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Mumsnet has not checked the qualifications of anyone posting here. If you need help urgently or expert advice, please see our domestic violence webguide and/or relationships webguide. Many Mumsnetters experiencing domestic abuse have found this thread helpful: Listen up, everybody

Original poster

Opening a secret bank account for windfall I've just received, any advice please?

58 replies

sickofthisrain · 09/04/2009 20:42

Today out of the blue I got handed a cheque for a fair amount of money. H was not there, it's made out to me, and I can probably
ensure he doesn't find out.

It's spooky timing as I was thinking about starting to put money aside from the joint account in a safety fund but this seems a bit of a golden opportunity to do it all in one go.

Bearing in mind H is very aware of all our finances, where can I open an account and keep it totally secret? Any advice very gratefully received, haven't opened my own account since my student days..

OP posts:
fourkids · 09/04/2009 21:20

the other thing about premium bonds is that afaik you can hold money in premium bonds without having to declare it if you need to claim any benefits if you do split up. I'm not sure about this though - you'd need to check...

Original poster
sickofthisrain · 09/04/2009 21:25

Thanks everyone for your advice, fourkids, - some really good points, - no I wouldn't feel comfortable lying, but I also don't feel comfortable with the way I'm being treated, and although I don't think H would ever shaft me financially, I'm just not 100% certain any more.

I don't receive any benefits or tax credits other than the standard child benefit, we don't qualify for anything else. H does a tax return, I don't..

Premium bonds sound like a very good idea, will look into that asap. Thanks again!

OP posts:
myredcardigan · 09/04/2009 21:28

If you really must have a secret stash then definitely put it in an account in your DCs names with you as signatory. That way you can withdraw the money if you ever need to but if it is discovered then you have the obvious cover that you just put the money aside for the kids.

Also, if it's in accounts in their name then no tax implications even though you can withdraw the cash.

fourkids · 09/04/2009 21:29

good luck with everything

ItsMargotBeaurEGGarde · 09/04/2009 21:31

I think you are very clever. DOn't listen to all the moralising judgers (more plentiful with every passing day on mn lately).

ItsMargotBeaurEGGarde · 09/04/2009 21:34

ps, I could never have imagine just quite how badly my x behaved after we split up.

I'm not saying that this happens in every breakup, if that's where you end up, but, just that you are wise to be prepared. Wish I had been.

littleducks · 09/04/2009 21:34

premium bonds do write to you though, in a clearly marked nsandi envelope,

could you buy premiuim bonds in your kids names with you as the controlling person or registered contact? you could say to dh that you have bought them one each and then top that up with more, but you'd have top be sure he didnt see envelopes or certificates in the post

Mooseheart · 09/04/2009 21:35

You may wish to check how quickly you can access funds before you open an account... not sure how quickly you can get at money stashed in Premium Bonds.

Portoeufino · 09/04/2009 21:36

I think myredcardign has the right idea. If the money was meant for them anyway...you don't even need to be secretive about it, but make sure only you can access it. I know that is the case with my dd's account, but I'm in Belgium....I "borrow" from her from time to time

cupcakesinthesnow · 09/04/2009 21:37

I have accounts in ds's names with Halifax and have opted for onlone only statements. I also have accounts with Lloyd TSB that are online only. Generally speaking banks seem to encourage nonpaper statements. Premium bonds are terrible imo unless you have the max amount in them your are highly unlikely to win. Check out martins money saving website for a graph that shows how likely you are to win anything compared to how much you have invested and for how long. It's really not promising. Iwould open a savings account nad specify you do not want paper statments sent to the house. Does your H open your mail? Can you get any corespondance sent to a friends house regarding banks? If the sum of a large amount I would get free financial advice from a reputable bank ir building society so as if anything were to happen to you the money goes in trust to your children.

I hope things work out for you

deckchair · 09/04/2009 21:37

Regarding Premium Bonds you can apply to have any winnings paid back in the form of premium bonds so I dont think you would get any cheques BUT you may get the certificates themselves in the post.
You would also get initial certificates when you opened the account which you may have to hide??
I would open an online account with an existing bank. Any letters that came could be brushed off if questioned.
HTH

solidgoldshaggingbunnies · 09/04/2009 21:40

I'd suggest having a word with Women's Aid who will probably be able to advise you on the safest/best way to do this. And if your H is abusive then he does kind of lose the right to be treated with absolute fairness here - he's not treating you fairly if he's abusing you.

lottiebunny · 09/04/2009 21:55

Fairly sure that you won't be able to get statements sent to a friends address. You have to have proof of address when opening an account, i.e. utility bills in your name. I think this is a anti-fraud measure.

littleducks · 09/04/2009 22:03

ok i have searched alot but cant find the thread (does anyone else get near perfect recall of some posts on threads and get so frustrated when you cant find them)

but the advice on similar threads is that interest over a certain point would need to be declared on tax return
(and if it wasnt the inland revenue keep sending it back to be fully completed)

dont put it in an isa if you dh sets up accounts etc for you as you are only allowed one with pay in limit per year and if you had broke the isa rules accidenntly there would be big red flags

i think saving it in the kids names with you as the prson in charge of the account is the best idea

premium bonds in your own name didnt used to be asked about on benefit forms but are now (not sure if they are then disregarded) but i havent seen childrens premium bonds be asked about

you may need to claim benefits if you did leave even if just temporarily so you could leave easily

Shylily · 09/04/2009 22:03

I don't think it's a bad idea. I used to have a 'run-away fund' (recommended to me by a number of women from my mum's generation who were left badly off after divorce) but my husband knows about it now so my cover is blown!
I also have an ING account which he knows about but doesn't know what the balance is. Interent banking could be the way to go.
Good luck and I hope you don't really need it in the long run.

KristinaM · 09/04/2009 22:09

my kids have accounts which i hold in trust for them. they are passbook accounts so no statements but they do write about once a year with change in interest rates and notices about AGMs. so maybe you should avoid building societies

Sbeanmum · 09/04/2009 23:08

Sorry, just been skimming this thread, so haven't read all the posts. One thing you might want to look out for - if your DH does a credit search on himself, you will be a linked person to his details because of your other accounts / business ventures - as a result, he might be able to see any of your accounts, including hidden one?

Not sure about this, but I know that when I recently did a credit search on my name, it also pulled up my DH's details too.

Seems sensible to put the money in your DCs names, which he wouldn't be able to touch.

Good luck, hope everything works out for you.

JJsandcat · 10/04/2009 05:13

How would you feel if your husband did this to you? Unless you are being abused or in a violent relationship I don't think it's fair to squirrel money away. Just imagine how you would feel if it were the other way around.

That's my opinion but you asked a question and just above, Sbeanmum has made a very valid point: you can't hide money in any onshore national bank account. Even Switzerland does disclose accounts these days. Natwest does good offshore accounts but you have to deposit a minimum amount (it used to be £10k) and once you dissolve that account and bring it onshore you're liable for tax, disclosure, etc.

One way of setting money aside is to stash cash.

Oh, and putting it in your kids' names won't really matter if things get nasty. I know of one pig husband that took all the kids' money from their accounts.

Take care, I hope you won't need that fund.

macdoodle · 10/04/2009 07:14

It IS an abusive relationship!
Good luck sickof - you wont need to declare the money in the divorce if you have already spent it supporting your DC WHEN (not if) you leave!

JJsandcat · 10/04/2009 07:56

I did put that caveat in, so ...

My advice still holds good, it's not that easy to just swivel a bit of money away.

I worked in trading and banking and 2 of my friends have been through a divorce. The sums you can hide are ridiculously small in the end. If you are dead set on it then cash is the way forward. Just write yourself a few cash cheques out and cash'em in and leave the money with your mum or someone you can trust. Tell him you spent it on the kids, flowers, school, food, gifts, beauty salon, etc. Say you had to pay a friend back.. Make copies of all docs and keep passport and other ID cards close by. Go through all your bank statements and make copies, look up insurance docs and pension papers, copy and stash at your friends. Once you file for divorce your solicitor will gladly pour over them to get you your share.

chimchar · 10/04/2009 08:11

hi sickofthis...

sorry things aren't very happy for you at the mo. i have no advice about the money, but second the idea of phoning womens aid. they are super supportive and will adviose you of the best way of how to keep your money safe.

they will not tell you to flee your partner today, but will gently support you until you are ready to make a move...

good luck. x

mrspnut · 10/04/2009 08:38

I would advise putting it into an account in your children's names and making yourself the sole signatory. That way, you can access it and he can't and if he does find out then you are doing it for the children.

I'd also like to third phoning women's aid (although they won't be open until tuesday except for emergency refuge admissions)

WA can support you whilst you are living with your husband and give you help and advice on what your options are, please don't think that if he isn't hitting you that you don't qualify for WA help. Most women that we see are far more damaged by the emotional abuse they have endured than any physical abuse.

The issue with tax, and tax returns shouldn't come into play if the money is in your children's names but as you don't complete a tax return you don't have to declare the interest as income anyway, especially if you don't work because the interest earned would have to be more than £6k for you to pay tax on it which would be a heck of a lot of savings.

stroppyknickers · 10/04/2009 08:49

I need to clarify the tax position of putting it in your children's names. If the interest earned is on money given by a parent, and reaches a certain level, you will need to pay tax on it. This can be done by the branch, not the tax office.

Supercherry · 10/04/2009 09:22

Hi Sickofthisrain, is there someone else in your family that you would trust to keep the money for you? Your mum or a sibling? You could sign the cheque over to them, it could be put into savings in their name and handed over to you when the time comes?

cheerfulvicky · 10/04/2009 09:44

SOTR, I remember your situation well and I think this is a great chance for you to have an instant escape fund. What wonderful timing! I second the relative idea, either leave the money in cash in a safe box at their place, or ask them to stick in in their account. Cash might be the only way to go?

I'm excited for you, I think this has come at the right time. Don't let this opportunity slip by!

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