Hello All -

I'm based in the UK but would like to set up some kind of gift/trust account for my soon-to-be-born nephew. Has anyone had any experience with this and which Swiss bank would you recommend for this? I've seen Post Finance offers something along these lines and have contacted them. Any other placee you know of would be much appreciated.

Thanks in advance.

will your soon to be born nephew live in Switzerland?

Yes - he will live in Switzerland (for the foreseeable future).

why not open one in the UK? Interest rates are higher but of course Sterling's broken.

You need a notarised copy of the birth certificate IIRC.

Most of the Swiss banks offer this kind of account. Once the child reaches a certain age the bank will contact him and advise him of the nest egg awaiting him....

However a word of warning: Read the account opening documents very carefully as some of the banks include some very interesting 'extras' in the contract - for example that you agree to act as guarantor for any credit cards the bank might choose to issue to him on his 18th birthday!

Good luck with that,

Jim

If and when the infant comes to the UK and his parent receives child allowances, the Government will give him his £250 baby bond and a Child's Trust Fund can be opened for him. Can't be done without the voucher, however: but once the account is opened (with Children's Mutual or another) up to £1,200 can be paid in annually, to grow tax-free until the child reaches 18. And that's true even if the child moves abroad as soon as the account is opened.

but...but....but....we don't know anything. What nationality will the child be? The parents? Where will he most likely live in 5 years or 10 years time. What's the money for? Do you hope he'll buy a house with it? Where? What sort of access will you want him to have? And on and on.