Bank account for children that can only be accessed when 18?

GOTfan

Hi everyone, as the title says, I am looking for a bank/savings account that I can put a lump sum into for a child, that can only be accessed when they turn 18. Any ideas?

GOTfan

Ha, I think I've answered my own Q by finding the "Junior ISA" section but if there are any other options feel free to say ;-)

GOTfan

It's important that the money is completely locked away until the child is 18. If I asked the child's parent to open a Junior ISA and then paid a lump sum in, would it stay inaccessible even to the parent? (For example, could the parent close the Junior ISA and take the money?) Might seem like an extreme Q, but it's important. Thanks

in_my_wellies

I can't answer your question but please bear in mind that at 18 the child will be an adult and have access to the money and may not spend it wisely. What happens if they are in a bad place and spend it all on drink and drugs?

GOTfan

Not my problem - I'm Executor of someone's Will and they stipulated 18.

wmb194

Could you open a e.g., Barclays or Lloyds children's account and you control it as the bare trustee? You then transfer the money to the child when they turn 18. If you're already a customer of these banks you'll see these accounts added to your internet banking.

To open them you would need to get a hold of the child's birth certificate.

Carrot007

Do consider that the account that runs like that will need signing over at the age and nothing is automatic.


I had an account that was menat to be like that. My father was absent.


I got the money evetually when he reappeared when I was 27.


So be aware it is not fire and forget (and even then the money was his if he wanted it, so may as well just keep it in an account of yours and give it over later, least it will be done then).

GOTfan

Good point Carrot007 - I will make sure it's an automatic thing. I definitely can't keep the money in an account of my own for several years - for one thing, there's always the chance that I might pop my cloggs before said child turns 18 :-O

abz88

Money put into a Junior ISA belongs to the child but they can’t access it until they are 18. It can be switched to another Junior ISA or to a S&S Junior ISA but the cash is effectively locked away (some limited exceptions). There is a much lower annual limit than an “adult” ISA though (just over 4K) so you might need to pay in over a few years depending on the sum involved.

boo_star

A trust fund or https://www.gov.uk/child-trust-funds ?

eskbanker

boo_star wrote: »

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

....which states:

You cannot apply for a new Child Trust Fund because the scheme is now closed. You can apply for a Junior ISA instead.

For new applicants, JISAs replaced CTFs nine years ago.