Savings accounts for children???

laurajane

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May 23, 2005
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Hi everyone

I have been contacted by my grandmother in the U.K and she wants me to open a savings account for my 19 month old daughter. I have looked into applying for Nation Savings Bonds for her, but the paper work gets a bit complicated as i have to send a letter from the embassy for oversees customers, letter from tax office which will have to be translated to confirm my address.... blah blah blah.

Has anyone opened anything similar in the u.k with less hassle or know of a good childrens savings account here that i could transfer money to.

Any advice would be welcome as my grandmother has spoken about this many times and as she is being so sweet i would like to give her some answers about how i might go about it.

Thanks
 
Feb 7, 2007
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Banreservas has a JOINT savings account, in pesos and dollars, the account is opened in the child's name and the parent is co-signer. Go to Banreservas by the Montas Urena clinic.
 
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Lambada

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Mar 4, 2004
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I have been contacted by my grandmother in the U.K and she wants me to open a savings account for my 19 month old daughter. I have looked into applying for Nation Savings Bonds for her, but the paper work gets a bit complicated as i have to send a letter from the embassy for oversees customers, letter from tax office which will have to be translated to confirm my address.... blah blah blah.

Has anyone opened anything similar in the u.k with less hassle ..........

I know as an expat you can't open new onshore UK savings accounts in banks, offshore accounts you can open (Jersey, Guernsey, IOM, Gibraltar etc). Verification of ID is photocopy of your UK passport certified by competent person e.g. Consular official or any other category itemised on the list the individual bank offers & verification of address can be recent utility bill or local bank statement which in my applications didn't have to be translated.

I opened my first offshore UK account in 2003 when I sold my UK house & went through the proceedure then. This past week I've been going through it again because I now want to move some money from my existing offshore to 2 new offshores in order not to exceed the compensation limits set by Financial Services Compensation Scheme.

As to whether you 'go through all the hassle' or not I suppose it ultimately depends on which account would be best in the long term (when child matures), how long you plan on living in DR etc & whether you think a National Savings Bond onshore or an account offshore UK is safer than one here. These days there's really no telling :cheeky: The good thing about UK National Savings Bonds is that they're backed by HM Treasury & are seemingly one of the few onshore new accounts you can set up. At least I think so. I know it gives instructions for non-UK residents but I noticed on the website (small print bottom of page) This website is intended for residents of the UK, Channel Islands and the Isle of Man only. Did you check whether that had significant meaning?

National Savings & Investments - Proof of identity and address
 

Chirimoya

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Dec 9, 2002
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Popular also has a children's savings account.

My son has one with NatWest in Gibraltar opened by my mother. All statements are sent to her because I couldn't provide satisfactory address verification: all my official correspondence is addressed to me at a US P O Box and they could not get their heads round my explanations about the non-existent DR postal service.
 

Lambada

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Your Grandmother can open a Junior Savings Bond for your child in the UK herself with Family Assurance.

Child Unit Trust ? Investment Trusts ? Children?s Investment Accounts ? Family.co.uk

I have one for my son.

That link you gave beeza says Products detailed are only available to UK investors so I'm assuming that the relevant address for the bond is the grandmother's UK address?

All statements are sent to her because I couldn't provide satisfactory address verification: all my official correspondence is addressed to me at a US P O Box and they could not get their heads round my explanations about the non-existent DR postal service.

I've had success in getting offshore banks to accept a Business Mail address in Florida as the address for correspondence, even though my residential address is in the DR. Their initial reluctance was overcome when I asked them to check where it is they send my onshore statements to :cheeky:. Yep, the same Business Mail address.
 
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