Saving for Children but retaining control

schoey123

Hi,

I'm starting a saving fund for my newborn son.

I'm looking for advice on how i can retain control of the fund. As i understand it any account i open in my son's name will pass to his responsibility when he is 16 or 18.

I want to help my son use the fund at it's maturity in a responsible manner and help him make the right decision i.e. uni fees, house deposit etc.

If i was to open a account in his name is there some formal handover where he would require my signiture to access the funds ?

xylophone

http://www.direct.gov.uk/en/moneytaxandbenefits/managingmoney/planningyourpersonalfinances/dg_10013916
http://www.hmrc.gov.uk/tdsi/children.htm
You will note the "£100 (per parent) rule" about saving for children.
This does not apply to the JISA.
Once a child becomes 18, he is absolutely entitled to money in a bare trust. If you do not want to hand over money to your child until you are ready, you might just regard your isas as "earmarked' for your child and make him a gift at a time of your choosing.