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    • jermyn
    • By jermyn 14th Jun 17, 3:16 PM
    • 42Posts
    • 3Thanks
    jermyn
    Switch a young saver
    • #1
    • 14th Jun 17, 3:16 PM
    Switch a young saver 14th Jun 17 at 3:16 PM
    Sorry if this has been done before but there's an awful lot of pages to search. I started saving for my son when he was born. Now 17 and the child saving accounts are coming to an end. What should I do next. I know he can have the money at 18 but it wouldn't last 5 minutes and I really want him to keep it and hopefully add to it.
    Can I open another account he can't really access or find an account that makes it unlikely he'll fritter it away. Thanks for any advice you can give.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 14th Jun 17, 3:30 PM
    • 6,699 Posts
    • 8,227 Thanks
    PeacefulWaters
    • #2
    • 14th Jun 17, 3:30 PM
    • #2
    • 14th Jun 17, 3:30 PM
    There's always the option of accidentally not telling him the money exists.
    • jermyn
    • By jermyn 14th Jun 17, 4:05 PM
    • 42 Posts
    • 3 Thanks
    jermyn
    • #3
    • 14th Jun 17, 4:05 PM
    • #3
    • 14th Jun 17, 4:05 PM
    Sadly that's not an option, he knows it does although not how much
    • justme111
    • By justme111 14th Jun 17, 5:43 PM
    • 2,750 Posts
    • 2,638 Thanks
    justme111
    • #4
    • 14th Jun 17, 5:43 PM
    • #4
    • 14th Jun 17, 5:43 PM
    What about this
    https://www.cambridgebs.co.uk/savings/savings-for-children/cambridge-3-year-childrens-fixed-rate-bond
    I suppose technically he still could have got it but in practice if you tell him /he gets statement saying it is fixed term he is not going to even try
    • alanq
    • By alanq 14th Jun 17, 5:50 PM
    • 3,678 Posts
    • 2,355 Thanks
    alanq
    • #5
    • 14th Jun 17, 5:50 PM
    • #5
    • 14th Jun 17, 5:50 PM
    @justme111

    That's not a possibility.

    Now 17 and the child saving accounts are coming to an end.
    Originally posted by jermyn
    "Available to savers aged up to and including 15 years old."
    I'm a Board Guide on the Budgeting and Bank Accounts, Savings & Investments, Food Shopping and Over 50s MoneySaving boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • jermyn
    • By jermyn 14th Jun 17, 6:03 PM
    • 42 Posts
    • 3 Thanks
    jermyn
    • #6
    • 14th Jun 17, 6:03 PM
    • #6
    • 14th Jun 17, 6:03 PM
    Beat me to it. Is a trust fund a possible alternative
    • justme111
    • By justme111 14th Jun 17, 9:14 PM
    • 2,750 Posts
    • 2,638 Thanks
    justme111
    • #7
    • 14th Jun 17, 9:14 PM
    • #7
    • 14th Jun 17, 9:14 PM
    Indeed. How I missed it. May be splitting money into two accounts (if there are any that you can open with him being 17+) and giving him an access to one of them, with a smaller balance? After all nothing is going great to teach him not to waste money better than doing it and regretting it's gone.
    Re trust fund - sorry I am not too sure what product exactly do you mean by it.
    Is it CTF , adult ISA analogue which appeared about 15 years ago and been changed for JISA, an umbrella for investments and savings ?
    If you mean that than of course you can move it into either CTF or JISA depending on when exactly the child was born (and if it is still allowed at 17) but he is going to have an absolute control over it so it is not going to address your concern.
    If you mean "teust" as a legal entity which holds money for the benefit of a child then I suppose it could be possible if you used discretionary trust but there is limited selection of products that can be held there , it would be costly to administer and probably would have to be done with help of specialised solicitor- I tried to find out about it but failed and I was left with an impression that it would be justified for a really large sum of money only
    • jermyn
    • By jermyn 15th Jun 17, 7:50 AM
    • 42 Posts
    • 3 Thanks
    jermyn
    • #8
    • 15th Jun 17, 7:50 AM
    • #8
    • 15th Jun 17, 7:50 AM
    I may just have to tell him the account has been switched to a fixed period account that he can't make withdrawals from
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