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Can I move money in a kids' bank account?

K

kropotkin

libcom
My mother-in-law set up bank accounts for each of my three kids. I've been paying money into each of them every month for about 18 months.
I realise now that I need to set up childrens' ISAs for them, and pay money into that instead (I'm thinking Vanguard Stocks and Shares ISAs- I assume I can get one for kids?). I'd like if possible to move the current balance of the accounts, but I don't understand how that works- the kids can't consent...so...do I just approach the bank and prove i'm their dad? Is the money stuck there until they are 18?

Help!
 
There's normally/often a named Trustee on a child's account. Find out who that is. The bank shouldn't let anyone else touch the money.
 
Pickman's model said:
I can't help thinking there's something incongruous about someone named Kropotkin asking how they can invest in a stocks and shares isa
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yep. much better to put money into a kids' account and just have the bank invest it and keep the interest rather than them.

Do you save money for your kids?
 
Pickman's model said:
But if I did I don't think I'd lose my principles and chuck money on the stock market for them
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I basically have this quandary at the moment. I'd like to burn all banks to the ground but I have two rugrats that might like to go to university or put a deposit on a flat one day and we have tucked away a few quid here and there which added to gifts from relatives and friends means there is a few thousand pounds sitting in bank accounts that pay fuck all interest. I could take it all out and keep it under the bed but I'm not sure who that would help. It's not my money so just pissing it up the wall or paying some of my mortgage off wouldn't help. Would it really be so bad to stick it in something that means they have more money in a decade or SO's time? Not that I understand much about such things.
 
It's fine, obviously. It isn't a slippery slope to owning a mine, it's trying to make it so your kids could afford a degree.
Or you could go the whole Sharia-compliant bank only/no interest thing. Fill your boots! The money is ending in the stock market either way. Same with your pension if you have one! At least you get some benefit form that making it's way into the stock market.
 
kropotkin said:
What do you think the bank is doing with it?
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Soz missed your addition - I don't know what they're doing with it as the past decade or more there have been repeated reports about the difficulty businesses have getting loans despite the vast sums banks have had in bouts of quantitative easing. So I don't know who they're loaning it to / investing in.
 
kropotkin said:
It's fine, obviously. It isn't a slippery slope to owning a mine, it's trying to make it so your kids could afford a degree.
Or you could go the whole Sharia-compliant bank only/no interest thing. Fill your boots! The money is ending in the stock market either way. Same with your pension if you have one! At least you get some benefit form that making it's way into the stock market.
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Yeah, it's more inertia and lack of knowledge than a political statement tbh.
 
Pickman's model said:
Soz missed your addition - I don't know what they're doing with it as the past decade or more there have been repeated reports about the difficulty businesses have getting loans despite the vast sums banks have had in bouts of quantitative easing. So I don't know who they're loaning it to / investing in.
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You don't think they might be maximising their possible returns on it? Like they would if they were a private business with your money, for example?
 
Pickman's model said:
But if I did I don't think I'd lose my principles and chuck money on the stock market for them
Click to expand...

Do you have a pension? If so I suppose you could be one of the (un)lucky ones whose pension is totally unfounded and paid out of current tax receipts, but otherwise you will be chucking money on the stock market every month. If you had been doing so since you were a child, you might even have been able to cease contributing by now if your conscience required it of you.
 
kropotkin said:
You don't think they might be maximising their possible returns on it? Like they would if they were a private business with your money, for example?
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I don't know where you get your information from, but a quick search found a report from last month which found little evidence that qe had led to greater lending or investment Bank of England must spell out the risks of quantitative easing, says Lords report - Committees - UK Parliament

I don't know how much a degree will cost in the future. As far as I can see the value of one is being eroded by the amount of debt graduates will bear - people will face many tens of thousands in debt more than they do at present. While we were in the EU I said several times that studying on the continent would be better than graduating here owing vast sums. If you can dig up an EU nationality it's a no brainer - a grand a year fees at eg Leiden. Or £9.25k at a British uni. And a great deal of teaching on the continent is in English.

Invest your money as you will. But it's really strange to see someone who has professed to be a class struggle anarchist arguing how fine it is to invest in stocks and shares.
 
Pickman's model said:
Invest your money as you will. But it's really strange to see someone who has professed to be a class struggle anarchist arguing how fine it is to invest in stocks and shares.
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So what should he do with his kids' dosh cause the banks have it anyway? And he's hardly said 'how fine it is', just that he'd like to look after his kids' money and avoid depreciation.
 
maomao said:
So what should he do with his kids' dosh cause the banks have it anyway? And he's hardly said 'how fine it is', just that he'd like to look after his kids' money and avoid depreciation.
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As someone with scant interest in stocks and shares I have no financial advice to give. As for him saying it's fine, he says it's fine in the first sentence of post 13, which you quoted in your 16.
 
Pickman's model said:
As someone with scant interest in stocks and shares I have no financial advice to give. As for him saying it's fine, he says it's fine in the first sentence of post 13, which you quoted in your 16.
Click to expand...

You've conflated two of the many meanings of the word fine on purpose to misrepresent his position.
 
Pickman's model said:
Soz missed your addition - I don't know what they're doing with it as the past decade or more there have been repeated reports about the difficulty businesses have getting loans despite the vast sums banks have had in bouts of quantitative easing. So I don't know who they're loaning it to / investing in.
Click to expand...
There is pretty much zero interest on banks and bank ISAs at the moment.
Santander is however doing a kids account that gives 3%, that's about as good as it gets without doing some stocks.
 
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