Fund for Grandson

megfitz | 21:44 Fri 30th Nov 2012 | Personal Finance

7 Answers

I have a brand new Grandson ,born in U.S.A.(dad is American, mum is British) Babe will have dual nationality. I would like to set up a savings/college account for him ,maturing when he is 18.
I find he is not eligible for Premium Bonds , or ISA's because of being non-resident. Can anyone advise me of a savings scheme that I can deposit odd amounts in on Birthdays,Christmas etc.?? Many thanks.

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bednobs

can you just open a savings account in your name but for him? or but him some PB but in your name and just give them to him when he's 18?

megfitz

Question Author

I already have PBs so can't do that, what's the tax situation if I open a savings account, don't I become liable for tax?

bednobs

you'll be liable for tax on the interest - are you planning to put loads and loads in?
the other thing to do would be to send the money to the parents to put in an account for him over there, but you'll probably pay more in transfer fees than you would in interest

bednobs

you can also have £30k in PB - are you already at the limit?

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