Savings for NC grandchildren

[Tribute219]

Looking for advice -

I am currently NC with a grown up child, this is sadly the best option currently although I'm also very sad that it means missing out on my beautiful grandchildren.
Previously my daughter has refused to hand over birthday cards and gifts. I won't send cash as it won't reach the children and gets spent by the parents.
How can I open an account in the grand children's names, with me as a trustee so that I can add money for Christmas, Birthdays etc and can be accessed?
Any advice appreciated, but I do not wish to discuss the circumstances further 😊

Hey OP. We recently opened a savings ISA for our baby. It's technically in my name, and I can add a certain amount a year into it, there's a limit but I can't remember what, say about £5k? I can give the details to other family members to pay money into at bdays/Christmas etc. However once the money is in there, it's locked in.

When he turns 16, he will have a letter sent directly to him to inform him of the account, and the ownership of the money automatically reverts to him for him to do as he wishes. So even though you will have paid into it, it is now the child's money.

Now, I had one of these growing up, without my knowledge, and my parents intercepted my letters until I turned 19 😂😂 rightly or wrongly, I mean, I wasn't off the rails, and was at uni at the time, but I made better decisions about the money at 19 than I would've done at 16! So I intend to try and do the same with our son 😂

The problem I have is that for most accounts, the parents permission is required. I'm not convinced this will happen. Does anyone know if a way of saving that doesn't require parents consent?

Could you not just open a separate account yourself and save the money there and give it when the child is an adult (and reference it in a will in the meantime?).
I'm not sure of any accounts where you can do it without parents knowing, as any I have opened have required the birth certificate of the child.
You can open premium bonds for a child, but not sure if that could be done without parents' knowledge.

Or if you want the child to have the money now, could you look into one of those pre-payment cards you can top up. No guarantee though that the parents wouldn't intercept it.

@GentlyGentlyOhDear
Thank you. Premium bonds do require parental consent.
The children are under 5 and the ideal would be a savings account but I'm hitting a brick wall trying to find one that doesn't require parental consent.

When a relative, not an estranged family member opened accounts for our children they needed their birth certificate. The bank also wrote to us to let us know it was being opened and to contact them if there was any issue with this.

If you want to save for them, you may just have to do it in your name. Be prepared the money may not be accepted. My kids have refused money from estranged GP as they’re not interested in opening communication and see it as manipulation.

Speak to a solicitor about setting up a Trust Fund.

I would save in your own name so you have some control over when they get the money. They might be off to Uni at 18 or might go off rails at 15 and blow it all in one go. if you are totally Non contact that you have no way of knowing. It’s still a welcomed gift if it’s towards a house deposit at 30, kids wouldn’t be expecting cash on turning 18 from grandparents they have never met.

Save in own way and make sure it's mentioned specify in will.
Other wise gift it to them at 20

This.

Why bother? You'll get a better return on investment if you pool your savings. and you retain full control over the money, meaning that you are not obliged to hand over the cash to the grandchild. This gives you control if they end up in a situation where it would be harmful for them to receive a chunk of cash, e.g. addiction or a gambling problem.

While you are alive, you can then give the money to them whenever you choose. You can ensure that they receive it after your death via your will - speak to your solicitor about a trust to ensure they receive it if you die before they reach adulthood.

The attraction of the savings account showing money going in was to evidence that they have not been forgotten and that Birthdays, Christmas etc have been acknowledged.
I guess I could just add a savings space with deposits referenced with names eg. Child1birthday.
Thank you for all suggestions 😊

You can set up a Unit Trust with the children named as designated beneficiaries.

If you can open with a birth certificate, surely you can go to the registrar of the area in which they were born and order a birth certificate?

My dad set up a unit trust for DS1, I don't remember having to give permission or provide birth certificates but this was 25 years ago!

Birth certificates are public documents. If that's all you need, you can get your own copy.

This is the link for births in England and Wales https://www.gov.uk/order-copy-birth-death-marriage-certificate