childrens saving accounts

sadnblue

Can anyone advise me on what happens to childrens building society accounts , child trust bonds and bank accounts if they are held in the parents names on behalf of the child, if you go bankrupt can they take it away ? Thankyou .

Doucam

sadnblue, I believe that no they don't take it away as it is for the children, they haven't taken my boys away anyway.

Also, I believe that some banks/building societies do close them on the strength of the parents br, and it is then very hard to reopen one for the children.

But I am sure someone more knowledgeable will be along soon.

tigerfeet2006

Just to back up what Doucam has said and to add that the worst bank for closing childrens accounts down if the parents are BR and had an account with them are Halifax.

Doucam

Thanks tigerfeet, my youngest's child trust fund is with the Halifax, could that be a problem?

tigerfeet2006

Do you have an account with them?

Angiepange

Hi

My kids have a few accounts between them. Their accounts with the Halifax (we were trustees on these accounts) were closed by the Halifax shortly after our BR (we have never had a Halifax account ourselves).

However their other bank accounts which are in their own names (Nationwide and Abbey) have been left alone and they have had no problems using them.

Angie x

tigerfeet2006

Hmm! seems they are closing accounts anyway. Thanks for the reply Ange. There is your answer Doucam.

Doucam

No I don't, we never had one, just his child trust fund one, you know the one where you get the voucher from the government?

Doucam

Angie, were they 'normal' savings accounts? or the child trust fund ones?

Our boys accounts are with the Dunfermline, they don't seem to have closed them, but then I just realised they don't have our new address so I wouldn't know would I?!

tigerfeet2006

Seems they will close it as it is linked to a BR.

Doucam

Oh crap Would they send the money made out to us I wonder?

But then are there issues with the OR as we would essentially be getting a fair bit of money.

Or, can anyone open a childs account for a child? ie could hubbies uncle open one for the youngest child?

He has a savings account but that isn't accepting payments anymore, it seems to be a thing the Dunfermline do, they close savings accounts and you need to open a new one, it is annoying! But if Uncle A could open one, he is down here in June so could do it at the local branch then that would sort it out no bother, until he is 10 then he can do his own.