Old Abeey child saver passbook - "You cannot touch the money"

Goldiegirl

action_saver wrote: »

If that is the case what is the point of having my name on the account in the first place? It may as well been my fathers only.

Your account was opened in trust for your father for you, as you were too young to operate an account for your self.


So your father now needs to withdraw the funds for you, or sign over the account to you.


So you need to start speaking to him again or forget about the money.


Sorry if this isn't the answer you want, but it is the answer to the situation

rach_k

I have a savings account with my daughter's name on it but it is legally my account. Her name is on the account so if somebody sends her a cheque I can pay it in but she can't withdraw the money herself and she won't be able to once she's an adult either. I wonder if it's the same kind of set up with your account?

grumbler

action_saver wrote: »

If that is the case what is the point of having my name on the account in the first place? It may as well been my fathers only.

Besides the reasons mentioned above, the interest is tax-free.

henm2

action_saver wrote: »

If that is the case what is the point of having my name on the account in the first place? It may as well been my fathers only.

So that any cheques payable to you can go into the account. However for any withdrawals only your father can do that. This is the same position with any trustee account or beneficiary account and the bank is correct on this occasion.

xylophone

Look at the passbook - does it say J Bloggs trustee or on behalf of daughter's name?
If so it is in the name of the father - end of.

OP indicates that this is the case. (Post 1)

With a bare trust, the child is always the beneficial owner of the account- the child becomes absolutely entitled to access and control at the age of 18 (16 in Scotland) and the Trustee cannot legally refuse.

If an R85 had been registered on the account, it would (or should) have been rescinded when the child turned 16 - the Trustee parent would then have had to reclaim any overpaid tax on Form R40. See http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

I have a savings account with my daughter's name on it but it is legally my account. Her name is on the account so if somebody sends her a cheque I can pay it in but she can't withdraw the money herself and she won't be able to once she's an adult either. I wonder if it's the same kind

If this is a designated account this may be the case.

However, if this is a bare trust account, see above.

themull1

Own_My_Own wrote: »

Why is that relevant ?

Why do people on here have to know an OPs live story before they offer any help ?

I don't speak to certain members of my family, and the reasons are my business. I certainly wouldn't be posting the reasons on an open forum.

I don't give a monkeys chuff about the life story of the OP, i was asking a simple question. I'm suprised with that sort of response, anybody talks to you.

tommytiger1985

The account would have been opened in trust by the father as sole signatory. The daughter, would have no interaction on the account at all.
In order to obtain the funds, the father will need to go into a branch and either arrange for the account to be closed or signed over to the daughter.

So yes, the branch was quite correct.

Goldiegirl

themull1 wrote: »

I don't give a monkeys chuff about the life story of the OP, i was asking a simple question. I'm suprised with that sort of response, anybody talks to you.

I thought it was a very relevant question. If the father had died, or maybe mentally incapable, the OP could have been advised to approach the executor or power of attorney. So, yes, it was a good question, and you certainly didn't deserve the response you got for asking it!

innovate

grumbler wrote: »

Besides the reasons mentioned above, the interest is tax-free.

It is a common misconception that interest on children's accounts is automatically tax free.

Children have a tax free allowance like everybody else and their income from interest is subject to the same taxation rules applicable to everyone else. This means that in the vast majority of cases their interest will be way below the limit (personal allowance plus initial savings allowance). Banks may offer to pay the interest gross without an R85 but not all do.

antrobus

rach_k wrote: »

I have a savings account with my daughter's name on it but it is legally my account. Her name is on the account so if somebody sends her a cheque I can pay it in but she can't withdraw the money herself and she won't be able to once she's an adult either. I wonder if it's the same kind of set up with your account?

xylophone wrote: »

...If this is a designated account this may be the case.

However, if this is a bare trust account, see above.

I suspect the latter. After all if someone was in possession of cheques made payable to their daughter, and paid them into a designated account in their own name, and asserted that their daughter had no legal right to the money, they would be guilt of theft.:)