Child’s natwest first saver account and uc

Yolo40oops

Hi, hoping you can help.
My 2 children have a first saver account in their name however I am trustee until they are 18. I just pay in their birthday /xmas money over the years. I applied for UC and didn’t tell them of these accounts as they aren’t mine. However on reading the forums I am now slightly concerned if I was wrong and should have told them as I can access them? 

I am now really worried as don’t want to do anything wrong. Is it worth applying for a junior ISA and move their money (this is apparently ok for uc purposes), though the interest rate is probably not much difference to their savings account so mse confirms maybe no point? Yet I know the junior isa isn’t means tested. My eldest turns 18 in a year so will get access to the savings account but a few years yet on for my other child. 

Thanks in advance 

HillStreetBlues

Legally you don't have to inform them, as it's not your capital.  As it's in your children's name you're not even the beneficial owner either.
Some people like to declare it to have the DWP check everything over, but it's not necessary.
The downside of not getting it checked is if it's found to be your capital (eg you hid your money in your children's account)  then you could end up with fines and overpayment. Also depending on amount be charged with fraud.

Yolo40oops

HillStreetBlues thank you, appreciate the reassurance.

Yolo40oops

For peace of mind I just opened junior ISAs. Can never be in doubt then