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Halifax Childrens Account
Frisbos
Posts: 3 Newbie
Hi all,
Could someone please explain me what exactly it means to be a trustee? If I were to open up such an account for my child could I still access this money after the account matured and invest the funds in something else or is this account "frozen"? Are there any tax implications if I take the money out of the account after it matured?
Thanks!
Could someone please explain me what exactly it means to be a trustee? If I were to open up such an account for my child could I still access this money after the account matured and invest the funds in something else or is this account "frozen"? Are there any tax implications if I take the money out of the account after it matured?
Thanks!
0
Comments
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No it isn't frozen. The money is swept out, on maturity, to a Save4it account ..... you have to open at the same time as the Regular Saver.
As 'trustee' you have complete jurisdiction over the money - and can move it out of the Save4it account to wherever you choose.If you want to test the depth of the water .........don't use both feet !0 -
You as the trustee means you can move it out of the account whenever you like
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