Childrens Savings Account HELP ASAP!!!

arc2571

I have a son who is 16. I have got £2000 savings account for him to have when he is older, but i think that he may have seen the statement stating that he is a trustee.
Is there anything he can do to touch the money!! I value all help But i need it ASAP.

Arc

charlieboycat

Are you sure your son is "trustee"? Usually it would be the other way around - ie. you would be the "trustee" operating the a/c on behalf of your son.

In the latter case I would expect that the age at which he could access the funds himself would depend on the specific terms and conditions of the particular a/c.

monkeylugs

My son's both have savings accounts with the A&L and apparently as soon as they are seven they can withdraw the money. I am a Trustee on both accounts. I've spent the last nine years brainwashing DS1 into believing he can only use the money for a deposit on a house. It worked on me as that's what my dad led me to believe and I didn't touch my money until I got on the property ladder aged 20.

arc2571

no it clearly says on the staement that he is the trustee but i don't mean to be nasty or anything it just that i need to know can he touch the cash. the a/c is an alliance and leicester first save account just so you know. thanks

System

I would ring them up.

Robert_Sterling_3

I am not convinced that he is a trustee.
Even if it says that he is a trustee.

arc2571

****Board guide notice******

Martin’s asked me to post this in these circumstances: Sorry, the personal details/email address you posted on the forum have been removed(please see this rule).It is not advisable to post these on a public forum as this is one way spammers gather email addresses. If you have any questions about this policy please email [email="%20abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/email].

lestamunda

As an ex employee, I am sure the A & L always put the kids name in the trust box in their systems. He is not a trustee, this is a box they have when they set up the account and always put the childs name in.

They also use this box for probate and dec'd trusts - it is just the system they use. It also helps you know which account is earmarked for which child.

I would recommend you contact them on Monday and get it fully clarified.

I worked at their HO over 6 years ago and remember checking these!

lestamunda

jaghir wrote:

As an ex employee, I am sure the A & L always put the kids name in the trust box in their systems. He is not a trustee, this is a box they have when they set up the account and always put the childs name in.

They also use this box for probate and dec'd trusts - it is just the system they use. It also helps you know which account is earmarked for which child.

I would recommend you contact them on Monday and get it fully clarified.

I worked at their HO over 6 years ago and remember checking these!

(I DID READ YOUR REMARKS BEFORE THEY BOOTED IT OFF!)