Can I do this?

Smiley01

My son is paying me rent whilst he lives at home. What I would like to do is put it into a savings account in his name for him so that when he eventually lives home (!) I can give him the paying in book, or whatever, so that he has access to it.
I would like to do this without letting him know so that it is a surprise for him.
Can I do this?

jimjames

I guess (maybe wrongly) that he is over 18.

If that's the case then you probably can't open an account in his name. Just open one in your name and put the money in that. You can get 5% using a TSB current account.

Smiley01

Thanks for that.
Yes you guess correctly he is 21 on 31st May.
Ok great I'll have a look at the TSB account

xylophone

You can get 5% using a TSB current account.

Only on up to £2000 and only if you can pay in £500 a month, although this can be moved out immediately.

Archi_Bald

It is actually £4,000 since you are allowed 2 of these. Or even 4, if you can open joint accounts. So could be £8,000.

Onawingandaprayer

Smiley01 wrote: »

My son is paying me rent whilst he lives at home. What I would like to do is put it into a savings account in his name for him so that when he eventually lives home (!) I can give him the paying in book, or whatever, so that he has access to it.
I would like to do this without letting him know so that it is a surprise for him.
Can I do this?

Aaaah!. He's a lucky chap! 😂