Bank account for a 15yr old with a deposit of £45,000.00

NorthernTreecutter

Me & my partner are trying to find a bank account for our 15 year old Nephew. His dad passed away 2 years ago at work & his employer had Death in Service policy so the first deposit is roughly £45000.00. The only thing is that they live 200 miles away.

elsien

How come the money is coming to you rather than to the child’s other parent to support him with? 

Or  have I misunderstood?

NorthernTreecutter

elsien said:

How come the money is coming to you rather than to the child’s other parent to support him with? 

Or  have I misunderstood?

The mother has a drinking problem & serious debt so the children wouldn't receive it & she was divorced from their dad. Originally it was meant to go into a Trust fund but now the company want to pay direct to children. 

Hattie627

There is no way that a company would be proposing to pay this amount of money direct to a 15 year old. Who has parental responsibility for the boy? 

Zanderman

The situation you describe does seems an odd concept but assuming it is as you say, that the boy is due to receive 45k, you should be (and I assume you are) looking at savings account(s) for him. With good interest rates. 45k is not the sort of sum a 15 year old (or indeed most people) should have in a current account. 

elsien

Is it possible to open an account with a child without the parent’s cooperation and sharing relevant ID documents et cetera?
How did the company know that the parent is a drinker and in debt, and get your contact details? Are you communicating with them directly, and in what capacity? 

Zanderman

elsien said:

Is it possible to open an account with a child without the parent’s cooperation and sharing relevant ID documents et cetera?
How did the company know that the parent is a drinker and in debt, and get your contact details? Are you communicating with them directly, and in what capacity? 

I'm guessing this may relate to the OP's previous thread here: 

https://forums.moneysavingexpert.com/discussion/6502449/trustee-bank-accounts

Though that was over 18 months ago.

Grumpy_chap

NorthernTreecutter said:

Me & my partner are trying to find a bank account for our 15 year old Nephew. His dad passed away 2 years ago at work & his employer had Death in Service policy so the first deposit is roughly £45000.00. The only thing is that they live 200 miles away.

NorthernTreecutter said:

The mother has a drinking problem & serious debt so the children wouldn't receive it & she was divorced from their dad. Originally it was meant to go into a Trust fund but now the company want to pay direct to children. 

Who is now your Nephew's Guardian or adult with parental responsibility? 
Have Social Services deemed that his Mother is not fit to fulfil the role?  If not, then the Mother (regardless of your thoughts on the matter) may be the one to have to support on this.

You also mention "the first deposit is £45k".  Does this mean that a series of subsequent deposits are anticipated?
It may influence strategy if the total sum is £45k or if there are regular amounts to be received.

wmb194

NorthernTreecutter said:

Me & my partner are trying to find a bank account for our 15 year old Nephew. His dad passed away 2 years ago at work & his employer had Death in Service policy so the first deposit is roughly £45000.00. The only thing is that they live 200 miles away.

I'm surprised a 15 year doesn't already have an account but at that age they can open them by themselves e.g., it looks like if he has a passport and something to confirm his address he can open a Nationwide FlexOne and its associated savings account.

Or are you trying to open an account in his name that you control as a trustee if that is what he wants? In which case work through the various banks' children's accounts e.g., Barclays.

https://www.nationwide.co.uk/current-accounts/flexone

https://www.barclays.co.uk/savings/instant-access/barclays-childrens-savings/

xylophone

The policy provider is proposing placing £45000 in an account under the sole control of a fifteen year old?

NorthernTreecutter

xylophone said:

The policy provider is proposing placing £45000 in an account under the sole control of a fifteen year old?

Yes with an adult signatory who ain't his mams family