Grandparents setting up UK account for Grandaughter
 

Hi everyone,

drawing towards the end of a 3 1/2 week visit to the UK. While we were over here my wife's parents had wanted to setup an account for our daughter that they could deposit a load of money in to for her, that she could access when she was 18, and they would remain trustees of till that time.

Initially we had been under the impression, that if we got our little one a UK passport (she was born in Australia) and produced this at a bank this would be fine, but a couple of banks / building societies (Natwest and Nationwide), said it wasn't possible because she isn't a UK permanent resident.

Does anyone know if this is UK banking regulation? Or if it's just certain banks? And whether there is any way around it? As I said we have a UK passport for her, but she's an Australian Resident like us.

Thanks.

Re: Grandparents setting up UK account for Grandaughter
 

I can't say I'm the last word on this, but on the last trip to Blighty a year ago, I tried (and failed) to get a new account (I've been on Barclay's forever and thought I'd get a second one set up) - for the same reasons as you've listed above. I think this was a new regulation set in place after the GFC in 2008, because I'm sure that wasn't the case in the past!

Apparently, HSBC Premier has a way around it, but you'll need something like a quarter of a million dollars in the account before you'd qualify.

Perhaps other experts could chime in with their thoughts.