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Child's Address On Bank Account

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.

Comments

  • xylophone
    xylophone Posts: 45,917 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.

  • 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.
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