Savings account for children

ghandi

Looking at a savings account for two children and after suggestions:

Children are aged 13 & 16; have between £2k and 4K each.

Can't have a parent able to withdraw money, ex wife stipulates this but can't suggest an account where this is achievable i.e no trustee.

Can't be a JISA or CTF; they already have full JISA contributions this year.

Children allowed access at 18.

All I can think of are fixed rate bonds with no withdrawls; a 2 year and a 5 year.

Any other suggestions welcome.

Thanks

HappyMJ

ghandi wrote: »

Looking at a savings account for two children and after suggestions:

Children are aged 13 & 16; have between £2k and 4K each.

Can't have a parent able to withdraw money, ex wife stipulates this but can't suggest an account where this is achievable i.e no trustee.

Can't be a JISA or CTF; they already have full JISA contributions this year.

Children allowed access at 18.

All I can think of are fixed rate bonds with no withdrawls; a 2 year and a 5 year.

Any other suggestions welcome.

Thanks

Who is contributing?

The stipulation that neither parent can withdraw and the child cannot have access either makes it difficult as you've said you need a trustee.

I would help the child open a current account and transfer the money straight into that from the contributor's current account but the child would get a debit card and be able to access it straight away.

If neither parent can access the money I would personally just save it in the name of the person contributing and then give it to them as a cheque on their 18th birthday.

ghandi

HappyMJ wrote: »

Who is contributing?

The stipulation that neither parent can withdraw and the child cannot have access either makes it difficult as you've said you need a trustee.

I would help the child open a current account and transfer the money straight into that from the contributor's current account but the child would get a debit card and be able to access it straight away.

If neither parent can access the money I would personally just save it in the name of the person contributing and then give it to them as a cheque on their 18th birthday.

The money already exists in Nationwide Smart2Save accounts, where ex and I are both named trustees. She doesn't want us (actually - me) as trustee on the accounts, as she thinks I am like her (untrustworthy). I can't access the money without her permission as she put the accounts into dispute (after doing what she wanted with them); so any options I offer have to meet her 'approval'.

She can't offer any suitable accounts as apparently that's my job!

I did offer to split money 50/50 and I would invest/save as I saw fit and she could do the same; I have only been saving/investing for over 30 years; she has been spending/borrowing for 20 years. But no, she doesn't want that as it means I have 'control' over some of the kids money.

So a fixed rate bond with no access still looks like the best option.

Freecall

ghandi wrote: »

I have only been saving/investing for over 30 years; she has been spending/borrowing for 20 years.

Sounds like a partnership made in heaven.

Each contributing their natural and complementary skills.

xylophone

Why not have the children open the Smart Limited Access in their own names and then transfer the money into their JISAs on 6.4.17?

http://www.nationwide.co.uk/products/savings/smart-limited-access/features-and-benefits

ghandi

xylophone wrote: »

Why not have the children open the Smart Limited Access in their own names and then transfer the money into their JISAs on 6.4.17?

http://www.nationwide.co.uk/products/savings/smart-limited-access/features-and-benefits

Interesting. Thank you.

ghandi

Freecall wrote: »

Sounds like a partnership made in heaven.

Each contributing their natural and complementary skills.

If only there was an emoji for 'you don't know how wrong you are'.