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Childrens savings
jonnysmum
Posts: 1 Newbie
Hi
When I opened my sons' bank accounts I opened them in the same bank where I have my current account, savings account and ISA. Because they're only children, I am also named on their accounts, effectively creating joint accounts. With the £50,000 cap to "safe" savings, how do we stand? I have about £3500 in my isa and my other funds in the bank are minimal (my savings are elsewhere) but the boys both have about £55,000 each - exceeding the safe cap. Will my lack of funds mean that their money is safe as between the three of us we have less than £150,000?
Thankyou from a panicky (and slightly jealous) Mum!
When I opened my sons' bank accounts I opened them in the same bank where I have my current account, savings account and ISA. Because they're only children, I am also named on their accounts, effectively creating joint accounts. With the £50,000 cap to "safe" savings, how do we stand? I have about £3500 in my isa and my other funds in the bank are minimal (my savings are elsewhere) but the boys both have about £55,000 each - exceeding the safe cap. Will my lack of funds mean that their money is safe as between the three of us we have less than £150,000?
Thankyou from a panicky (and slightly jealous) Mum!
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