DLA banking

[WarmthAndDepth]

If your child receives DLA, what kind of banking arrangements do you have in place?
DD's claim has been approved and I'm keen to keep separate accounts for complete transparency.

I've just begun to set up an account in her name linked to her current account (she isn’t able to use either independently), but stopped when I realised there would be no card linked to the new account ‐ideally, I'll need a new account that will allow either me or DP to make both cash withdrawals at an ATM and online transfers.

How should I be thinking about this?
Do you bank your child's DLA in an account in their name or an account in a parent's name? If two parents require access, do you open a new joint account?
What else should I be considering?

Here it just goes into the household pot. We spend far more on DSs’ needs than we receive in DLA for them.

If any will be saved rather than spent, you should be careful saving in DD’s name if she may need means tested benefits as an adult, may need social care support when older, may not have capacity as an adult, has an EHCP (and thus may need legal aid for JR to enforce the provision).

@StrivingForSleep Ah, this is really useful. Like you, the cost of meeting DD's needs exceed the award, so it is likely to be spent month to month and not saved. I resisted making a claim for years as felt we could just about scrape by and am kicking myself now; a large portion of our household income has always gone toward DC1's needs and I see now that there is much that DC2 has missed out on.

DD will receive a small inheritance soon (sadly) so I will bear your advice in mind although I believe it will be below any limits for means testing. She does have an EHCP (and we are in perputual wrangles over provision), and she will likely continue to need support into adulthood so these are good pointers. Thank you.

For future planning, it is worth looking at trusts.

Thank you. The future feels like another country but one which is getting closer every day.