What do you need to set up a childs trustee account

lynseymart

Following a divorce, we need to set up 3 Childs trustee accounts so that both partners have access to them and sign for any withdrawals (Part of the court order and ISA's are out) Can anyone advise what we need to do in order to get these set up? The bank mentioned a trustee letter from the solicitors? Thanks

jonesMUFCforever

The problem you may find is that high street banks no longer offer trustee accounts. You may have to go to a specialist bank such as Cater Allen which will not be cheap.

Without knowing exactly what the court ordered we do not really have enough information to advise further.

jonesMUFCforever

Just wanted to add - you will really struggle to get anybody to open an account with BOTH parents to sign for withdrawals these days.

xylophone

https://www.which.co.uk/money/banking/bank-accounts/how-to-find-the-best-joint-bank-account-a08by0u6cb9p#:~:text=Most%20joint%20accounts%20are%20operated,account%20holder%20must%20authorise%20transactions.
The above indicates banks which will open "both to sign" accounts.
One solution might be to open such  joint accounts?   Eg
L Mart   X Mart  Trustees of A Mart.
You might try Barclays or Natwest.

Shakin_Steve

We had this one for our son. Both the wife and me as trustees and we set it up so that either trustee could withdraw/deposit money.

https://www.ybs.co.uk/savings/product.html?id=ONEDAY

xylophone

we set it up so that either trustee could withdraw/deposit money.

OP needs a "both to sign".

jonesMUFCforever

xylophone said:

https://www.which.co.uk/money/banking/bank-accounts/how-to-find-the-best-joint-bank-account-a08by0u6cb9p#:~:text=Most%20joint%20accounts%20are%20operated,account%20holder%20must%20authorise%20transactions.
The above indicates banks which will open "both to sign" accounts.
One solution might be to open such  joint accounts?   Eg
L Mart   X Mart  Trustees of A Mart.
You might try Barclays or Natwest.

What I am saying is that a trustee account is not a personal account. I know Lloyds Halifax and BoS have stopped doing them.
We really need more information from the OP to see how much money is involved before advising further.

Shakin_Steve

xylophone said:

we set it up so that either trustee could withdraw/deposit money.

OP needs a "both to sign".

Yes, I know. We set it up for either but could have done it for both.

tehone

xylophone said:

we set it up so that either trustee could withdraw/deposit money.

OP needs a "both to sign".

Has the OP confirmed that, the original post says "both partners have access to them and sign for any withdrawals"

That reads to me that both partners must be able to access the account and that both have to be able to make withdrawals, but not necessarily that both signatures are required for a withdrawal