Child's Address On Bank Account 17 February at 2:07PM in Budgeting & bank accounts 2 replies 146 views

Flutterby76

My wife and I split up many years ago and I got custody of the children. She sees our son (16) once a week.
When we separated the Trust fund that was set up when he was born was in her name so she kept control of it. I have been paying into and as far as I am aware so has she.
Now he's turned 16 he has control of it and the money is being put into a bank account in his name. (I've heard this second hand from him, and he was a little confused about it)
My question is does this bank account need to be registered at his home address (my house) or can it be at his mums? I have no issue with it being at his mum's, however I am concerned for the future as all legal bodies ( provisional licence, child benefit etc) are all registered at home and I don't want it to cloud any future things he may apply for.

xylophone

Trust fund that was set up when he was born was in her name so she kept control of it. I have been paying into and as far as I am aware so has she.

Do you mean  Child Trust Fund as here?

https://www.gov.uk/child-trust-funds

If so, while the child may take control, the funds may not be "put into a bank account in his name" until after his 18th birthday.

If this was just a child account that your wife has been managing, then the funds can be moved into a bank account in his name and one would have thought that as he lives with you, that is the address that should be recorded on the account.

Flutterby76

Thanks Xylophone. It turns out it wasn't the trust fund set up at birth it was a savings account set up at some point in the last few years. So I haven't been paying into it.
I'm just concerned that any future credit checks, or student loans etc may fail due to being registered elsewhere.