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Savings account for babies

(2 Posts)
charlie01 Wed 19-Jan-05 20:35:55

Just wondering whether it is possible for grandparents to open bank accounts in their grandchildrens names?

My in laws want our sons birth certificate so they can open a savings account in his name (and their names obviously) that they can pay into. He's already got a savings account opened by us but they don't want to pay into this one, or the child trust fund one (that nobody can get at) so think it's a bit strange that they want to open another? Could it be for tax reasons and are they allowed to?

littlemissbossy Wed 19-Jan-05 20:38:09

Yes they are allowed but need the birth certificate to do so. It's not unusual IMO, my parents have opened accounts for all of their grandchildren and yes, it is more beneficial for tax

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