protection for childrens accounts???

cazaline

Hi

This is a question on behalf of my parents whom both have savings with Bradford & Bingley totalling £100,000 but also have an account which they have approximatley a further £10,000 saved for my daughter who is aged 12 for her future. The account is a childrens account in my daughters name with my dad as the named adult on it.

My question is if the B&B go under my parents £100,000 would be covered but would they also be covered for the childs acount as it is in the childs name?

Many Thanks in advance

martinman3

I know that this is only from the Newcastle BS website but it does say the following
http://www.newcastle.co.uk/compensation

Trustees
If a claimant's claim also includes a claim as a trustee, his or her claim as trustee will be treated as being separate from the claim in his or her own right. If the same person claims as trustee for different trusts, these will be treated as claims of different claimants. If a group of people claim as trustees their claim will be treated as that of a single person. If the claimant has a claim as a bare trustee for one or more beneficiaries, the beneficiary or beneficiaries will be treated as having the claim. There are further rules relating to trustees.

So as I understand it, if you have savings in your own right and are the trustee for an account in a child's name you would make two claims, one for yourself and one on behalf of the beneficiary, your child.

It must say the same somewhere on the FSCS website.