Control of Child Savings

siddaway

Hi

I have paid into the halifax childrens regular saver for the first year and am under pressure from my wife not to pay any more into the account (even though I am considering my father opening an account to make sure I dont breach the £100 interest barrier) because she does not want my daughter having control of the money when she turns 18.

Does anyone know if the halifax account will allow me to withdraw the money near to my daughters birthday if needed just in case she is not mature enough to use it responsibly?

thanks

Andy

Mikeyorks

Yes - as you're effectively in charge of the money. But the decision age is 16 ....... as that's the point at which the Children's Regular Saver comes to a close. It can only complete for the year in which her 16th birthday falls .... thereafter she would have to open such an account in her own name (as quote below).



Eligibility - UK resident personal customers aged up to 16 years (but accounts can continue following the child's 16th birthday).