A little bit of advice needed -Opening an account

mol3

Hi

Not sure if this is the right section for this but I thought other people on DMP's may have more knowledge on this.

I need to open an account for a child, I would need to be a trustee for them but I am on a DMP.

Does anyone know if this will be a problem. From what I can make out the account will be in their name so although a trustee it shouldn't be associated with me - is that correct?

Many thanks

mum2one

I'm a trustee on my daughters accounts - she has them at a bank that I don't owe any money to - just a precaution as the account trustee u can withdraw the money yourself.

Xx

mol3

Thank you mum2one.

I will do it with a bank not associated with in any way so that should then be okay.

It's something I've been putting off doing for worrying over it. I wont' be taking any of it out just paying it in when they get given some.

National_Debtline

Hi

In addition to mum2one's advice, if you’re worried about being able to open a bank account from a credit scoring perspective just try opening a basic cash account. There is a useful MSE article here on basic bank accounts:

www.moneysavingexpert.com/banking/basic-bank-accounts


James
@natdebtline

mol3

Thank you for the link James, it wouldn't be a current account as they are under 12. I just want somewhere to keep money given instead of presents so I guess it will be okay for me to open it for them and make sure it is in their name and not mine.