Halifax young/regular saver trustee question

dreyfuss

Hi,

My mum opened the above accounts as a trustee to my children a few years ago then last year she was told that as both children were now over 7 she could no longer be trustee (but could continue paying in monthly) or discuss/access the accounts.

So she got the statements sent to me so at least I could see what children have. I've recieved a statement for the accounts today with my name and address on it, no mention of which child it belongs to and when I phoned Halifax up they (naturally) couldn't tell me anything! However he did say you can be trustee til 16/18!!! (Mine are 12 & 9)

Should my mum still be trustee & getting statements?
If not, should the childrens names be on statements?

All seems pretty odd to me?!?

Thanks for any advice in advance

xylophone

http://www.halifax.co.uk/savings/accounts/kids/kids-regular-saver/

https://www.halifax.co.uk/savings/accounts/kids/young-saver/

It would appear that your mother has opened an account for each child (in branch presumably) and remains the Trustee.

surreysaver

I've given up using the Halifax for children's accounts. They're just really difficult to deal with. The staff seem to be as poorly trained as they always were and lack product knowledge.

SevenOfNine

I'm still trustee of both our grandsons accounts (they are 7 & 9), but they can access the a/c's themselves as well once turned 7 with a cashcard (yeah right, like I'm going to let that happen!). I told Halifax no when the older one turned 7 & he never received one, neither has the younger one now either.

Their names & address are on the statements for Young Saver & Monthly Saver - though I also have statements printed for me in branch with no problems as trustee. It was never my address on the accounts, I was not allowed to open them like that - absolutely not & I recall being told that quite clearly (opened in branch), perhaps an error was made when someone allowed your mum to do that?

As far as I know the children do not (& never have) received regular statements anyway, only annual interest summaries which DiL forwards to me.

dreyfuss

Thanks for the replies. Think I'll try to sort it out with the branch re statements with their names on. And agree I am happy for them not to have access, lego and sweets coming out their ears otherwise!

Thanks again :j

Westie983

When were these accounts opened? the accounts Young and Regular Saver are opened in the childrens name with a nominated adult to transact on the account.

accounts used to be opened in the nominated adults names (one or two) and the childrens names were entered on the third line of the account. EG

Mr & Mrs Westie
Re: Miss Westie

Either way you are always the controlling adult regardless of the age of the child.

Regular saver will change to a young saver when the year is up and then you start again.

Westie983