Halifax Save4It Accounts queries

wildballoonlady

My mother-in-law has opened (some time ago) Halifax save4It accounts for my children which she kindly pays into on birthdays. After the age of 7 are they allowed access to these accounts and would they need own pass books?

Do these accounts mature at say age 16, if not what happens to the account long term? Thanks.

opinions4u

It depends how the account is held.

Most likely it is M-I-L as trustee for child.

Assuming that is the case then M-I-L is the one who makes the decision as the when the child gets access to the money. It could be age 7,16,21 or any other number you wish to pluck from the air!