Kids savings account v overpaying mortgage

xylophone

I doubt they would venture into giving me any advice,

Who mentioned advice?

It's a simple question - you say that you would like to earn a better rate on your savings so propose opening an account in your child's name which in reality will be your account for you to use as you wish.....

For those without a minor child of their own, perhaps they could "borrow" a child from a friend or neighbour....simples..:)

muhandis

Sure, I will tell them that

Unfortunately, the child has to be your own. The NW call centre said I need to bring a passport and birth certificate

I mean, who would have thought that they would have such a basic check in place!

xylophone wrote: »

Who mentioned advice?

It's a simple question - you say that you would like to earn a better rate on your savings so propose opening an account in your child's name which in reality will be your account for you to use as you wish.....

For those without a minor child of their own, perhaps they could "borrow" a child from a friend or neighbour....simples..:)

angie_wonders

I had to prove that I was the parent to open the Santander 123 mini children's account. It shows up under my internet banking login.

xylophone wrote: »

For those without a minor child of their own, perhaps they could "borrow" a child from a friend or neighbour

muhandis

Thanks, that's one more thing to ask them then!

xylophone wrote: »

https://www.nationwide.co.uk/-/media/MainSite/documents/products/savings/terms-and-conditions/P2781-smart-limited-access.pdf

It doesn't specify that in the above.

https://www.nationwide.co.uk/guides/news/articles/2015/10/long-term-saving-for-children

xylophone

Unfortunately, the child has to be your own.

https://www.nationwide.co.uk/-/media/MainSite/documents/products/savings/terms-and-conditions/P2781-smart-limited-access.pdf

It doesn't specify that in the above.

https://www.nationwide.co.uk/guides/news/articles/2015/10/long-term-saving-for-children

kidmugsy

WantToRetireEarly wrote: »

Ugh, what's with the utterly pointless name-calling?

Don't be so wet.

xylophone

Thanks, that's one more thing to ask them then!

It would still be a "parental settlement" (ie the £100 rule would apply) if the parent provided the money to another adult for that person to open the account in the name of a child.

Example 1

https://www.gov.uk/government/publications/trusts-and-settlements-income-treated-as-the-settlors-hs270-self-assessment-helpsheet/hs270-trusts-and-settlements-income-treated-as-the-settlors-2018

muhandis

Cheers. Somehow I doubt anyone would allow me to open an account in their child's name, but definitely good to know!

xylophone wrote: »

It would still be a "parental settlement" (ie the £100 rule would apply) if the parent provided the money to another adult for that person to open the account in the name of a child.

Example 1

https://www.gov.uk/government/publications/trusts-and-settlements-income-treated-as-the-settlors-hs270-self-assessment-helpsheet/hs270-trusts-and-settlements-income-treated-as-the-settlors-2018

Ergates

muhandis wrote: »

You are entitled to your opinion and if you think that is illegal, we'll agree to disagree. I came on here to get an idea of what the implications were of doing what I was proposing

It's not a matter of opinion. If you open a bank account in the name of a child to hold *your* money, then this is fraud and/or tax evasion. Can and will be prosecuted.

jimjames

muhandis wrote: »

Haha, 'steal it back' when I'm still the trustee

Does that mean the trustees of my pension fund can help themselves to my money whenever they want in your opinion?