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?