Childrens savings - sad story

barfordboy

Hi, in 2004 i put £2000 into my then young sons account many years ago, when my other two were later born with different mum my first child was asked if he would mind sharing half between the other two, he was happy to do so and also have a new brother and sister.

I didnt even think about it until many many year later and now i have 14,9,7 year olds and the younger twos mum asked me to get the books updated as they were using a passbook and it would be a great idea to not let them have the money until 17 to use for driving lessons, brilliant idea i thought. I then asked my 14 year olds mum for the book for him.

So, as it went on, , sadly this amazing mum has lost the plot and spent the lot on crack cocaine !! A complete shock but thats reality, my two younger children live with me full time and now the older one is now with me also as a consequence

I then devised a plan to make sure that he also has some money and the two younger ones offered to share their money with him as it was him who shared in the first place.
I ended up with 3 cuddly teary children but good lessons learnt, i did blag it a bit as of course i will put the same £550 in the older ones account not take it from the younger ones.

So here we are and i dont want them peeing it up the wall as it stands they can remove it from age 7 in this account, oh no no no !!! I want it locked away until they are 17, not 18, 17, at 18 i will have already paid for their driving and then they will pee the money up the wall so ive decided 17.

Does anyone know where i can place this money for the best until then, at 17 so NOBODY or at least only me, can touch it?

Zorillo

You could put it in an account in your own name.

barfordboy

Yes that is an option but i can also put it in one of their names, which has more meaning, but nobody can touch it.
Any accounts where they cant draw till 17 is what im after

MallyGirl

17 is an odd cutoff so I do not think you will find one

Alexland

If you put it in a Junior ISA then only the children can access it at 18 but they can spend it on whatever they want.

xylophone

All the children have CTF accounts?

It would be possible to transfer these to Junior ISA.

For the eldest, perhaps transfer to the Coventry JISA and add whatever you can afford until he is 18?

You might prefer a stocks and shares option for the younger two?

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa

https://www.gov.uk/child-trust-funds

https://www.moneysavingexpert.com/savings/child-trust-fund-vouchers

atush

how could you not knwo the childs mothe was on crack until after the money was gone?

Beggars belief.

anyway, use a Jisa or a designated account in your name set aside for the child. Isa or not.