Children's accounts

(5 Posts)
snowydrops Mon 17-Aug-15 09:40:23

My two DDs have inherited a small amount of money £1500 each and I would like to put it into an account to which they don't have access until they are 18, in fact I would prefer that even at that point they can only access it with my signature also. Does this exist? The other option would be putting it into the stock market which I'm not against bit have no idea where to start.

Can anyone advise on where to look: go? Thanks

specialsubject Mon 17-Aug-15 12:49:02

don't put it in anything cash related, over that time it will be destroyed by inflation. Kids can have stocks and shares ISAs, that seems a good bet.

you could also start pensions for them, under current rules they can't access it until 55!

snowydrops Mon 17-Aug-15 14:30:14

Great I'll look into those stocks and shares isa'a. I think 55 may be pushing it. I'm just keen for them to save it for education rather than fritter it away on clothes and trips abroad (which I myself did 15 years ago!!) I've always really regretted it. I was left £8000 at age 16 and spent the lot and not very much other than a car £1000...the rest was wasted. I wish so much I had saved it or not been allowed to access it until I was about 25 as it took me until 32 to afford to get a house deposit together. I have obviously learnt my lesson at least and I did enjoy spending it at the time!

specialsubject Mon 17-Aug-15 14:41:05

you won't be alone in having done that - and that is why giving a lot of money to a child is a bad idea!

they don't have to know you have set up these savings for them!

Draylon Tue 15-Sep-15 11:07:04

The trouble is you can't with hold that inheritance from your DC beyond 18 unless the Will specifies it!

My DC, 14 and 16, are about to inherit £50k each (!) which I have to set up a 'bare Trust' for, whatever that is! we have had 'a chat' about what a useful sum of money this could be for them if they don't blow it on a grand holiday etc.

Had my DC been much younger, I certainly wouldn't have told them about it til they were older, either.

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