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Should I close my child’s bank account
Comments
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To be clear it is your son's money. You held it in trust for him because minors cannot legally open the account.I had a very similar situation. I saved up in a bank account for my son, I was the named account holder although it was 'in trust' for him. It does legally (I'm told) become his money in this instance when he reaches 16 therefore I moved the money to another account. To be clear this was not my sons money it was money I had saved to help with education/uni, car, house deposit etc... Relationships have soured with my son (drugs) and this money is just left aside for when hopefully things improvePersonal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
We did the same for my stepson, but the amount included things such as birthday and Christmas money, so it was wasn't entirely our contribution in there. We sat down and had a good talk with him about what was most important to him, such as a car, new clothes or a holiday and he instantly said a car. Once he said that we looked into the cost of driving lessons, cars and the insurance, which really surprised him. We then said that there was an account with some money in towards that total and perhaps it would be a good idea to put it into a high interest account, so it was there for when he needed it. He immediately agreed and I don't think it even crossed his mind that he could have taken the money out there and then.0
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