Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • StevieWonder
    • By StevieWonder 7th Dec 17, 4:34 PM
    • 4Posts
    • 0Thanks
    StevieWonder
    Savings account with min withdrawal age 21
    • #1
    • 7th Dec 17, 4:34 PM
    Savings account with min withdrawal age 21 7th Dec 17 at 4:34 PM
    I am executor to my late mother's will. In it she wishes that savings for her great grandchildren can only be accessed at age 21. I've searched quite a number of banks and building societies so that I can place the money in them now, and I cannot find one offering the minimum age of 21. Virtually all those that offer accounts use the age of 18 or 16. Does anyone have any pointers for me?
Page 1
    • jimjames
    • By jimjames 7th Dec 17, 5:26 PM
    • 12,241 Posts
    • 10,778 Thanks
    jimjames
    • #2
    • 7th Dec 17, 5:26 PM
    • #2
    • 7th Dec 17, 5:26 PM
    I don't think any accounts will do so, you're an adult at 18 so any money in your account is accessible. You might need to setup some form of trust that specifies access requirements
    Remember the saying: if it looks too good to be true it almost certainly is.
    • xylophone
    • By xylophone 7th Dec 17, 5:51 PM
    • 23,682 Posts
    • 13,805 Thanks
    xylophone
    • #3
    • 7th Dec 17, 5:51 PM
    • #3
    • 7th Dec 17, 5:51 PM
    You need to examine the exact terms of your mother's will - are the bequests "indefeasibly vested" in the children?

    https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem1563

    If so, then you hold the money in bare trust for them but they have the absolute legal right to access and control at the age of 18 (16 in Scotland).
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,446Posts Today

7,231Users online

Martin's Twitter