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teddybear1234
Posts: 2 Newbie
I’ve had notification that a saving plan has now matured for my daughter (19 years old). The money has to be transferred into an account in her name, which is fine, but I’d like to have approval on any spend/withdrawal. The initial saving plan was for if she went to uni or to help as a house deposit, and I don’t want it to be frittered away, so need to be a signature on it. Does anyone know if there’s such an account out there? Or would it be a joint account that I need, with the need for both signatures to approve spend? Any help would be greatly appreciated!
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Is there any reason (other than frittering) that your daughter needs to have you on her account in any way?
Presumably she is now an adult and therefore has to have an adult's account. Obviously if you have power of attorney or some sort of guardianship then the bank should take notice of that. If she doesn't want your name on her money then I expect she has the right to make that decision. Hopefully you have given her enough financial education so she understands why this money is there for her and she will be prudent about using it.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Thanks for the reply Brie. She’s very savvy so it’s not such a worry for her, I’ve got the same situation with her older brother (21) who isn’t quite as good with money shall we say, so it’s more a concern for him! I’m guessing I could just leave the money where it is? But that doesn’t feel right?0
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You have no choice the money is now hers and hers alone.0
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The money is theirs, so you can't legally deprive them of it without a very good reason as noted above.teddybear1234 said:Thanks for the reply Brie. She’s very savvy so it’s not such a worry for her, I’ve got the same situation with her older brother (21) who isn’t quite as good with money shall we say, so it’s more a concern for him! I’m guessing I could just leave the money where it is? But that doesn’t feel right?
We stopped paying into our daughter's isa a while ago as it had reached a level were we didn't want any further money going to her in a lump sum, so now weve got other savings accounts in our names where we can trickle the money to her as needed0
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