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putting money in sons account

  • julie321
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12 May 14 #433190 by julie321
Topic started by julie321
My daughter has some money she wants to save but is not eligible to open the Santander 321 account as she is not working and therefore cannot pay in money on a monthly basis or pay direct debits.

As it is such a good interest rate and my son has this account would it be legal for her to transfer her money to his account.

I have looked all over the internet but cannot find an answer.

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12 May 14 #433193 by sulkypants
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What about a child ISA it can''t be touched until they are 18 it is tax free

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12 May 14 #433195 by julie321
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She is over 18 but still at uni so not earning.

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12 May 14 #433199 by sulkypants
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That would not be treated as a child under 18 in UK but you can still get an ISA worth far more in the UK tax free for £15,000

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12 May 14 #433200 by sulkypants
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That would not be treated as a child under 18 in UK but you can still get an ISA worth far more in the UK tax free for £15,000

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12 May 14 #433206 by Fiona
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Strictly speaking if money is paid into someone else''s bank account the money is theirs and for legal and tax reasons shouldn''t be transferred back.

Depending on the amount and what access your daughter needs it might be worth investigating savings bonds. Just recently some providers were offering 4-6% and in one case 8% interest on 12 month bonds if she doesn''t need instant access. Whilst your daughter is at uni she is unlikely to be paying any tax anyway.

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13 May 14 #433239 by julie321
Reply from julie321
Thank you for your help.

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