trust account for children

grant1966

can anybody help me. my daughter (9) has just been awarded £1500 compensation following a car accident. We have been told that we have to open a trust account for the money to be paid into. I have spoken with my local Lloyds tsb and after they researched this for 24 hours, they got back to me and said that these accounts no longer exist, at any bank. which i believe to be untrue. Anybody anywhere got any advice / help for me, it would be greatly appreciated, ps we have to forward details of this account within 2 weeks.

Too_smart_to_be_an_IFA

It's more a legal feature than an account feature; your best bet is to speak to a solicitor here.

rb10

grant1966 wrote: »

I have spoken with my local Lloyds tsb and after they researched this for 24 hours, they got back to me and said that these accounts no longer exist, at any bank. which i believe to be untrue.

What they have told you certainly is untrue.

Too_smart_to_be_an_IFA wrote: »

It's more a legal feature than an account feature; your best bet is to speak to a solicitor here.

Nonsense.

Your best bet is to go to a bank that does offer trust accounts, e.g. the Save4It or Guaranteed Reserve accounts from Halifax.

Bob_Bridges

Hope this helps.
1) Who told you that you need a trust account ? Go back and question them as to what they mean.

2) If you do need one, look at
http://www.caterallen.co.uk/SpecialistBanking/AccountDetails.aspx?pid=50

Best of luck,

Bob

System

LloydsTSB do general-purpose accounts suitable for clubs, small non-business organisations, etc.
I wanted to open an Executors account. They advised opening one of these. Later I needed a Trust account.
You can call the account anything you like - an account is an account, ie somewhere safe to keep the money.