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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

DS savings account

39 replies

ToQuackOrNotToQuack · 30/08/2013 19:59

Dp and I would like to set up a savings account for ds - dp has been looking at the options and the one he wants us to set up is at his bank which means only he can control withdrawals etc.

Am I being ridiculously unreasonable to be upset at this. I know it's a long time before Ds wants needs money but I already find it uneasy that ds and I have different surnames. Maybe that's why. I'd just like to know I'd be able to help ds control the account as he gets older not have to keep running to dp.

OP posts:

ilovepowerhoop · 30/08/2013 21:26

it would be his own account but they need a named adult to run the account until they are old enough to run it themselves

StuckOnARollercoaster · 30/08/2013 21:27

I've just been researching and best regular savings account for a child is Halifax. I've opened that without a problem in my daughter's name but I am the responsible adult and have a different surname to her.
Although is it not the practicalities that are bothering you rather it's some trust (?) issues with your partner?

GoingUpInTheWorld · 30/08/2013 21:29

I ve just opened dd a savings account. Shes 10 months old. Me and dh are both trustees. Dh wanted to be a trustee incase something happened to me, and there was a problem etc.

I shopped around the banks as i wanted an account were i could be the trustee of it until i wanted to sign it over, not when the bank said i had too.

I only want dd to have the money when shes in a position to spend it wisely. I do not want her having the money at 18 and going into topshop and blowing the lot!!!

This account is with Yorkshire Building Society.

I would not be happy if dh didnt want me as a trustee on dds money.

Turniptwirl · 30/08/2013 21:30

Get a junior isa, the money can't be touched til the child is 18 and it belongs to them, not parents

GoingUpInTheWorld · 30/08/2013 21:34

The problem with an isa is there can only be a maximum amount in it i think.

rootypig · 30/08/2013 21:57

ilovepower sorry if I wasn't clear. There ARE accounts, junior ISAS are one, where no one is named other than the child. No one runs anything. The account is the child's and they alone take control at 18. That is what our DD has.

GoingUpInTheWorld · 30/08/2013 21:59

Does an ISA have a maximum limit on the account?

ilovepowerhoop · 30/08/2013 22:21

there is a limit per tax year that you can deposit into the junior ISA (£3720). We have the child trust fund accounts for our 2 but also a bog standard savings account with the bank.

ilovepowerhoop · 30/08/2013 22:22

p.s. there is still a named adult for the Child trust Fund account as any mail comes directed to me on behalf of dd/ds although the account is in their name

BrokenSunglasses · 30/08/2013 22:34

I would be uncomfortable with it too. I'd expect to have the same amount of official control over the account as my DP.

Open up a joint account in both of your names and link your Ds's account to that. Even if you and your DH don't use the account and just leave a little bit of money in it, it would still give you some link with your DP within the bank's records.

Otherwise, you open your own account with the bank DP wants to use and link your DS's savings to that, or use a savings account with your bank. If your DP doesn't mind not being linked to the account then it won't be a problem. If he does, then he has no right to expect you to do it either, and a joint account would work best.

ilovepowerhoop · 30/08/2013 22:55

you dont link your own account to your child's account you are just the named person that statements are directed to. Although the childrens' statements come to me their accounts are not linked to mine and I cant access them on my internet/phonebanking, etc as they are held in the child's name and not my name.

Sleepyhead33 · 30/08/2013 23:12

Goingupintheworld-we did exactly the same with YBS and for the same reasons. There is no way I want my 18 year old children having unlimited access to thousands of pounds unless I feel it won't be spent on going out!

These are savings to help them start out in the adult world so ideally for education/deposit/car.

mercibucket · 30/08/2013 23:29

it is an utter pain in the arse if you cant access your child's savings account

dh is the sole signatory on 1, i am on 2

dh is never ever available to go and get the money out

the bank have lost the frigging forms for me to have joint access twice

GoingUpInTheWorld · 30/08/2013 23:35

Sleepyhead

Thats exactly what i want the money to be spent on.

Yorkshire building society have a trustee limit of 21 years but if you feel your child isnt mature enough or in a position to spent it wisely then you can take the money out of the account before 21 years and put the money in a bond scheme for afew years

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