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Child Savings Accounts?

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Just wondering about saving accounts for your kids - anything to stop me using these for the better % IR, and then withdrawing it back into my name when/if I have need for it (i.e. house purchase), or does it always have to be in that child's name from then on?

Did a quick Google but couldn't find a clear answer!

(not to sound mercenary, I will of course be providing him with all he needs until his 16th birthday!) :))

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Can't say for all accounts but i have one for my daughter ,put so much a month away for her eighteenth birthday its currently with the halifax i wanted to change banks years ago as the IR was crap but the only problem was my daughter would have had to sign the account over to the other bank (She was 7 years of age at the time ) and was also told i would have to provide ID for my daughter

Basically the money has been stuck there as it`s meant to be a surprise

the best advice i could give would be read the T&C`s very carefully

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Thanks, good advice.

I did skim through the T&Cs of the Nationwide child saver, but it still wasn't clear to me (maybe I'm a bit dim) - I presumed that parents would still exercise control until age 16, as my boy won't be old enough to sign his name for a long time to come, but maybe it's not so simple as being able to withdraw back into my name....

We will get him a saving account purely for him one day, but at the moment we need to stay flexible with our savings, though it does feel a little sneaky and so will probably be against T&Cs to intend to do so!

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Halifax still did a 6% Child ISA last year (you open a £1 ISA yourself and forfeit the interest rate to get 6% on the child ISA) i'm not sure if its still available, but with that one the funds are definitely locked away until they're 18, and you can only transfer it to another bank/account if it's a Child ISA with the same restrictions, so no chance of being able to use the cash yourself.

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