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Godson gift ideas /savings account?

Alka, 9 April, 2008 at 19:35 Posted on Off Topic Posts 0 6
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I'm going to be a godmother to my best friends son in May and I'd like to set up some sort of savings or investment account as a surprise for him. Is this something I can do on the child's behalf or do I have to involve his parents in order to do open it? I'd rather keep it a surprise if I can.

Thanks very much x

6 replies

Latest activity by Rache, 9 April, 2008 at 23:15
  • Ice Queen
    Beginner January 2007
    Ice Queen ·
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    I have NS&I Investment savings accounts for my nieces and nephews

    I just set it up and put the child's name care of my address

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  • C
    Cloudybay ·
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    My sons God parents have set up a savings bond with Chilldrens Mutual, it matures when he is either 18 or 21. I'm not sure how much they put in but its the same amount every month. His other god parents buy him premium bonds.

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  • Doughnut
    Beginner June 2008
    Doughnut ·
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    I've thought about doing this for my nieces. I wasn't sure what H's brother would think though - I didn't want them to think I was implying they couldn't afford stuff for their kids. I'm not sure that sounds right typed up. His wife doesn't work and we both work full time.

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  • QueenBee
    Beginner November 2008
    QueenBee ·
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    I tried to open a savings account for my 5 year old godson when he was born and not one bank would open it without his birth certificate.
    I had to tell his parents that i was doing it and get the relevent documents to enable me to open it

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  • Ice Queen
    Beginner January 2007
    Ice Queen ·
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    These are the ones I have set up for the kidshttps://www.nsandi.com/products/invac/index.jsp

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  • Rache
    Beginner January 2004
    Rache ·
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    quote:Originally posted by Ice Queen
    These are the ones I have set up for the kidshttps://www.nsandi.com/products/invac/index.jsp
    id="quote">Is there a reason that the interest rates are so much lower than standard savings accounts for adults?
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  • Rache
    Beginner January 2004
    Rache ·
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    This is more like it:https://www.nsandi.com/products/ilsc/index.jsp buy one of these certificates every birthday - tax free, and index linked - and can be reinvested at maturity. A far better deal than the cashbook account, if you're looking to give the child a gift on his 18th birthday.

    If you're willing to take more risks you could always invest in the stock market for him - over a period of 15 years that's likely to beat any cash investment, but you may not be happy with that level of risk.

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