Bank accounts for grandchildren

Hello I am hoping someone can help me I would like to save some money for my grandchildren’s future they live in Canada and I am struggling to find any account over here to open for them or in fact any other investment ideas.
I am sure this has been discussed before I hope you can help. Many thanks
Tynsall

You'll struggle to open an account here for them as they live abroad. You'd have to open one in your name and in your will state that the money there is for grandchildren.

Alternatively, I know personally that I'd hate one of my children's grandparents having an account for them which as parents, we had no control over. My DD has a bank account and we happily place cheques in for her from family and friends or give them the details to do a bank transfer.

Sorry to ask DIL17 but I'm curious as to why you don't't like the idea of your children's GP having accounts for your children that you have no access to. If they are saving for your children's futures, surely that can only be a good thing.

We have been looking for a way to do this since our first DGS was born. With the interest rates as they are and with the difficulties of opening an account in a child's name we have so far only come to the conclusion that putting some money away in a sock every month is the best idea at the moment.

I always assumed you’d need the child’s birth certificate to open an account, happy to be corrected though! For that reason I just give my son & daughter-in-law cheques/money to put in the savings account they have set up for him. He’s only 1 1/2 at the minute, so that’s where they put any birthday and Christmas money he gets as well. Would that be an option for you?

SpanielNanny yes, your correct, you need the child's B.C. to open an account in their name

I don't like the idea that if DD gets to teenage years and decides she wants to spend loads of money on stuff that grandparents can just overrule that.

She doesn't need multiple accounts.

We opened accounts for our gc with a good chunk of cash in each. We had to take their birth certs to prove It was not for money laundering purposes. Any person can put money in , as long as they have the details of course , us and parents usually but only my husband and one parent can find out the balance or take out money.

Are you able to talk your bank or financial adviser and ask about trust accounts. It would be better for you to open an account where you are due to the difficulties of making one abroad (you would have additional fees, conversion fees etc if you tried to make one in Canada). It would be a lovely surprise for when they turn 18 to know that their university fees were paid (even partially would be nice) or they could use the money for a gap year. You could probably change the release dates so that they get part of it on certain birthdays as well.