Children's savings control

[Kent1982]

Since my son was born I have put money in a NatWest child savings account conscious that he may need help for big purchases car, deposit for house university, whatever really.

He doesn't know about this and I have no intention of telling him. My concern is I do not want him to be able to access this money even when he is of age, I want to be the administrator to offer the money when needed. I'm not a control freak I just work hard to save this and want to do the right thing with it

Also I want the money to remain in his name as it may have tax implications in my name.. any suggestions much appreciated as to if this is possible and which accounts etc

If it is a savings account and you want it in his name to avoid tax he will have full access when he is 18.

Any money put into a savings account directly by a parent will also have some tax implications - If money is given by a parent or step-parent and the interest is over £100/year the whole thing is taxed like it's the parent's cash, at the parent's tax rate - to close the tax evasion loop-hole.

Thanks for this maybe I just put it in my name

You could put it in an ISA in your name - no tax implications then.

I've got savings accounts for my kids which are apparently technically mine so even when they get to 18 I'm not obliged to give them the money! Let's hope they both behave for the next few years 😎

Hi monkey that's what I want, can you imagine it they just took all mates on holiday.... I know a kid who did

I wasted all my savings when I was a teen, DH used his to buy property at 18. Let's hope my children take after their father!