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Grandma Saving For Children

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Ric.ror | 22:21 Tue 14th May 2024 | Personal Finance
5 Answers

I want to make some savings for my grandchildren BUT I have to make sure neither of the parents can touch it

is that possible?



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do you want them to have access at any time or just when they're 21, or whatever the age of majority is?

yes very easy  - English law was  invented for someone like  you. Create a trust - name the  kids, specify the amount, and put  someone in charge - your sista, wife - Barmaid will say if it can be you.


If you're happy for the money to be unavailable to your granchildren until their 18th birthdays (and then only available to them and to absolutely nobody else), get their parents to set up Junior ISAs for them.  (Only parents or guardians can set up Junior ISAs but other family members, such as yourself, can then pay money into them).

Alternatively, you can set up Children's Savings Accounts for your grandchildren.  Up until their 18th birthdays you (as trustee) can withdraw money from those accounts (e.g. to pay for school trips abroad) but their parents can't (as they're not trustees).  When your grandchildren become adults, those accounts will then become instant access accounts from which they can directly make withdrawals themselves.

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I was going to say the same as Chris. My grandkids have savings accounts with them an me as the account holders. They will be put in their names at 18

low interest rates.....

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