Children's savings account with two trustee's

muffins

Does anyone know of any savings accounts that require two signatures because both parents are trustees?
I am in the last stages of a divorce, my soon to be ex and me have savings accounts for our children. These accounts have him as the trustee, I have requested that we both are trustees so that it requires both of us to withdraw the money. Savings of £100 a month are paid in.
Are there any?
Thank you

Westie983

I think Nationwide still allows such accounts to be open in trust, Halifax used to, but now the accounts are opened in the children's name with a controlling adult, so wouldn't suit your circumstances.

I think you may struggle, as two trustee names indicate a passbook type account, (three names on a card account is rare and any of the named holders can withdraw)

Passbook accounts are few and far between now, maybe worth looking at a building societies, so check out some of their websites.

Also if the account is already opened in one name, to add youself and to change the mandate to both to sign you may find you have to close and reopen the account which may add to the issues, if a like for like account is not available.

I assume you can keep the account that is already opened, but not make any changes, what type of accounts has your child got that has your ex husband to be as a trustee?

ratechaser

We use the Nationwide for exactly this purpose (inheritance money held in trust by 2 executors). The 3% on their limited access Smart account means that it's also not that bad an option

xylophone

There should be no problem about holding a bank/building society etc account in the name of both parents/trustees of the children.

The CTF/JISA has one "registered contact" but only the child will be able to access these funds at the age of 18.

As parents are providing the capital for these accounts, they should be aware of the "£100 rule" - (does not apply to CTF/JISA).

https://www.gov.uk/savings-for-children

muffins

Thank you for your replies, I have emailed Nationwide to see if they can help.
At the moment the accounts are all held in my ex's name, I am worried because he totally gives in to our daughter and he will let her have money whenever she asks! These savings are for specific purposes once they are over 18, so I want to be a mutual agreement.
Thanks again

xylophone

These savings are for specific purposes once they are over 18,

If the savings are held in bare trust for the children, then the children have the right to access and control at the age of 18 and they may use them as they wish.

Don't forget the £100 rule regarding interest on savings provided by parents (outside tax privileges schemes (CTF/JISA etc).