Gifting cash to a child.
Discussion
I need to gift a sum of cash to one of my children; about £15k.
The youth has got a current account which pays little interest. I'd like to do better, but they are seventeen so I anticipate that better places for the money will require me to set it up, be co-signatory and for all of that to change at eighteen. I've set up things for other children and that is what has happened.
Is there a sensible place to put this, where I just fall away at eighteen, without having to close the account and open something else.
TIA
Does he/she need access to the account in the 12 months before he/she turns 18?
Without thinking too deeply about it, could you set up a Tandem high interest account - that locks up the cash for 12 months and then automatically unlocks at the 12 month moment. The money can be then automatically transferred....
Without thinking too deeply about it, could you set up a Tandem high interest account - that locks up the cash for 12 months and then automatically unlocks at the 12 month moment. The money can be then automatically transferred....
NDA said:
Does he/she need access to the account in the 12 months before he/she turns 18?
Without thinking too deeply about it, could you set up a Tandem high interest account - that locks up the cash for 12 months and then automatically unlocks at the 12 month moment. The money can be then automatically transferred....
I don't think they will want access to it. Without thinking too deeply about it, could you set up a Tandem high interest account - that locks up the cash for 12 months and then automatically unlocks at the 12 month moment. The money can be then automatically transferred....
Louis Balfour said:
I need to gift a sum of cash to one of my children; about £15k.
The youth has got a current account which pays little interest. I'd like to do better, but they are seventeen so I anticipate that better places for the money will require me to set it up, be co-signatory and for all of that to change at eighteen. I've set up things for other children and that is what has happened.
Is there a sensible place to put this, where I just fall away at eighteen, without having to close the account and open something else.
TIA
Certain Building Society’s ( Skipton for instance ) may still offer “ childrens accounts “ which at the age of 18 automatically convert to them solely irrespective of whether or not in the interim you have been the trustee. The youth has got a current account which pays little interest. I'd like to do better, but they are seventeen so I anticipate that better places for the money will require me to set it up, be co-signatory and for all of that to change at eighteen. I've set up things for other children and that is what has happened.
Is there a sensible place to put this, where I just fall away at eighteen, without having to close the account and open something else.
TIA
This was certainly the case with all 3 of ours albeit the accounts were opened when they were much younger than 17.
According to this
https://www.gov.uk/individual-savings-accounts#:~:...
"If you were born between 6 April 2006 and 5 April 2008, you can open one cash ISA before you turn 18."
They can open one cash ISA before turning 18, which might be of interest to you/them
https://www.gov.uk/individual-savings-accounts#:~:...
"If you were born between 6 April 2006 and 5 April 2008, you can open one cash ISA before you turn 18."
They can open one cash ISA before turning 18, which might be of interest to you/them
Louis Balfour said:
Is there a sensible place to put this, where I just fall away at eighteen, without having to close the account and open something else.
Talk to Hargreaves Lansdown, they're good at this stuff.https://www.hl.co.uk/investment-services/investing...
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