Hi again FF36.

I think that you should discuss this openly with your trustee before you sign. You may wish to ask them to confirm any advice in writing as well.

You'll also want to ask your trustee whether there's any risk that the bank will take capture of these funds.

There probably isn't a problem but it's always worth being a bit cautious.

ALready signed...never crossed my mind about kids accounts.

Hi FF36.

Hopefully there's nothing to worry about.

Hi FF36

I think these should be fine. I assume your name was on the account due to the children's age and these would therefore be held in trust which falls outwith the Trust Deed.

Mark

I would be looking to move the kids money just in case the accounts have an offset mentioned in the small print that nobody reads! !!

Paul

Hi FF36,

Plasticdaft makes a good point about relocating the funds to a bank which you don't have debt with just to be on the safe side. The bank could catch you with the good old ÔÇ£terms and conditionsÔÇØ excuse if they did try to take the money.

Thanks for the advice...i have checked their website and it does say under the question 'Who does the money belong to?' 'The money belongs to the child, and the account is in the child's name. An adult will open, run, and close the account on the child's behalf. The adult must manage the account in the best interests of the child.' Although somewhere else it did say that the adult must have an account with them!
So looks like i will have to go in and take all the money out...do you think this will be a problem as they will have been notified by now of me signing a trust deed? They will presumably ask why i'm taking it all out especially the amounts as it is over the usual daily withdrawal limits.

They can ask FF36... it's up to you whether you choose to answer.

Be careful about storing the money that you withdraw in an account that's in your own name.

Hi FF36,

I don't see this being a problem. Make sure you take two forms of identity and any bank card/book for the savings account.

I wouldn't worry too much if they ask you why your removing the money, that's your business. You can tell them what you want i.e. Christmas, moving it to another bank, giving it to the children etc.

Bank cashiers process large amounts of transactions on a daily basis for significant amounts of money (Tens of Thousands) at the counter so don't worry too much.

It's certainly not tens of thousands...but it is higher than the daily limit for withdrawal.

Am wondering where/what i'm going to do with it though...could i put it in account with my husband as trustee? He has not got a trust deed, but he is my 3rd party for equity.

My problem is choosing a bank as the banks in my town...three of them i have debts with, one i can;t open kids account becasue i have not got account with.

RBS do a childrens account and if they are aged between 7 and 15 they can open it in their own name without a trustee.

Sorry if this is maybe off the subject of trust deeds itself a wee bit, but it's one of those things that i didn;t and maybe others too don;t realise will be affected.

Hi FF36,

Don't worry about thinking it's off the subject of a Trust Deed. It's actually quite relevant and there may be other people in a similar situation.

Sounds like RBS may be a suitable place to relocate the money to.

Would it be possible to deposit the money into your husband's account, open the children's account with the RBS then transfer the money over? That way it would save you a trip to the bank if it's not local.

As TDA has said make sure the money doesn't go into an account in your own name.

Yes think i'm going to open new accounts for them. It wouldn;t be a problem putting the money into husbands account until they are open.

My worry is that when i go into the bank to withdraw all the money that they don;t let me. Will it come up on their computers saying i have signed a trust deed...'do not give this woman any money!'. I never liked going into that bank at the best of times...let alone now!

Hi FF36,

I really don't think you will have any kind of problem withdrawing the funds but obviously I can't guarantee it. If there did happen to be a problem I'm sure they would invite you into one of the private rooms and discuss it with you.

If you have a bank card for the accounts then you could over a couple of days withdraw the maximum allowance at a cash machine to save a trip into the branch.

I think it's one of those things you're just going to have to try and see.