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Original poster

Setting up a savings account for god daughter?

17 replies

Tangotops · 06/10/2018 14:19

I want to set up a little savings account for my god daughter. It won’t be riches, just £10 a month, but enough to help with a house deposit if she buys in her 20s, or short of that a 30th birthday present.

Is there anyway I can set one up for her without telling her parents? I’ll tell them before I eventually give her the money, but I don’t want her to know about it before I give her the money. I’d like it to be a nice surprise.

OP posts:
Noboozeforme · 06/10/2018 14:33

I don't think you can actually.

Why not open one for yourself and save it in there?

dementedpixie · 06/10/2018 14:33

Can you not just have a savings account in your name that you will gift her? You need the child's ID details and proof of address to open an account so you can't (And shouldn't) do it without the knowledge of the parents

mumof2sarah · 06/10/2018 14:39

Set it up for yourself and then stipulate it's only to be used by goddaughter after a certain age etc. Make sure it's in your will as well.

What a lovely godparent you are x

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Original poster
Tangotops · 06/10/2018 14:54

Thanks for the replies. Would I just stipulate that to the bank do you know, sarah? And thanks for the compliment. I don’t actually want kids of my own but I’m really honoured to be asked to be the baby’s godmother so I want to do the role justice.

OP posts:
mumof2sarah · 06/10/2018 14:56

I'm not sure if you stipulate to the bank or whether you just have to make sure it's done through a solicitor. If you ask the banks advice when you go to open it they'll be able to tell you the best way x

buscaution · 06/10/2018 14:57

Is there anyway I can set one up for her without telling her parents? I’ll tell them before I eventually give her the money, but I don’t want her to know about it

Her parents knowing about it doesn't mean she needs to know about it? Presumably you are very close to be a godmother who wants to provide a wee cash boost in the future, but you don't trust them?

TakeAChanseyOnMe · 06/10/2018 15:00

You can get a junior ISA - you’ll need to let the parents know to set it up but they don’t need to know how much you’re paying if the statements are online only. You could say you want it for the odd Christmas and birthday present?

TakeAChanseyOnMe · 06/10/2018 15:02

www.gov.uk/junior-individual-savings-accounts Info here

My late DGF wanted to give all his grandchildren some money years before he died. My parents had me sign something randomly one day (I was a bit suspicious, I was about 16 at the time). Turns out it was for the account for that. We all found out when the bank sent a statement to my brother when they weren’t supposed to.

Original poster
Tangotops · 06/10/2018 15:30

Her parents knowing about it doesn't mean she needs to know about it? Presumably you are very close to be a godmother who wants to provide a wee cash boost in the future, but you don't trust them?

I just don’t want to put them in the position of having to keep a secret from her for the next 30 years.

OP posts:
buscaution · 06/10/2018 15:32

I just don’t want to put them in the position of having to keep a secret from her for the next 30 years.

Fair enough.

YouCantCallMeBetty · 06/10/2018 15:36

I have an account for each of my god children and put money in on their birthdays and at Christmas and if I have a bit spare at other times.
I just have them in my name. It means the accounts are taxed but savings interest is so low anyway these days that I don't think it really makes a massive difference.

TakeAChanseyOnMe · 06/10/2018 15:48

When she’s a teenager you could say you’ve been putting money aside since she was born but it’s in a trust that she can’t get until X age?

Original poster
Tangotops · 06/10/2018 16:12

When she’s a teenager you could say you’ve been putting money aside since she was born but it’s in a trust that she can’t get until X age? Yes I could, I’ll see how it pans out. I think I’d like it to be a nice surprise for her. I’ve set up an account with Marcus by Goldman Sachs which lets me direct debit any amount in each month and name the account the baby’s name although it’s in my name. So I can forget about it now for the next couple of decades.

OP posts:
KriswithaK · 06/10/2018 22:51

Ask for this to be moved to Investments over in the ‘Money’ section, the advice here is good but over there you may get more traffic.

Pretty sure that with ISA’s the child is informed at 18 years old it’s theirs as they automatically receive the funds?

www.moneysavingexpert.com/savings/child-savings-tax-free/

GreenTulips · 06/10/2018 22:53

You can buy premium bond and in her name

elephantoverthehill · 06/10/2018 22:54

Premium Bonds in her name?

elephantoverthehill · 06/10/2018 22:55

Haha Green Tulips great minds think alike.

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