Need a childrens saving acc locked in till 18

enjaypcbee

Hi - we need to open a savings account to pay in some funds awarded to our 5 year old by the court (after a car accident where he suffered from a whiplash injury). The court usually hold on to the money but said if we open an account that is locked and the money can't be withdrawn until the child is 18 they will give it to us. Anyone know of a quick way to open this kind of savings account? All the accounts I find from internet searching allow easy access - we have to prove that we can't access the funds and nor can our son!

Thanks.

RuthnJasper

In different circumstances, my parents opened a Post Office Savings Account for my nephew when he was born 8 years ago and one for my niece when she was born 4 years ago. Have a look here - http://www.postoffice.co.uk/saving-your-children-and-grandchildren - but probably most savings account providers do something similar...

Best wishes - hope your little lad won't suffer too much lasting distress from the accident. xx

martinman3

Have a look at the "18 club" account from Harpenden BS which has a good rate and no access until 18.
http://www.harpendenbs.co.uk/savings-childrens.asp

trulys

Presumably the child has a Child Trust Fund, so you could add money to that (£3,600 per tax year). That's untouchable until they're 18. The Government were hinting that they might allow future transfers from CTFs to Junior ISAs, so if they allow that to happen, you can then move the money around for better rates as and when necessary. The Furness BS have a good rate at the moment of 3.05%. Its easy to move your existing CTF to another provider - they do it all for you, so check the current rate offered by the child's existing CTF.

enjaypcbee

RuthnJasper wrote: »

In different circumstances, my parents opened a Post Office Savings Account for my nephew when he was born 8 years ago and one for my niece when she was born 4 years ago.

Best wishes - hope your little lad won't suffer too much lasting distress from the accident. xx

Thank you - will check out the post office options! And my little boy is fine, thank you - he recovered quickly and just kept asking a million questions about "why" the man in the other car didn't stop! But that was a year ago, and we've now moved on to questions about road signs, speed limits etc etc!:)

enjaypcbee

trulys wrote: »

Presumably the child has a Child Trust Fund, so you could add money to that (£3,600 per tax year). That's untouchable until they're 18. The Government were hinting that they might allow future transfers from CTFs to Junior ISAs, so if they allow that to happen, you can then move the money around for better rates as and when necessary. The Furness BS have a good rate at the moment of 3.05%. Its easy to move your existing CTF to another provider - they do it all for you, so check the current rate offered by the child's existing CTF.

Ok - yes we do have a CTF - hadn't thought about the option of adding this money to it. Will also look at the Furness BS. Thanks!

RuthnJasper

enjaypcbee wrote: »

Thank you - will check out the post office options! And my little boy is fine, thank you - he recovered quickly and just kept asking a million questions about "why" the man in the other car didn't stop! But that was a year ago, and we've now moved on to questions about road signs, speed limits etc etc!:)

Smart boy - sounds like he'll go far! MUCH further than the prat who didn't stop.

Good on your brave little treasure, and every good wish to you all. x

thenudeone

Any Junior ISA account is untouchable until age 18 (but can be transferred to another Junior ISA AFAIK).

enjaypcbee

Thanks everyone - job done now! Thanks for the help!