MIL keeps asking about children’s savings accounts

I also have a savings account in their name in my account.

What does this mean?

How do?

Ha ha I mean how so?

Think it is strange that you set up an account in your name rather than DC.

It sounds dodgy you have not set up the kids own accounts but made it 'joint'.
I'd be suss about you as well.

@Needspaceforlego there are many reasons for that though .
Often the DC has had no proper financial education and maybe little house hold money so getting a few thousand is a bonus and finally they can get what they want.
However with longer term financial education /proper investments /money spread around , and learning to build the capital pot to yield a consistent stream of money fewer 18 would blow it.

She could set up a bare trust herself if she wants to.

My niece bought a car, nice handbag, influencers brands, as she was doing an apprenticeship until she dropped out. Sister has to bankroll her again through college.

So you’re putting all the money they get into one account? I wouldn’t like that if I was giving children money for a present.They should have their own money in their own names. Obviously long term savings is different, but birthday money? That should be theirs.

You’re putting your kids money into your joint account? Why? Either it goes directly to your kids to choose a toy or something, or it goes into their own account. You do sound a little irresponsible, and maybe your MiL knows that and wants to make sure the money isn’t gone. Seeing as it’s in your own joint account… she’s not wrong.

Have you kept track of what money is theirs? Why haven’t you just given your family the children’s account details so they can send money directly?

Will do, thanks

He does also have a Monzo account and savings pot off that for bits of birthday money from relatives etc, but a trust account might be a good option for long term savings from us

In two minds about this because I know what it's like to suffer a pushy in law and if she has thoughts or plans why doesn't she just say ? Next time id call her out...don't you trust me mil ?

However on the other hand unless your very well off...I would open a few different accounts for the DC.
A sipp self invested personal pension ,a small amount of money now has decades to compound and make that money work harder !
Give her those details
A stocks and shares ISA also give her those details and your own account with the DC joined.
Again any money put into stocks now will have a long time to build up.

Why won’t you give the account details?

OP didn’t say that she could afford to save extra for the children or how much MIL is giving as a gift.
She might not have spare cash to save and MIL could be gifting £20 a year.
In a household without spare cash, the children use their birthday money for a treat, and a smaller amount for savings. £5.

No but it does mean that if you have an accident and suddenly required care. This money would no longer be seen as your ds it would form a part of your whole estate and would be used towards care fees.

You can set up accounts in a way so they cant get to fritter them away.

To op I think your MIL is sensible wanting an account. To put money into. My late mil transferred money into eacch of her grand childrens accounts until they turned 18. Not a lot £20 here and there but over the years that grew.

I am with you. It’s none of her business what you or the kids do with a financial gift. It doesn’t matter whether it’s a good idea or not, they are your children. Very controlling.

I'm another who doesn't like the idea of kids being handed thousands on their 18th birthday. With a trust account its up to parents when they sign it over.
An isa goes straight to the child.

I knew a boy who blew thousands on Xbox games, trainers and stuff. Virtually nothing to show for 18 years worth of saving.

However while I have a savings account ear marked for the kids they also have 1st Saver accounts for birthday money.

The children with your supervision can use their birthday money for whatever they want. If they want a double ice-cream and a colouring book, they can decide.
She should start her own savings plan for them if she is worried and buy them a cheaper gift.
She sounds like a nosy MIL. Is she controlling in other ways?

she could but you need a lot of the children’s documentation to do it and parents have to be involved but if the OP was willing to help then it would work. Sounds like OP wouldn’t want to.

I know someone who spent £30k of his kids money given by a grandparent. If I was thinking of giving a substantial amount in the future I’d want to know that it would be somewhere like a junior ISA that can’t be accessed until 18.

our kids have a shares junior isa and a shorter term savings account. The shares is getting quite substantial because we’re not keeping it in cash.

If it’s in the group chat, surely it’s directed at your DH? Let him deal with it? Why is it your issue?

Although it sounds like you’ve got accounts in their names and are not sharing the details.

Why not set them up a JISA each and give her the details?
You are cutting off your nose to spite your face really!

Look at trustee accounts. I have one for my (also ADHD) son. They stay in trust at 18.

You should really have a separate account for your children, such as a Junior ISA which is invested in stocks & shares. If family members contribute on top of a monthly contribution from you, your kids will end up with a hefty amount by the time they are 18.

We had no family contributions and only saved the minimum monthly amount until recently and both our kids are on track to £10k on their 18th which will cover 1 year uni fees.

If you have a generous MIL, max out on this offer!

Because with most bank accounts you can open a child saving account.

It's nothing to do with her.