Child saving account access when 25

onomatopoeia99

MX5huggy said:

Why trust them at 25? have you seen the general level of intelligence amongst 25 year olds these days? 

When I was 25 I was a good deal more intelligent than my parents, and earning more than either of them.  Mind you I was already ahead of them academically by the time I started secondary school as well.

ShinyStarlight1

MX5huggy said:

Why trust them at 25? 

Because the brain is fully formed at 25.

daveyjp

Denying an adult money when they are 18 doesn't stop them spending money.   By the time they reach 25 they could be using it to pay off 7 years of debt.

Nardy

MX5huggy said:

Why trust them at 25? have you seen the general level of intelligence amongst 25 year olds these days? 

Put it in a pension for them then they will benefit when they truly know the value of money. 

My son put money in pensions for his children when they were born.

sheslookinhot

onomatopoeia99 said:

MX5huggy said:

Why trust them at 25? have you seen the general level of intelligence amongst 25 year olds these days? 

When I was 25 I was a good deal more intelligent than my parents, and earning more than either of them.  Mind you I was already ahead of them academically by the time I started secondary school as well.

What a horrible way to think and write on a forum about your parents.

silvercar

Open an account in their name, but don't tell them about it. When they hit 25 you can let them know. 

km1500

good idea but not sure of the amounts we are talking about because obviously any interest earnered might have to be declared on a tax return and if they don't know about it they can't declare it. 

so for example if it was held in an easy access account then interest would be credited each year and would be have to declare each year to HMRC. if in a bond on the other hand then probably interest wouldn't have to be declared until maturity

you can't put it in an ISA because they might try and open their own ISA

eskbanker

silvercar said:

Open an account in their name, but don't tell them about it. When they hit 25 you can let them know. 

My understanding is that with children's accounts, it's typically stated that correspondence will only be with the adult trustee (if applicable) until the child reaches 18, after which all dialogue is with the (now adult) child, as it's their responsibility thereafter.

boingy

MX5huggy said:

Why trust them at 25? have you seen the general level of intelligence amongst 25 year olds these days? 

Put it in a pension for them then they will benefit when they truly know the value of money. 

Hehe. The worst present ever to a youngster. "Happy Birthday! You can have your present in 50 or 60 years." 

artyboy

boingy said:

MX5huggy said:

Why trust them at 25? have you seen the general level of intelligence amongst 25 year olds these days? 

Put it in a pension for them then they will benefit when they truly know the value of money. 

Hehe. The worst present ever to a youngster. "Happy Birthday! You can have your present in 50 or 60 years." 

...or possibly never if the government nicks it all...