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childs bank account

lor6126 · 2014-01-06 20:00:32

two years ago i opened an account in my grandsons name into which i pay roughly £15 a month. He is eleven and i plan on giving him his bank card on his seventeenth birthday. Hopefully this will enable him to tskr driving lessons and/or buy his first car. I am off work ill at the moment and its looking like they are going…

Comments

xylophone Posts: 45,735 Forumite

7 January 2014 at 1:20AM

two years ago i opened an account in my grandsons name into which i pay roughly £15 a month.

The parent signed any R85? http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/
Re what happens in this respect when a child turns 16.

You need to establish who is the beneficial owner of the money in the account. Is it you or is it the child with you as bare trustee?

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