Savings account in trust

[steeking]

We have a basic savings account for each of dc's held in trust in my name. When they head to further education we don't want to release the whole lot in one go.
Can we set up a regular transfer to their current accounts, say on a termly basis? I enquired about this a while back to the bank and they said at 18 the whole lot would have to be moved to the ds's in one go. I'd rather this didn't happen unless there is a big purchase to be made eg- putting it towards the cost of a car.
Any suggestions?

When you say 'in trust' do you mean they are the named account holders but you are the notional account manager (the adult) because they're too young? If so, the bank is right. If you don't trust your children to be responsible with money when they are adults, don't put anything in their name. Keep it all in your own name.. ISAs, bonds, investments whatever... and dole it out when you see fit.

I was able to put the dc's money in national savings index linked savings bond (I think that's the correct name). They don't get the money until I say so. I don't think the index linked certificates are currently on sale though, maybe national savings do the same thing with other accounts. I need to check actually as I have a bit more to put in there for them.

Crikey, I've not explained that very well. Sorting out their money is on my to-do list today. I'll check and come back later.

Right, I've called National Savings. Index Linked saving certificates are no longer (currently?) available. The only option via National Savings for putting childrens savings in trust is via premium bonds . Their childrens account gives them control of the money at 16 over my dead body. They do have an income bond that can be put in trust and I would received the monthly income, but it sounds like an awful lot of fuss, and a potential tax PITA so I'm not going there.

I'll need to do some more research on kids trust funds and if I find anything I'll come back.

If anyone knows about kids trusts funds it would be greatly appreciated!

It's their money though, so why the fuss over when they get it?

One ds would be sensible with it. The other will just blow the lot. The plan was that it could be used towards living costs/ books/ bills at uni . Maybe i just need to trust them but it would be us footing the bill if it goes tits up. Tbh i think we need a separate savings account in my name and just dole the money out as required .

redhelen because I blew all my money when I was 18 and I won't let my dc's do the same.

I think if it is their money it is their money.