Childrens Bank Accounts

Hi,

As part of our final court order we have been instructed by the judge to set up a bank account for each of our two children with both my ex-wife and I as joint signatories preventing one another from taking money out without each others permission.

This is mainly because my ex-wife emptied their accounts and closed them behind my back following our separation but has been ordered to pay this back at our final hearing along with some money we borrowed from them jointly as a temporary measure to pay off a credit card which is coming from my side of the settlement.

I have attempted to do this but following return of all the forms etc Lloyds TSB said they couldn't have joint signatories on a children's account and this was common practice across all banks. Does anyone know if there is a bank that will allow this? They have let her know this and she threw her usual strop and demanded the accounts were closed.

I am obviously nervous about her having any access to their accounts as she is likely to try and steal their money again so grateful for any advice.

Cheers
Richard

Is there an account that ensures a withdrawal can't be made for X many years? (I started one with the Halifax when my son was born 1989. They said no withdrawal for seven years; thus assuring we wouldn't be tempted)

At eighteen he bought a 600cc Motor Bike... (arrrrgh, but HIS money!)that's another story.

I'm not sure if an account still exists like that: at least then the kids might be then old enough to be in control when the time expires.

How old are they? And just saw your other thread that looks like she's not paying it back in anyway?

Hi Sera,

The children are 10 and 7, the accounts become theirs at 16.They just had normal children's savings accounts that could be withdrawn. I've got 10k to pay back in to them from my settlement, she owes them just over 5k plus also a 3.5k endowment policy that she also cashed in. I will take her to court for it if I have to as I'm sick of all the lying and manipulation that has gone on and stealing from our children is the lowest of the low as far as I'm concerned.

Cheers
Richard

Agreed: Lowest of Low!

But regarding the Savings account / Joint name thing: Try having a look at this site:

www.thisismoney.co.uk

Might have some answers on the joint account thingie. They have an 'ask an expert' section.

The NATIONWIDE account "Smart to Save" ?? can have both signatories, as me and stbx have, but I can't see it a problem if you ask for the nationwide to handwrite in the front cover....."BOTH to sign", then you will both need to be there when making withdrawls.

My children have accounts with Halifax and Nationwide which both have two signatories. We have it set to either / or but I am sure we had the option to make it both to sign. Pop in and have a chat with them they are usually quite accomodating.

Good luck

I was told by my solicitor that childrens accounts are separate from the 'pot', is this correct??