Best savings account for my grandson.

Do you want one they can manage?

Thank you Cunco

It wouldn't be many so probably they'd have no chance of winning.

Callistemon: I think you can buy premium bonds for grandchildren in most overseas countries but they must have an NS&I account administered by a parent or guardian. I understand the USA is a special case because its tax and gambling laws would prevent a child holding premium bonds. I do not think the nationality of the child is a factor but the local rules where it is resident is a factor. If you wish to find out more, just call NS & I on 08085 007 007. It's free and always available. Just so you know, I am not agent for NS&I.

My DC always said they would share the million £1m prize if one of them won before they were 21.
However, they never had to put that to the test.

Re premium bonds for overseas grandchildren, I wasn't aware that it wasn't possible to purchase them on their behalf.
I assumed it would be possible because the site often quotes the winners as living 'Overseas'.

Presumably it's possible if they have dual nationality?

Jeanainsworth: You obviously know your own case much better than me. I was unaware that a non-UK resident child could even own a Junior ISA. The government website www.gov.uk/junior-individual-savings-accounts says:

If your child lives outside the UK, your child can only get a Junior ISA if both the following apply:

a. you’re a Crown servant (in the UK’s armed forces, diplomatic service or overseas civil service, for example)

b. they depend on you for care.

If you are an adult who moves abroad, I think you can keep your existing ISA but not add further contributions while you are abroad.'

As Cunco said, beware of buying Premium bonds for children! Apparently 13 children have won the
£1 million prize. Imagine the effect on siblings!

Cunco re children’s ISAs - you are right if the children are UK nationals, but mine are American and that’s why the restriction applied.

Thanks Jane a I've now found the thread.

For what it is worth, I contribute to a Junior Stocks & Shares ISAs for my grandchildren. These are opened in a child's name but operated by parent or guardian. Any money given belongs to the child and cannot be repaid. There are risks in stocks and shares but, for a long term investment, I think this is the best option. I have favoured investment trusts that invest in smaller companies at home and abroad. If the funds gets big enough, I will spread the risk and try to diversify. This is not a recommendation, just me sharing what seems sensible to me.

Sadly, index-linked savings certificates are no longer available from NS&I. When they were, they were the best bet around, providing a real return guaranteed by HM Treasury. Adults can still roll over existing Certificates but children had to cash out or switch to another NS&I product. Great shame!

Premium bonds are available to children under 16 but the account must be managed by a parent or nominated guardian. Grandparents or others can buy premium bonds for children under 16, held in such an account. Where the children are foreign nationals, it is complicated. If in doubt, ring NS&I on 08085 007 007.

Of course, you might question whether you want a grand-child to win £1m, particularly if, like me, you have 3 grand-daughters and the thought of just one winning £1m and the others picking up £25 every now and again could be problematical!

Premium bonds are not available to children. We opened an NS&I ISA for our grandchild and pay into it monthly.

I don't think Junior Stocks and Shares ISA's have to be cashed in when the child becomes 18. This from www.moneysupermarket.com:

'Any money held in a Junior ISA is automatically rolled over into a normal ISA once the child reaches the age of 18 so it will remain tax-free. The child can then continue saving or spend the money as they wish.'

Add comment | Report | Private message Jo61 Wed 15-Jan-20 07:51:01
Thanks bluebells, yes you're right, the thread was about saving plans for grandchildren so was caught out actually!! Haha x

I am
While not disagreeing with the sentiment, why is this on “Savings plans” and “Meet-ups” ?

rubysong www.gransnet.com/forums/meet_ups_where_are_you/1271896-Be-kind

I have a similar problem to you with my American DGC. It was 10 years ago so may be different now, but I found that all the children’s savings accounts needed parents to open them, and that children’s ISAs were only available to British children. My DGC are American citizens. I looked at stocks & shares accounts too but they would have had to be cashed in as soon as they reached 18, which may or may not have been a good time to do that.
So in the end I just give money as well as presents on birthdays and Christmas and trust my AC to use it wisely.

Jane please tell me the title of the new thread. I can't find it. I would like to know where to save money for my Californian DGC. I can't find out if premium bonds are legal in California, the NS&I website isn't clear. I want to save for the future, not pocket money.

jo61 without taking sides on the little spat on this thread, which to my mind isn’t really a spat, but a mild disagreement, it’s not really a good idea to join a forum and start lecturing the existing members on how to behave.
You’ll be instantly marked out as one of the ‘thread police’
I see you’ve started another thread on this subject so I’ll post this message on there too, just for good measure.
Have a nice day, everyone

I was disappointed to read the negative comments to other members of Gransnet. I've closed my Facebook account for this very reason hoping to join a mature site. Can we please remember what we tell our children and grandchildren...... be KIND to each other. Surely we can express our thoughts without fearing backlash. I'm hoping to speak and maybe meet new people using this site, and don't want my membership to be short lived. Was it Bambi's mum that said "if you haven't anything nice to say, don't say it at all".... could be a miss quote ....... have a lovely Wednesday everyone

They're exactly the same as an old style ledger/pay in book pocket money account. Just updated.

I used to be able to get money in and out of my bank book to spend in shops its no different.

If you dont see how saying my suggestion would strip children of their childhood was at once ridiculous, critical and rude then that's your problem. There is nothing rude about me pointing out that that constitutes you criticising me not the other way round

Are they 6?
I was not criticising you notanan but the idea of children aged 6 having cards loaded with money, not bank accounts with money in that account.
I find you rather rude but that of course is just my opinion.
You are probably an extremely nice person in RL, as I hope am I.

My grandkids love the "responsibility" of handling their money. ?

I mean "childhoods being stripped from them" Lol!

Because they can now get mini "practice" versions of their parents accounts

Just like previous generations had mini practice versions of their parents bank balance books when that was how banking was done

I will look at that one Scentia. To be honest, I would like it be a little older than 18. Don't trust them not to blow it before about 21 at least.

Please try not to be so critical, I am not a child to be criticized.

Eeerm it was you that was criticial of my suggestion. In quite an OTT way so....

Notanan
Please try not to be so critical, I am not a child to be criticized.