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childrens saving acct

Forums Home > Main Topics > Children's Saving Products
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childrens saving acct
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fiona dunwoodie
 10 Feb 2009, 15:07 #548 Reply To Post
Forum Member

Total Posts: 1
Joined: 10 Feb 09
Member #294

I have opened 3 childrens savings accts, originally with the Mercantile Building Society now merged with Leeds B/S.
I have been putting money in since the children were born. The accts were opened in (my name) for (the name of the child). I hope never to have to touch the money but I always thought if my husband & I lost our jobs we could use these savings to pay the mortgage. I am lead to believe this is not the case and that cheques would only be issued in the childrens names. Does this sound right?
Steve Weisner
 19 Feb 2009, 16:00 #556 Reply To Post


Forum Member

Total Posts: 45
Joined: 19 Jul 07
Location: London
Member #151

I think I would double check with the bank as you may not have done what they thought they have done, it sounds like the accounts have probably been opened in your child’s name, although assuming the children are still minors the parents still should have control over the account, but the Leeds may have a specific account where you can’t get the money out, I’m not very familiar with them personally, hope this is okay, cheers, Steve
I am an Independent Financial Adviser.

Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.



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