Childrens Savings

Lindeyloo

As a grandparent I put £50,000 into grandchildrens accounts n order to get a high interest rate (and was the trustee).  After a short period of time I wanted the funds back but the bank refused to give it to me as it was now in the chidrens names.  Eventually I managed to close the accounts and got the funds sent to me by cheques in the childrens names.  I dont know what to do now in order to get the money back to my own account?i

masonic

The bank is correct. As a trustee of the account, you have a legal responsibility to ensure it is used in the best interests of the child and you cannot use the money for your own benefit. You could set up another trustee savings account for each child and deposit the cheques into them.

Ed-1

Which bank is it as most of these trustee accounts have a nominated account for withdrawals in your name.

Speculator

If you bank with Halifax, open a Halifax kids saver for them which you can manage online.
Pay in the £50,000 cheque and once cleared, you are free to transfer online to your current account.
You shouldn't really pay money into your grandchildrens account if you do not intend to pass it onto the child. 

xylophone

As a grandparent I put £50,000 into grandchildrens accounts n order to get a high interest rate

Do you mean that you opened accounts in the names of your grandchildren on the basis that you could thereby secure the child rate for yourself - the money was never intended to be a gift?