Property funds in child accounts

ratechaser

Wow... already wondering if this is a troll post... 

SuperCommuter

ratechaser said:

Wow... already wondering if this is a troll post... 

Is is really that strange? Your username `ratechaser` i guess implies you chase the best interest rates. That's all i was doing. 

SuperCommuter

wilfred30 said:

You obviously doubt the validity of your plan or, I guess, you wouldn't have asked the question in the first place. 

I thought that it might look dodgy when approaching a solicitor, yes. I'd hope this would be acceptable but i can see from the reaction it's perhaps not! I don't think withdrawing the money will be an issue. I've done this in the past. I just don't know where to put it. I don't want to go over FSCS deposit protection with Nationwide so the only other option seems to be NS&I income bonds. I did have these when the rate was 1.16% but then withdrew when the rate went down to 0.01%.  

SuperCommuter

grumiofoundation said:

You seem to have missed the crux of a lot of the previous comments that the money isn’t yours anymore. 

Says who? Banks are not the law. 

loubel

Child bank accounts are not there for you to gain better interest rates. By setting them up you created trusts for your daughter and you only have access to the money as trustee. You will have signed paperwork confirming you understood this.

If you can persuade the bank that they were somehow set up by mistake then you may be able to close them again . But expect the bank to retain the higher rate interest they paid your daughter.

 If you just withdraw the money (and expect the bank to question this if you try) you will still need to be able to prove to your solicitor that this is no longer/was never your daughter's money despite being held in her name. As she is a minor she cannot agree to give you the money back.

You may need to take professional advice on how to resolve this mess.

davidmcn

SuperCommuter said:

grumiofoundation said:

You seem to have missed the crux of a lot of the previous comments that the money isn’t yours anymore. 

Says who?

Well, everybody here so far, and I'll add myself to the chorus. Why do you think your daughter's name is on the account?

SuperCommuter

Well, everybody here so far, and I'll add myself to the chorus. Why do you think your daughter's name is on the account?

I understand that, but on what grounds do you believe the money is no longer mine? Ethical, legal, or that i am betraying the spirit of the banks terms of conditions? 

AdrianC

SuperCommuter said:

ratechaser said:

Wow... already wondering if this is a troll post... 

Is is really that strange? Your username `ratechaser` i guess implies you chase the best interest rates. That's all i was doing. 

If you'd like to further maximise your return by putting some money into an account in my name, that'd be just great. I've PM'd you the sort code and account number.

AdrianC

SuperCommuter said:

Well, everybody here so far, and I'll add myself to the chorus. Why do you think your daughter's name is on the account?

I understand that, but on what grounds do you believe the money is no longer mine? Ethical, legal, or that i am betraying the spirit of the banks terms of conditions? 

By the fact that it's in an account in your daughter's name. HER account. HER money.

Here's a thought for you... If you were indeed lying about whose money it was, and in doing so increased the return on it, then you have committed the criminal offence of fraud.

davidmcn

SuperCommuter said:

Well, everybody here so far, and I'll add myself to the chorus. Why do you think your daughter's name is on the account?

I understand that, but on what grounds do you believe the money is no longer mine?

It's in an account in somebody else's name.