Opened a savings account in joint names for our child

helsb

Hi

I dont know whether this is the right forum for this question if it's not can someone please send me in the right direction.

My son is now nearly 11 and when he was born his father and myself opened a saving accounts in joint names. In the savings book it says my name and my ex's name then underneath that

Re...then my son's name.

We have since split and my son is no longer in contact with his dad and hasnt been for the last 7 years. What I would like to know is how can my son (when the time is right) access this account will he need both parents signatures or will be be able to access it without either of us.

I hope this makes sense please feel free to ask additional questions if it will help to answer my question

thanks

Reaper

Specialist child accounts are set up in trust but I don't think that is what you have here.

It sounds to me like you have a simple joint account owned by the parents. The "Re" bit is irrelevent. It could say "holiday fund" or anything.

Joint accounts work in one of 2 ways. It could be that it takes both your signatures to withdraw the money or just one.

Your first step should be to ask the bank what kind of account you have. If it takes a single signature then you have no problem and can withdraw the money and hand it over to the child any time you want.

Also check whether I am right about it not being a trust child account. If I am wrong then it will have a rule about when the trust ends and the child gets the money.

helsb

Hi many thanks for replying

I have taken the book into the bank and your right it isnt a trust account. Also the bank has confirmed that both signatures are needed to withdraw any funds from the account, but couldnt or wouldnt give me any further information regarding what I can do about giving my son the money when the time comes.

anyway many thanks for your help!

Helen

Reaper

At least that is cleared up, but I'm afraid you are going to find it extremely difficult to get the money out without your ex's signature.

The whole idea of this kind of joint account is no one person can remove the money without the permission of the other, so you can expect the bank to insist you follow the rules.

When you want to withdraw the money (now or anytime) I think you or your son will have to contact the ex to get them to agree the withdrawal.

3Dogs

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