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

peachyprice

https://www.harpendenbs.co.uk/savings/personal-savings-accounts/18-club/

We used this account for inheritance for my children. The account is in the name of the child from the start, no need to remember to sign it over or any need for trustees. No access until 18, under any circumstances.

18cc

How old are the children - I only ask because if you are putting money in a bank account for many many years it may lose considerable value because of inflation.

p00hsticks

18cc wrote: »

How old are the children - I only ask because if you are putting money in a bank account for many many years it may lose considerable value because of inflation.

As the OP is acting as executor of a will I suspect that their hands are quite tightly tied, as they'll be restricted in where they can put it and investing/saving it in anything other than safe and vanilla wouldn't be allowed.

xylophone

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

Have you checked with the parents whether the child already has a JISA or CTF?

The amount that can be paid in the CTF year/JISA year is limited but it may be that the sum in question fits within the limits.

I am assuming by the by that the bequest has "indefeasibly vested" in the child.

https://forums.moneysavingexpert.com/discussion/5960207/what-to-do-with-inherited-money-for-kids

blue.peter

GOTfan wrote: »

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?

Sounds like a case for opening one under trust (perhaps with yourself as trustee). But I don't know how much doing this would cost - is the amount involved sufficient to justify it? You *might* be able to find a suitable standard trust at a low price - e.g., if W H Smith sells one in a little kit. (I know that they do this for powers of attorney.) Or you might find one online.

Edit: I've just noticed your comment about the money being a legacy under someone's will. Depending on the way that the will has been written, it might constitute a trust itself. If so, you could open the bank account under that trust. It's worth talking to someone at your favoured bank. However, don't rely on what the counter staff tell you: get them to talk to their HQ legal department. (I had no end of trouble with the local Lloyds branch over a power of attorney. The lady I spoke to had never seen a PofA quite as simple as the one I had, and denied that it was effective. I had to fight to get her to discuss it with her legal department. When she eventually did so, they said "yes, it's fine".)