What age is the right age?

[threecees]

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[sapphire]

We have compromised on earnings ... most of DD's money is in a long-term high interest bond but some we did put into a high street savings account which lets her withdraw money from a cash point for those 'must have purchases' ... strangely when it's her money she is spending, she is less keen to splash out

DD is 18 now and off to uni so I did feel it was best to lock most of the money away so it wasn't spent on drunken nights out She likes seeing how much she will get when the bond matures too

[paulears]

My wife who used to work for a building society tells me that if the account is in their name, and not yours, once they're 18 unless you have set it up as a trust with specific controls, it reverts back to them with or without your permission. There's also a link to the tax paid on the account - which has to be on their tax return, not yours - which adds weight to their control. Most savings accounts are opened in the children's name with the parent as the nominee until they're 18. If you set it up in joint names it's a bit different. If they want their money, once they're 18 - I suspect they could walk in with ID in the form of passport or other documentation and simply remove your name from the account altogether!

[threecees]

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[mathsmum]

i would check carefully with your local authority - different la's have different rules, but as she has earned it, you may not have the right to keep it in trust or withold it, however honourable your intentions

[WendyB]

I agree, that legally, the money is probably your DC's at 18 anyway. If she's sensible though, then she'll let you look after it til she's 21!