Children's Bank Accounts & BR

MrsST

Reading the thread about how to actually save money while you are an undischarged bankrupt has got me thinking about our children's savings.

We emptied their accounts with the HSBC a while ago when things went t1ts up with our own accounts. I haven't got around to opening new accounts for them yet, but would like to get them accounts at Nationwide.

Does anyone know if I am ok to do this now? Would it be better to wait until after we have been discharged? I don't want to risk the little money that they have in their accounts but obviously, I am in control of this money.

What's the best thing to do?

Thanks

peachyprice

I think it depends how old they are and if the accounts are in their names or your name for them. At Nationwide I believe the accounts have to be in your name for them until they are 11, so they probably wouldn't let you open them while BR.

I emptied our DD's (7yo) account because it's in my name for her, but left my boys (13yos) because they were in their names. I haven't heard any thing from HSBC about any of them, only our accounts.

Dez-Titute

Once gifted monies to achildrens account they belong to that chld any withdrawals should be for the benefit of that child therefore I cannot see how the OR could have an interest.If you are considering saving for the Children then would suggest the following link as your first port of call

http://www.moneysavingexpert.com/savings/child-trust-fund-vouchers

Cheers DEz

peachyprice

Dez, it's not just a question of the OR taking it, it's also the fact that banks don't want our childrens money and won't open an account if our name is on it because we are naughty bankrupt parents.;)

Nationwide are notorious for closing childrens accounts where a parent, or grandparent even, has gone BR, so you might have to look elsewhere MrsST.

MrsST

Thanks everyone.

I think I'll leave it for the time being. At the moment, all their money (not fortunes!) is kept in a money box for them.

Once we've been discharged, I'll sort out accounts for them.

I could put them money in their CTF accounts but it's useful to have quick access to this money now and again for gifts for them.