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Kids access to savings account

5 replies

Cantfindansweronline · 19/04/2024 09:40

parent opens savings account for child with building society, parent is named on the account ( trustee?) and is able to deposit or withdraw funds whenever they want to…
child turns 18 and asks parent to withdraw money for them, parent refuses and still controls the account.
is the child legally able to access the account or does the parent still have rights to control the money?
( child only knows the building society it’s with, no documentation, no account number etc)

OP posts:
Cantfindansweronline · 19/04/2024 09:41

BTW this is just an ordinary savings account, not CTA or ISA etc

OP posts:
Bromptotoo · 19/04/2024 11:15

Has the youngster spoken to the bank?

If so what do they say?

If of course there's some sort of trust then we need to know the terms.

Cantfindansweronline · 19/04/2024 11:45

It’s just a bog standard building society savings account with a passbook as far as I know. It’s in the child’s name but with dad able to aces it fully. I think we’ll have to contact the building society and ask them

OP posts:
Mindymomo · 19/04/2024 11:48

The 18 year old needs to contact the building society and get account transferred to them, identification will be needed.

Mindymomo · 19/04/2024 11:50

Also, I think you may need the old passbook, so it can be closed, that’s what happened with my 2 DC.

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