Best childrens' a/c when parents going/gone BR?

On_A_Mission_7

We currently have a couple of children's savings accounts with Halifax in both our 18-month's old name and ours as we had to open it on his behalf because he isn't old enough to have his own. From reading on here, we need to get the money out of these as soon as poss before Halifax screw him completely :rolleyes: but could do with some suggestions on where to put it instead.

We've no intention of trying to do any sort of fiddle, we just want to protect his money by moving it elsewhere. Are we better paying it into his CTF? Or maybe topping up his existing premium bonds (if these are safe, see next question?!) or setting up a new child's a/c with someone else for him?

Speaking of premium bonds, if they are in his name with us just named as his parents, will they be safe when we go BR? We bought his first ones with money he was given when he was born and his great-grandparent also bought him some for Xmas. None of it was our money, we just decided where to put it for him.

Thanks.

peachyprice

I don't know how others have fared but HSBC were one of our largest creditors however all 3 of our children have accounts with them which haven't been touched at all. Our sons are theirs to run because they're 13yo, but our daughters is in my name on her behalf, but it's still up an running, although I did take her money out in anticipation of them nabbing it. The boys have just received new solo cards for theirs so no adverse effect at all.

Don't know about premium bonds, sorry.

fiveyearplan

Yes, I would get the money out of the Halifax sharpish! I remember one lady on here who had her grandchildren's money taken because of her BR. I don't really know the minimum age of opening bank account. I'm sure my kids were about 3 or 4 when they opened their accounts and my name was NEVER on there. What about a post office account?

CherylOB

Couldn't you get one of your relatives (grandparent, etc) to open an account on his behalf? The Halifax Children's regular saver is one of the best accounts going for kids. I'm sure that once the money is in a different name the Halifax would not be able to associate it with you..