grandparent wants to open account for my kids

[DCS]

Like a savings account. Isit a trust account? Where they don't get access till they are a certain age.
Thing is, DS already has one. Granted, we haven't got round to doing DD's yet but she will have one in the next couple weeks. I don't know how I feel about that?! Am I just being weird? Its possible I am. But I'm under as to why they need 2 trust accounts each?! OH says its because the account we have is where we put money each month , and the money they get from people and she wants her account to be the money she is putting aside. But then I feel like what if everyone else went and opened an account each? That would just get silly.
She has also mentioned that she would like a copy of their birth certificates. OH says its to open the accounts, but I'm sure she didn't mention that when she asked for them. is that odd?

She is a lovely lady and i really like her. We get on great. I have no idea if I'm just being difficult. so please tell me whT you think.

 

[jenstar]

I think it's a nice idea and I imagine granny wants to be the one giving them the money so wants to have her own accounts for them. There are some rules about how much a child can earn on savings tax free (it's more than an adult can), so you need the birth certificate to prove it's for a child.

 

[RaspberryK]

I would be fine with that, I wouldn't give them their own copy of a birth certificate I would loan them a copy specifically for the account and have it back as I do think that's odd.
Xx

 

[emyandpotato]

Yeah I think you're being difficult Sorry hun! She wants to give your LO money, just accept and be grateful! Your LO will be delighted when she's older. Two trust accounts, one, twenty, doesn't really matter, still the same purpose.

 

[Wannabe Mommy]

My MIL did this. She needed the original birth certificate and a recent utility bill to prove the parents address. We just loaned the paperwork and she set it up.

 

[DCS]

Thanks. I just spoke to OH about it and realised I didn't have an actual issue with it. I've read so many grandparent horror stories I think I'm being paranoid.
It is such a lovely thought. And I do appreciate it. I just needed to get my crazy out. I talked for like 15 Minz while OH listened.

 

[Equreuil]

I say go ahead and let her do it, since she obviously means well and it sounds like a nice gesture. And since it's something she wants to do, it's not even like you have to manage it or anything.

But maybe don't let her keep the documents after the account is set up. There's no need for a grandparent to have that, really.

 

[sue_88]

Personally, I don't think it's necessary. Those wishing to give my LO money can have the details to deposit money into her savings account affiliated with mine, or give the money to me and ill deposit it.

I don't think a child needs numerous accounts affiliated with different people.

 

[jd83]

Personally, I don't think it's necessary. Those wishing to give my LO money can have the details to deposit money into her savings account affiliated with mine, or give the money to me and ill deposit it.

I don't think a child needs numerous accounts affiliated with different people.

I agree, seems kind of overboard to want her own account to keep track of how much she's giving your child. Why does it matter, really? If she wants to track how much she has put into the account, she is perfectly capable of keeping a log of it, or asking to see a log of deposits if you are willing to share with her. But I don't see why there needs to be another account altogether. Doesn't make sense to me. My boys each have one savings account. I'm not opening up more than that unless they want a spending account as teens separate from their savings for college/adulthood.

Having said that, I think its something that everyone feels differently about, and if you decide to allow another account, I would definitely want the copies of documentation such as birth certificate back. There's no reason for anyone other than the parents to have those; its just more risk having it in multiple places.

 

[JessyG]

I don't see why she cant just give you money to put into your trust account. My mum wants to set one up for my daughter. I already have money put away for her just haven't gotten around to setting up a special account for it. It just sits in one of my old accounts that I don't have a card for. Once it is set up I will pay in as usual and my mum will do similar when she has the money to do so.

I would just say you would like to consolidate it all and give them the bank details for the account you set up.

 

[Lauraxamy]

I agree with those who have asked if it's necessary, etc. It's a nice thought and everything (and I wouldn't say no ) but I can't see why it can't just go into their accounts they already have, unless they want to make sure that account is just linked to them and/or so they can be in charge of what goes in and out of it. My LO's have a bank account each already that I set up when they were born, if any family members wish to give them any money then it just goes straight into that one, seems easier than having loads of different accounts?

 

[Eleanor ace]

I wouldn't have a problem with it, I imagine she wants an account that only she pays into so that when your LO's are older she can present them with it and they will know that the entire sum came from MIL. It might seem a little bit crass to want all the credit (if that is what she's doing) but I would just focus on how much your LO's will appreciate that money when they are buying their first car/house or whatever .

 

[Becky61]

I personally wouldn't like it.

My LO has a savings account that I am in control of (even though it's in his name... Trustee? Something like that?) that I pay into weekly (a tiny teeny amount) & both sets of grandparents pay into on Christmas & birthdays. FOB wanted to open a savings account for LO too, which I kindly declined. I personally felt like it would cause competition. "I've saved £XX.XX blah blah, he could go to Uni with that/buy a car/deposit on a house". To me, it's all LOs money, so it only needs one place. No competition.

Just my opinion, & how I put it to my FOB.

 

[hayz_baby]

I used to open these quite often. Grandparents would do this, the one we offered were instant access and the grandparent would be named as well as the child. I guess it's a way they can share their inheritance/wealth for the child.
It does happen quite often

 

[lilyd]

The Grandparents on both sides have them for our children. We don't ask how much is in them, just think it's nice they do it.

They also hold premium bonds for them as well.

 

[catty]

Its another tax free account so id happily let my parents do it even if the money wasnt for my child. My mum and dad put £30pm in and thats a combined one as dont think they realised how close my kids would be

 

[AP]

I ended up in the same situation and said no. Becky61 is the closest I could get to explaining it.

 

[suzib76]

It wouldn't bother me. Do t get me wrong I don't think it is necessary, I mean if someone wants to give my kids money they have savings accounts and the older 2 have current accounts as well. They also accept cash and cheques. So yeah I camt see why it is necessary other than for the mil to have some sort of control, that said if anyone wanted to do it for mine I wouldn't object. I just don't see why

 

[Quartz]

I would not mind so much but it does not make sense. Multiple bank accounts will not earn as much interest as it would in one account.

Also if its a junior isa you can only have one cash one

 

[loeylo]

My grandparents opened accounts for each of their four grand kids when they were born. On our 21st birthdays we were all given access to them. They each had a set sum of money in them. I'm not exactly sure how they managed saving in them, but I am pretty certain they put maybe £10 per month in each of the four accounts - it was more a gesture of getting a lump sum on our 21st birthdays. My eldest cousin bought driving lessons and insured his car, the next cousin bought a car as he could already drive, I bought a nice piece of jewellery and then lived off it durin my final semester at Uni so I could quit work and focus on my career.

We also had individual savings accounts which my parents opened for us, but that was a more short-term saving account which we used for things like spending money on holiday, my sister an I even chipped in and bought a computer from that account when we were young - that is where any birthday, Christmas money etc went which was completely different from the trust account my grandparents gave us.

I can't understand the issue personally,