Savings accounts you can automatically transfer out from

Jamierez

Our daughter has a Junior ISA maturing and we want her to transfer this to another account. The money is a university fund and what we would like to happen is to have a savings account that can be set up to automatically transfer money out via a standing order. We want the money to go into her current account as if it is a salary. I'm used to putting money into savings and manually withdrawing but are there savings accounts that can do this automatically?

Checked one of my own savings accounts and there seemed to be no feature to auto transfer money out and can't find info on banks that do that from their websites.

Thanks.

Malchester

What does your daughter want?

Barkin

Skipton can do this.

Woodstok2000

You need to ask your daughter what she wants to do. Once she turns 18 the money is hers.

If she's happy with it, Chase and Kroo both offer this facility.

GrumpyDil

Chase supports this but only if your daughter is able to open a current Account with them (no hard credit check so possible).

If she is able to then Chase is currently offering a decent rate for new customers for the first 12 months.

xylophone

we want her

we would like

We want the money

Have you consulted your daughter? You do realise that the money is legally and beneficially hers and that she has absolute autonomy in respect of how to manage it?

Jamierez

Thanks to all the positive comments. My daughter wants the opportunity to manage her money and treat the money as a salary. By having money automatically transferring into her current account she says it will help her to learn how to budget and remove the temptation to take more out than needed. She's going to speak to her current bank but wanted other options.

And to those who only think negatively, yes I have discussed this with my daughter, she has asked for help and yes it is her decision. You do realise that the use of we can include her but well done for interpreting this negatively.