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What to do with money for 5 yrs for 13 yr old
winebox
Posts: 1,129 Forumite
I'm getting tied up in knots with this so have come to the experts!
My daughter is 13 this month & has just been awarded a sum of money (£17k but some costs still to be deducted) as a result of a compensation claim. The money is awarded to her & NOT me & is held by the courts until she comes of age ie 5 years from now. As the court's "special account" offers all of 0.5% interest (variable; it could go down!) the judge agreed at the hearing that if I can give the court details of an account with a better interest rate that can definitely be accessed by her alone in 5 years time they will move the money there (result!) :money: but it's proving difficult....she can't have a 5 year bond in her name, it has to be a child's bond which is only available until age 16; it's the court who actually invest the money & I have to furnish them with details of an account which is strictly for her only. tbh I don't know if they'd do it online or by post; every time I speak to my solicitor costs will be deducted from the award!! Not sure if he'd know anyway. Equally I don't know if they would accept a 3-year bond & I don't know what happens after 3 years to the money, my daughter can't have it & I don't know how much admin I can expect the court to agree to carry out. I'm scared to ask for too much in case I get their backs up & it stays in a 0.5% account.
Any bright ideas?
My daughter is 13 this month & has just been awarded a sum of money (£17k but some costs still to be deducted) as a result of a compensation claim. The money is awarded to her & NOT me & is held by the courts until she comes of age ie 5 years from now. As the court's "special account" offers all of 0.5% interest (variable; it could go down!) the judge agreed at the hearing that if I can give the court details of an account with a better interest rate that can definitely be accessed by her alone in 5 years time they will move the money there (result!) :money: but it's proving difficult....she can't have a 5 year bond in her name, it has to be a child's bond which is only available until age 16; it's the court who actually invest the money & I have to furnish them with details of an account which is strictly for her only. tbh I don't know if they'd do it online or by post; every time I speak to my solicitor costs will be deducted from the award!! Not sure if he'd know anyway. Equally I don't know if they would accept a 3-year bond & I don't know what happens after 3 years to the money, my daughter can't have it & I don't know how much admin I can expect the court to agree to carry out. I'm scared to ask for too much in case I get their backs up & it stays in a 0.5% account.
Any bright ideas?
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