Bank Account Info

julesyc

I opened and NS&I account for my nephew 5 years ago, I pay a direct debit every month into the account. My nephew knows nothing about the account nor does his parent’s. I now need to close the account and move the money so I can get better interest. NS&I are saying that only my nephew can close the account because the account is in his name. Because I want to keep the account a surprise is there anything I can do to close the account myself, I have the bank book.

JuicyJesus

If NS&I say no, then the answer is no.

pmduk

I don't see how you can even open an account in someone's name without their knowledge. It goes against all of the Government's anti-money laundering regulations.

jalexa

julesyc wrote: »

... I now need to close the account and move the money so I can get better interest. NS&I are saying that only my nephew can close the account because the account is in his name. Because I want to keep the account a surprise is there anything I can do to close the account myself, I have the bank book...

Refer to Paragraph 39 of the Terms and Conditions...

Children

39. Withdrawals from an account held in the name of a child under 7 years of age will only be paid to a person who satisfies the Director that he or she is a proper person to receive payment. This will normally be the person with parental responsibility for the child. If there are two such persons the Director may ask both to sign for any withdrawals. Once the child reaches the age of 7, only they can authorise withdrawals.