Trust account..... !!!!

ButtonMoon81

Hi ! I am totally new to this and I've never posted on a forum before in my life so please excuse me if I do it completely wrong :mad:

I really need some help...my daughter is due to receive some inheritance (11k) from her late father through the court (we were never married) and as she is only 14 it will go into a trust account until she is 18. The money automatically goes into the court account which is only 0.5% per annum !!!:eek: I asked my solicitor if I could ask the court to consider another account if I could find one with a better interest rate, he said this should be fine if the account is secure until she is 18 (even I cannot be allowed access to it, I presume this is to protect the child's inheritance from awful parents!)

I have almost gone insane looking...I have found junior ISAs which looked good until I found out that the maximum you can put in per year is £3700 (I asked my solicitor if the court could transfer this amount each year until all her money was in the account but was told no, it all has to go into one account) Child trust funds don't seem to exist anymore and any other child savings account seems accessible in some way, some say is is locked until your child is 18 but you can 'close is early' and therefore the court would deem it as unsafe.

please help.... !!!!:o

InsideInsurance

I dont think the child trust fund, now the Junior ISA, is/ was a true trust account but instead a savings vehicle to encourage parents to put money aside for their kids.

Looking at some of the generic trust funds all are paying under 0.5% and some charge annual fees.