closing childrens accounts??

cotton54321

Hi guys
I'm a newbie so if i've posted in the wrong place I'm sorry!
I wanted to know whether you can close childrens accounts before they become eligible for withdrawal at age 7 or do you have to wait until the child is 7 so they can close it themself.
Also, can you invest on their behalf in fixed term bonds? They seem to get a better interest rate?
Hope this isn't too rambling!
THANKS!!!! :T

jonesMUFCforever

Under 7 the parent (or signator on account) can sign to withdraw funds, after 7 the bank has the right to ask the child to sign to withdraw provided the account is in their name not in parents name Re.
What kind of fixed term bonds are you thinking of?
Most that I have seen seem to only open accounts for over 16 year olds (Mini cash ISA) or 18 if there is any investing in shares.

Broken_hearted

I closed my sons account with Halifax no problem.

ReportInvestor

Hi Cotton,

Who is the account with?

I wouldn't want you to close it today, only to find it was eligible for a £200 windfall tomorrow.

You are right, IMHO, to be considering the attractions of fixed term bonds.

cotton54321

Hi guys
Thanks for the posts
The account is with Coventry Building Society. Any advice as to which type of bonds and which accept under 16's?

ReportInvestor

I would rate the Coventry a meagre 2/10 on the windfall stakes. So it's primarily an investment decision.

But I'm pretty sure that Cov have a decent kids' account rate already. In fact it's 4.45%.

Ah. I now see your problem. Coventry does not allow any withdrawals on these Interest Zone accounts until the child is aged 7 as the account is in the child's own name. And after 7 they can ask the child to sign.