Bank Account For My Grandchildren

[Ric.ror]

Is it possible for me to open one or is it only the patents that are able to

[Buenchico]

Quote:
"A grandparent can open a savings account for their grandchild in the child’s name as long as they have documentation, such as the child’s birth certificate".

Source:
http://www.saga.co.uk/magazine/money/personal-finance/giving/how-to-save-money-for-your-grandchild

Best savings accounts for children:
http://www.theguardian.com/money/2016/jan/08/best-childrens-savings-account-interest-rates

Note that most banks require a child to be 7 years old before they can have a savings account.

Banks usually require a child to be 11 years old before they can hold a current account. The ID required to open such an account must show the same address as that which will be used as a communication address for the child, which obviously makes it easier for a resident parent to open the account than for anyone else to do so. However it doesn't actually seem to prevent a grandparent (or, say, a parent who doesn't live at the same address as the child) from helping the child open an account (as it's nominally the child who applies for the account anyway).

[theshedman]

We opened one for our granddaughter in the Nationwide when she was very young. It is the type where they give you a book and we put money in when we want. It has both her name and my wife's on the account then we can change it later on when we think she will be able to take care of the money herself.