Opening a bank account for grandchild

puzzlesRus | 14:54 Thu 06th Mar 2008 | Personal Finance

2 Answers

I have had an account as trustee for my grandson but now he is 16, I am told that it cannot continue. I wish to continue saving on his behalf (tax free of course) until he reaches the age of 18, at which point, I would pass the savings book to him. Does anyone know how I can set-up such an account ?

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Whoever

I believe National Savings and Investments have an account which trustees can operate. It's worth checking their website. or contacting them. Also, 16 year olds can hold a Cash ISA's. I don't know how much is in the savings account but you could open a Cash ISA for him for �3000 before April 5th for him to use up this year's tax allowance, and save a further �3600 after April 5th when the new tax year starts. If you don't want him to have access to the money until he's 18, once he's signed the appliction forms, you could ask him to hand over the passbook back to you to hold until he's 18. . I'm not a financial advisor so afraid can't recommend any specific accounts.

puzzlesRus

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Thanks for the info, WHOEVER. National Savings seems to be the way to go.

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