Children's Accounts

surreysaver

pinkdalek wrote: »

If someone doesn't explain something to you why don't you ask them the questions in order to get the answers you are looking for?

Until the child is 16 the controlling adult who opened the account is also a signatory on there and can transact on the child's behalf.

Halifax accept accounts for children irrespective of their parent's relationship with the Halifax. Many banks out there don't want to know childrens accounts unless you are willing to bank with them too. So how can you comment about Halifax's attitude to young savers when they are willing to open accounts for anyone?

Hardly a nightmare really is it?

How do I know I need to ask questions when they change their policies without volunteering the information? Although parents can be signatories on their children's accounts, they write to the child, rather than the parent.

pinkdalek

surreysaver wrote: »

no good if they're not entitled to a junior isa!

not the banks' fault!

pinkdalek

surreysaver wrote: »

How do I know I need to ask questions when they change their policies without volunteering the information? Although parents can be signatories on their children's accounts, they write to the child, rather than the parent.

Well fine have that stand, because nothing else in life ever changes does it?

They write to the child because it is the child's account. How else are the youth of today expected to learn how to understand banking and saving and appreciate monies if they grow up thinking mummy and daddy will do everything for them.

carla_004

peatles wrote: »

Thanks everyone, I do have a Lloyds account so I will investigate in there. Halifax annoyed me because they didn't explain anything at all so probably poor service rather than annoyance of no passbook!

I was annoyed at having no card/passbook or ANYTHING to get int my child's account! VERY frustrating when I once forgot her birth certificate, walked home in the rain to get it, swapped bags and left my passport at home gaah!!

:eek: :mad:

ses6jwg

I have a young saver account with lloyds which i am the trustee on and they let me withdraw £2500 cash with just the sort code and account number and a signature.

I was pretty shocked actually.

surreysaver

pinkdalek wrote: »

not the banks' fault!

Didn't say it was... Although they could offer similar products with similar terms for those that are not entitled.

opinions4u

ses6jwg wrote: »

I have a young saver account with lloyds which i am the trustee on and they let me withdraw £2500 cash with just the sort code and account number and a signature.

I was pretty shocked actually.

You're not the trustee.

They don't offer trustee accounts.

surreysaver

pinkdalek wrote: »

Well fine have that stand, because nothing else in life ever changes does it?

They write to the child because it is the child's account. How else are the youth of today expected to learn how to understand banking and saving and appreciate monies if they grow up thinking mummy and daddy will do everything for them.

Calm down dear. You needn't worry, as I'm moving my finances away from Halifax to somewhere that suits my needs better anyway. Sorry to have a differing opinion and experience to you...

And how can a 3 year old understand letters sent by a bank, or for that matter a 14 year old be expected to manage a large sum? They have accounts with smaller amounts in to teach them how to manage their finances. Don't worry how my children are educated - I'm perfectly capable of arranging that!

surreysaver

opinions4u wrote: »

You're not the trustee.

They don't offer trustee accounts.

Which they do not make clear to their long term customers who they have allowed to be trustees in the past.

opinions4u

surreysaver wrote: »

Which they do not make clear to their long term customers who they have allowed to be trustees in the past.

In March 2011 they wrote to all customers introducing a range of changes to T&CS.

They made the change clear in that communication.

While, like you, I prefer the old Halifax trustee approach, the difference between then and now isn't something that bothers me much. I'm more irritated by the lack of phone and Internet servicing than I am by trustee status.