My 14 year old daughter and a £20k inheritence help

TheFringe

Hi.
I'm new to the forum so hope this is in the right place? I've searched and couldn't find the answer so thought I would ask a direct question.
My wife uncle passed away last year. This week we have received some surprise cheques through the post for my wife and I, my older daughter and my 14 year old daughter. No problems with the first 2 both now in bank.
The problem is the cheque for my 14 year old is in mine and my wife's name "as trustees of" my daughter.
We've taken it in to HSBC and Lloyd's who say they can't help us with this type of account.
Any ideas on where we can go with this to get the best deal for my daughter. She's alowed to have the money on her 18th birthday.
Thanks in advance

mark5

I would try an old school building society.

Stuart_W

Yorkshire Building Society would accept this for their one day account, you are trustees of the account until she is 18. Interest rate was 1.75%, about to reduce to 1.5%. You even get a passbook - like the old days!

I'm sure other options may pay more but I just wanted to confirm these accounts are available.

Westie983

How is the cheque written? does it mention all three names?

Could put it into a halifax young saver opened in your daughters name with you as trustees, then you can open a fixed account for 3/4 years to mature when she is 18.

TheFringe

Thanks for the ideas so far, it gives me plenty to look at tomorrow . Yes Westie all three names are on the cheque. IT says Mr A & Mrs B as trustees of Miss C.

xylophone

Try Virgin money child account - you and your husband can hold this account in bare trust for your daughter.

You will notice that there is a specific question about the account remaining in trust after the age of 16.

http://uk.virginmoney.com/virgin/savings/learn/childrens-accounts/

Or a Nationwide Smart Limited Access might suit.

Does your daughter have a JISA?

Once the cheque has cleared, you could take up to £4080 and deposit it in the best paying JISA - The Nationwide offers 3.25%.

You could do the same in 17-18/18-19/19-20 and 20-21.