Accounts in child's name - how does it work ?

property.advert

Say I want to put some money in an account for my child. How does it work ? Can I get the money out or is it locked away until the child is older ?

We are talking about a 3 year old child here.

ESKIMO

In short it depends on the individual accounts' specs.

Some Trust Funds have 'instant access' others are locked away indefinately until the child reaches the age of 18.

It is certainly worth considering regular savers. You should get a reasonable Return On Investment in comparison to Bank Of England Base Rate.

Reaper

Presumably you have a Child Trust Fund account already (the thing the government's £250 voucher went into). The simplest option is to add to that - you can put up to £1200 of your own money in each year.

EDIT: Just realised this is another 5 week old thread Eskimo has dredged up again.