I probably am bu and very nosey but...

[Ciggarettesuffragettesandboys]

Aibu to ask if you put money into an account regularly for your DC? If so how often and how much?

Me and DH put money in monthly (£40 each) and one of us thinks this is a good amount and the other doesn’t. I’m totally aware that it comes down to circumstances and income but just looking to gain some perspective really.

Speak No, the savings are in a Building Soc and he banks in a high st bank.

I checked and double checked with the provider before taking the account speak so if it doesn't work out I will definitely be making a complaint! I'm guessing it depends on the provider as to what happens :)

Our 2 dd's recieve a monthly transfer of £25 each

I wouldn't be happy - as an adult- someone having an acount in my name that I have no access to or knowlege of.

I was putting £15 a month into each of my kids' account (DD got a child trust fund, but they'd finished by the time DS was born, so he got a child ISA). But my grandad last year put a large sum in each from an unexpected life insurance payout, which will pay a chunk into their accounts each year until it's used up, so there's no point putting in my piffling amount anymore!

Speak He knows about it, though it's not something we talk about really.

You know, I'm going to ask him. I guess, even though he's an adult, in this respect there is still the adult/child dynamic, in that the savings were provided for him by his Mother. It's not like I've taken his earnings and put them away in an account on his behalf.

TheOrigFV45

Thats fine- it's just that as soon as my kids hit 18 bank acounts became part of their private affairs.

It won't be in his name as an adult speak it reverts to my name at 18.

Yes, I can see your point. I've just asked him (via messenger so who knows when he'll answer!). It's not something I've thought of really.
If he demands it all and spends it all on fresh crepes I shall hold you entirely responsible!

His younger brother will be a different kettle of fish I think - much more materialistic than his big bro.

FWIW, my Will states that in the event of my death, my estate is split between the boys but held in Trust and managed by my executor until they reach 25. Hopefully a 25 yo spends money more wisely than an 18 yo.

I put the child benefit in every month, I see myself as lucky that I can afford to do so, although I can't afford to put any more than that in 😂 we ask friends/family not to buy gifts for Christmas and birthdays and they have so much as it is,most of them put a bit in their savings instead.

Speak - when there's a pot of £30k at stake, keeping my 18 year old happy isn't my priority. They know about the money, they know it's there to help them buy a house, they know it's not there simply to be frittered away. They are being educated about it as they grow and they will be kept fully informed of the balance and how it's growing. They simply won't know the details about how to access it - we'll make decisions about how it will be spent together, just as me and my parents did when I had access to a similar pot of money.

Response in "Oh that's nice to know, I never thought about it to be honest. I'll have a think".

TheOrigFV45

Yes I understand that- what I don't get is why put it in their name at all? Why take that risk?

I have large amounts mentally "allocated" to my children.

It stays firmly in my name and will be given if appropriately needed.

Because it started out as a kiddy account (with the associated tax relief) and I just let it roll over into the adult account.

It sounds like we might be talking about different scales of savings here. I have a reasonable amount for mine but I wouldn't call it a large amount in terms of what they could actually do with it.

£15 per child per month since birth.

...oh and having large amounts mentally allocated would have been a problem when I divorced, much easier to have the kids' money in their name.

We’ve got a bit of both... some in an account in their name that they can fritter if they are so inclined, and the bulk in an account in my name.

I opened up an account when my ds was born, my DH gives me £100 a month to put in his account, sometimes if he gets a bonus or cash on the side we’ll put it in his account and he now has a few thousand. He’s nearly 2!
We said if we don’t feel he’s mature enough to receive it when he’s 18 then we’ll wait till he’s 21. He’s not going to know about it growing up

Nix32 we are doing exactly the same, our eldest knows he has a bank account but has no idea how much just yet as he is still only young but he does have a large amount already. Once he is 18 the account will be transferred solely into his name but he won’t be given the account details until we are ready to give him them, the money is for a house deposit.

I think if you can afford it, it's great. My plan was always to put child benefit into their accounts but I can't afford it. My mother keeps an account for dd though and they have shares in their name

£50 per month per child. All Christmas and bday money goes in too.

When we had dd1 we decided on a realistic figure, something which was manageable and something which was doable should we go on to have several more children. I’d have hated to have gone in too high only to struggle or need to cut back, so we opted for £10 a month. The interest rate is rubbish and in 18yrs it’ll simple be a few thousand each but it’s not to be sniffed at. My parents put £25 in a separate account for each of the children, so the two accounts may help buy a car or go towards something.

To us, the money isnt DSs money, it's our money to use for the benefit of DS. We've specified this as likely to be university though we'd hope to find that separatly and so the money would likely be towards a house deposit, wedding etc. But again, if we can support him with those separately we will.

We also realize that should something serious happen and we struggle to keep a roof over our head, then a roof is more important to DS than a theoretical future need. It will hopefully never come to that and we have very clear boundaries regarding the money.

We used to put the max into the child trust fund that they got from the govt. until I realised he’d have about £60k when he turned 18 which goes straight to the child!!

I had to close down my Dc's bank accounts some 10 years ago because I needed to borrow their money to pay the mortgage! But, it only totalled £200 and I couldn't afford to add to it anyway. Yes, I've paid it back but, I cannot help them out with saving for their future; I have the present to deal with.