Joint savings account for kids

mrssarahh

I have a savings account for my son with HSBC with about £100 in it. My daughter has been given a cheque, so I need an account for her too. I would like to open a joint account for the two of them and put all their money together (basically he got given more than her when he was born, being the first, this way is fairest I think).

Trouble is I can't find anywhere that does joint savings accounts for two kids! They are both under 5 so it would be controlled by me.

The one place I have found (local building society)treated my Mum so badly when she asked if she could open it for me, that I have been put off!

Has anyone else opened joint accounts for their kids?

xrjtg

I'd caution against joint accounts in a case like this. It's not so much of an issue now, but once they have control over the account it's important that you understand what joint means: not that half of the money belongs to each of them, but that either of them have total control over all of the money, and can withdraw and spend it at any time.

I'm not suggesting that you should be worried about one of your children taking all the other's money, only that, if it's what you really want to do, you'd be better off opening separate accounts and splitting the total sum (or, even better, topping up the second as and when you're able).

mrssarahh

Thanks for your help. I think topping up the second account is pretty much out of the question for a good few years! Also we are only talking £150 max, with probably £10 or £20 a year paid in. I don't even intend on telling them about the account! When they are old enough to control their own money I will draw the money out and split it then. I just wanted one place to pay in a few birthday cheques.

McKneff

I would really suggest you open separate accounts.

Its all very well you splitting it between them (how much time is between the two of them) but the older one
should be entitled to more, apart from anything els, can you imagine keeping it secret and then when the older
one get to 18 and say the younger one is 16, the older one would probably oject to having to wait till he
has to have turned 18 and the younger one is just 16, do you see what i mean.