www.halifax.co.uk/savings/accounts/kids/

    A grandparent can open a savings account for their grandchild, in the child's name, as long as they can provide documentation such as the child's birth certificate.

    https://www.gov.uk/order-copy-birth-death-marriage-certificate
  • thegirlsmum
    thegirlsmum Posts: 123 Forumite
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    sorry lol.the reason i want/need to do this without the parents involvement is because yes it is due to family dyanmics. my daughter's in laws behaviour,and her husband's inability to sort it,has caused my daughter to have a break down. her psychiatrist recommended a complete break from them including pocket money obviously.i want to continue to treat all 3 children the same but my SIL is wanting to get his own back, i think anyway.

    as i said,i think it will be a money jar for ease of access and keeping it all quite quiet.thanks
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