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Topic starter
17/04/2012 10:54 pm
Hi There,
My wife and I are currently 16 months into our trust deeds, our son was born in November. We recently tried to open a childs bank account for him with the Co-op bank, this is with whom we bank, but it was rejected, presumably due to our circumstances. Will we be able to open an account for him anywhere, or will we be prevented by our trust deeds?
Thanks
A
17/04/2012 11:41 pm
Hi adamski
Im surprised at this to be honest, Im sure a number of banks would do this.Perhaps someone on the forum has experience of this and can direct you.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
18/04/2012 9:20 am
Hi adamski.
I don't think that you're going to find that there is a general problem with this. Of course each bank is free to set their own rules so you may need to shop around a little.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
18/04/2012 3:28 pm
co op did the same with us and still wont allow us to have any type of savings account.
If you try the yorkshire building society,you may well have much more luck and they do have more branches up here than I imagined. Or tesco's offer accounts too.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Topic starter
19/04/2012 12:05 am
Thanks Mark, TDA and Paul,
I was a little surprised when they refused, but had a bad experience with the Co-op when we first entered our TD's, went into branch to open the Cashminder account, advised the customer services rep of our imminent deed, he still recommended a fee paying current account with overdraft, it was all new to me, and thought the insurance etc that came with the account could save us money each month. Thought we were getting to grips with everything, new account opened, all direct debits switched, then out of the blue, they closed the account, costing us money with refused DD's etc, money we could ill afford!
Our eldest son has an account with Bank of Scotland, may speak to them and see if they are likely to open an account for our youngest.
A
19/04/2012 12:20 am
Hi Adamski
If it's purely for savings, think about premium bonds. my kids each have a premium bonds account and any birthday/christmas money gifts go there. They get no interest but rates paid by banks currently might as well be nil when we're looking at small amounts. Only 8 days notice is needed to withdraw funds and this is sometimes enough to make them decide to wait a while for something, occasionally the interest has faded sooner and they leave the money where it is. I think it's helped them to reduce impulse buying. We get nagged less because most things they ask for they can have if they're willing to spend their own money.
And, there's always a chance of winning! Unlike lottery tickets they have all their tickets go in the draw every month.
