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  • Entrepreneurs

    Moral Question | Parking funds in child A/C

    Currently  (july2018) the Nationwide Building Society has a Childrens  Smart Limited Access account paying 2.50 per cent on balances up to £50,000. allowing one withdrawal per year. (see website for full details of t&c)

    • where would you park funds waiting to purchase property?
    • is it morally right to use children saving account to gain best interest rate.?
    • is there a better alternative with ready and easy access in event of cash property purchase.? (access within 2-3 weeks)

      ( i have discounted premium bonds - return not guaranteed or any regular saver product which is limited to £3000 ).

    morally - i do not see anything wrong with this, as when i die the children will receive my legacy or am i wrong to take advantage.

    note - article from 2016 - old rate. current 2.50%

    http://www.thisismoney.co.uk/money/exper...-rate.html

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    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    Is it morally right for a bank to discriminate against a person because of their age?

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    government pensioner bonds - come to mind.

    i suppose when you put it like that, discrimination does occur widely.

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    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    I find the Nationwide a bit odd at present I went to put £ 90.00 cash in my wifes account we both bank with Nationwide and they would not allow me to put cash into her account

    I would ask the question can you park 50K in your children account and are you allowed too take it back again

    is there not a limit of tax free gifts

    I don't know but check it out


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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    I was giving this a little mom ore thought

    I would be careful what your planning to do

    If you give your son or daughter 50 k today and god forbid you die the next day and your estate has an IHT Bill the HMRC could tax the gift

    on the other hand if your going to give them the cash and you then take it back is it not a gift from them

    also when you come to do a BTL mortgage to purchase a property the lender will want to see where the deposit is coming from

    for the sake of  2.5% rate of interest is it really worth even considering this

    why not stick it in premium bonds you never know you may hit lucky and win a million

    I use Premium bonds to save my Tax money and I have won a few time alas not the million yet


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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    I read real rate of return about premium bonds on MSE. But might reconsider.

    Will keep in mind the btl mortgage aspect - it was more saving up for a cash purchase. Whilst i wait.

    But you right 2.5% is hardly any return. But better than zero return.

    may I ask winnings on premium bonds and did have full 30k to make any difference?

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    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 


    I just use it to save my income tax money It goes down to nil every six months than I build it up again

    I have won a number of times £50 ,£25 ect and its tax free

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Thanks Vanessa - read earlier in the week. Wink

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    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    Go to bank and withdraw all the monies

    Keep it safe at home; hidden.

    If you need to use it for a property purchase plonk the £25000 on the solicitors desk.

    If asked where funds came from get solicitor to contact your bank for verification of funds origin.

    I have withdrawn hundreds of thousands out of banks and can prove origin of all of them to a solicitor.

    Banks aren't to be trusted.

    Bail ins as happened in Cyprus could easily happen here especially  if Labour win the GE.

    Take your cash out of banks and hide it away.

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