Savings - How do I access?

Billycock

colsten said:

barnstar2077 said:

It does seem strange that they would just mention it in passing.  How would they know the money was for him unless it was in his name or a joint account?  Either way he would be allowed access surely?

It could be held in trust until he is, say, 25? It is an odd story though, I agree,

Any reason why the FA wouldn't simply inform him it's held in trust though?

wmb194

Lucywrix said:

Tim11111000111 said:

colsten said:

barnstar2077 said:

It does seem strange that they would just mention it in passing.  How would they know the money was for him unless it was in his name or a joint account?  Either way he would be allowed access surely?

It could be held in trust until he is, say, 25? It is an odd story though, I agree,

Would Nationwide have any trusts like that? Most of their products seem to be fairly standard accounts, so any accounts opened in the name of a child should become theirs at the age of 18.

This is what I thought. I’m not sure what else he can do.

This isn't always the case. For instance, this is the case with LBG Group banks but isn't with Barclays, it relies on the trustee to transfer the account/money to the beneficiary. From a quick look, Nationwide's current terms appear to be similar to Barclays'. From the 'Future Saver' account page, "Once the child has reached 18 years and six months old the money will transfer to an instant access savings account... The account will remain in the name of the adult (with parental responsibility*) until the adult transfer the new account, into the child’s sole name."
https://www.nationwide.co.uk/savings/future-saver

*Note that it could have been that in the past adults without parental responsibility were allowed to open accounts. You'd need to delve into that.

jimjames

Hopefully the info you get back may help identify but I'd be very careful about getting your hopes up that he's got a pot of money coming. Different people may have very different views on "substantial" or "quite a bit". It may mean it's more than £10 and in the hundreds. Of course it may be more but you might expect that if it was the person who saved it would have informed him or been less likely to forget about it.