Daughter's savings in with my own

JMH204

Hello - My daughter wants to save £100 in a high interest account and also have access to it if she needs it within a year (she will be travelling), which I realise won't be possible. Would it be sensible for me to put her £100 in with my savings - and work out her interest at the end of the year. Does anyone know if that would make sense? I would appreciate any comments you have. Many thanks

Baldur

How does your daughter want to access her savings, by card from an ATM/internet transfer to her current account, etc.?

There are many easy access savings accounts which she could possibly use, e.g. Egg, ING Direct, The AA, etc., etc.

£100.00 is unlikely to earn much interest anywhere, given current interest rates - maybe £2.50 to £3 or so at best after tax.

JMH204

Thank you - yes I think she will just have to put it in one of the easy access accounts isn't she?
Many thanks

dzug1

From a legal point of view, sharing savings in this way is unwise. OK so the sums are small and it's no big deal, but it can backfire on you.

From the bank's point of view the money is yours and yours alone.

And if it's in your account how does she get access to it when travelling?

gmgmgm

Why doesn't she put £100 in an account of her own and if she really needs it you can lend her some money to tide her over?
£100 isn't really enough for a serious emergency when travelling, so it's probably better protected this way from being used unwisely!