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Have any of you opened an account for your grandchild? 

 

We we want to open one each for the grandchildren and I'm wondering which accounts are best and also do we need documentation for the children, ie birth certificates? We were hoping to do it as a surprise, well not really a surprise, but rather so the parents didn't know because we imagine they will try to dip in to it.

 

Any help, gratefully accepted.

 

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Thanks Joe.

 

Not sure about the Turkish place, I haven't entertained it as a thought since my first and last coriander nightmare visit. But I'll see what I can snoop out, we have friends that go regularly so they might know something. But for future reference there's another very lovely one just off The Centre for Life called Taste of Persia, (I believe sazbomb speaks highly of it too).

Cinds
(Off the top of my head) In my experience it's almost impossible to find decent independant financial advice. Everything I've done is as a result of reading the Broadsheet money sections. They are very good on family finance. You sometimes need to make a balance between the romantic notion of opening bank accounts for kids and hard faced financial nouse. At the moment Halifax pay 6% for one year for children's accounts but then it drops to 2% one of their spokespersons told me that done people open and close them to keep getting 6%
Other Bank accounts are a waste of time. You'll probably need to take in your passport as well.
You can also consider junior ISA or other complex stuff. I don't know anything about trust funds.
You can also give your children ÂĢ3000 once a year tax free, and your grandchildren gifts of ÂĢ250, and let them decide!
Garage Joe

Thank you.

 

i had looked at the Halifax account. I might consider going in to the building society I have my savings account at, it's a small localised one so I suppose there's always the chance at some point it might be bought out and there will be financial benefits for its members.

 

As for gifting it for the parents to decide, it isn't an option as I know the kids would never see it.

Cinds
If you trust YOUR children. Google hm gov. Or just google. There are rules especially around whether they received the ÂĢ250 from the government.
Opening an account
Only parents or a guardian with parental responsibility can open a Junior ISA for under 16s.

To open a Junior ISA you need to:

choose the type of Junior ISA you want for your child - cash or stocks and shares (or both)
choose your account provider
get an application form from them
Your child can only have:

1 cash Junior ISA
1 stocks and shares Junior ISA
Garage Joe

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