Savings account for my daughter

Barge360

Dear all

For 18 years I have paid a monthly sum of money into an investment account for my daughter. She is now at University and I would like to close the account and give the money to her.
The problem is that her mother is a named account holder. She has never contributed to the account in any way (I can prove this with statements), but is now refusing to sign her portion of the release forms to close the account.
I have a suspicion that this may be because she lives abroad and has paid no UK tax for many years, accordingly the investment trust fund have sent her income forms connected with her financial doings which she does not wish to disclose, none of which bare any relevance to me or my daughter.
Is there anyway I can move forward with this extremely frustrating situation?

Kind regards and seasons greetings

Eco_Miser

Can you withdraw all but a nominal amount without closing the account?

CavendishWobble

Each account will have different T&C's have you checked these?

Without knowing the account, if it requires both parties to agree to release the funds and one of the parties is not 'playing ball' (regardless of who has paid what in) then you would need to raise this as an issue with the bank. It would then normally be up to the bank to resolve through an exceptions process so if the other party complains about the funds being released the bank has the rationale for doing so (i.e. enough effort had been made to contact the other party etc)

In a nutshell if it is not in the T&C's then raise with the bank

Alexland

Is your daughter a named account holder in which case if she is over 18 she may be able to at least withdraw? Or is this just a savings account in the mother's name in which case it would on paper look like a gift to the mother...

xylophone

Is this an investment trust savings plan in the names of you and your ex wife designated with (say) your daughter's initials?

A plan in the name of your ex wife only but designated with (say) your daughter's initials?


A plan in the sole name of your ex wife?

A plan held by either or both of you in bare trust for your daughter?