Best way to save for Grandchild’s future?

Premium Savings Bonds?
You open the account but once the child is 16, the parent or guardian then takes charge, regardless of who has bought them.

A few ideas here, Flaxseed

www.saga.co.uk/magazine/money/personal-finance/giving/how-to-save-money-for-your-grandchild#:~:text=A%20grandparent%20can%20open%20a,paid%2C%20rather%20than%20any%20gimmicks.

My daughter opened a savings account for my granddaughter and I have a standing order paid into it every month.
Like you I found I couldn't just set an account up myself.

Flaxseed I opened accounts with Halifax for my 4 grandchildren when they were born. My name is on each account along with theirs.

I was able to open them without any parental involvement but I did need GC’s birth certificates to set up the accounts.

I gave their parents the initial paperwork so that they have all the details needed if I pop my clogs.

Some great ideas here. Thank you

We put money into the grandkids bank accounts every month. DD looked into the various options and decided that was the best idea ... I think her name is on the account and they won't be let loose with the money till they're 18, by which time there will be a sizable amount!

Flaxseed, I see you say you have no savings. Wouldn’t you rather save something for yourself? You could always tell your child/ren that you want the money to go to him when you fall off the perch.

I’m with Daddima on this. Save money into an account for yourself and tell all adults concerned that it is for your grandchildren when you are dead. You never know when you might have a need for a little extra cash!

I’m awful at saving (not that I have a lot of spare cash to do so ) as money burns a hole in my pocket!

I do transfer a small amount to my partner for our holidays as I couldn’t be trusted to not dip into anything I save myself!

I have spoken to DD who already has an ISA in DGS name but there’s only a small amount in there. I have the account details and will start to transfer into that.

Thanks for all of your suggestions

Flaxiseed, you are a sweet selfless grandma. In my opinion, if you have any spare cash, you should be saving that for yourself. Personally, I give money to my grandkids for birthdays and Christmas. Honestly, I haven’t even written them into the will. My house and savings will be divided equally between my 3 children, who in turn will pass it on to their children (my grandchildren). I haven’t factored in any adverse situation, such as, possible divorce etc. It’s all too much to worry about.
I will ofcourse, leave a piece or two of my jewellery to my grandchildren.
Btw, you have only one DGS. I have 6 GC ?

I am being sensible with the amount I will put away, as I hope I will have more grandchildren and will want to treat them all the same.

We use Halifax too for all 3. You just need a copy or photo of their birth certificate.

Flaxseed that's my thinking as well.
I also decided I would pay in a bit less than my daughter does each month as I didn't want to tread on her toes.

Another here who set up an account for GS with the Halifax that we pay into each month. Interest rates have gone through the floor though.