Bank drafts in childrens names

clint_silver

My parents gave me bank drafts for my kids (grandkids) and want me to invest the money for them. No problem, found something we're happy to invest the money in for them.

Except our Kids dont have bank accounts and they wont need for some years (not building up years of costs for no reason).

So how do we get the drafts cashed or lodged somewhere and money to be transferred to my account so I can deposit to the savings fund for them?

Peregrinus

Return the bank drafts to your parents, have them bring them back to the bank, and get them replaced with bank drafts (or just cheques, or electronic transfers) to you.

You’ll just have to either open bank accounts for them, or return the draft. The banks won’t lodge a draft to anything other than the named account.

Don’t just keep the draft as it will go stale and become unusable.

clint_silver

ok, thanks. straightforward enough.

beachhead

Open bank accounts in your childrens name or return the bank drafts.Depending on grandparents relationship with their bank the drafts could be cancelled for free.I had to return a draft but was able to do it within 24 hrs-no charge.

clint_silver

https://www.boards.ie/discussion/comment/121831552#Comment_121831552

My opposition to the bank accounts for the kids is that arent there banking fees every month or quarter now?

Ive used credit union for savings and kids revolut up to now for all their account/day to day stuff. If theres regular fees required not sure its worth opening accounts for them

https://www.boards.ie/discussion/comment/121831730#Comment_121831730

Not really for kids accounts no. I’ve never known them to have charges anyway.

Depending who you bank with just enquire about it I’m nearly positive junior, student, graduate and pensioner accounts come fee free.

Also OP you can open a savings account with your kids name to put this money surely? You wouldn’t need a standard current account setup just an instant access deposit presumably.

ELM327

Kids accounts are generally fee free

Seth Brundle

When me and my cousins were all born, my grandparents set up a post office account each with £10 in it (which was a lot in the 70s!).

As far as I know, you can lodge a bank draft into a PO a/c and there are no monthly fees (the PO does have current accounts for kids which incur charges so make sure it is a deposit a/c). This one looks to be ok...

https://www.statesavings.ie/our-products/book-based-deposit-account

(I still have the Post Office book which always reminds me of my grandparents generosity when I see it!)

clint_silver

thanks for feedback all, I actually rang my bank (TSB) and they also advised me to get the drafts changed as well

However based on comments here going to see can I get them lodged to savings accounts or post office or credit union (cant find online if possible)

JVince

https://www.boards.ie/discussion/comment/121833159#Comment_121833159

https://www.ptsb.ie/saving-and-investing/savings-accounts/childrens-safari-saver/

Staff should have suggested safari accounts.

Jim2007

https://www.boards.ie/discussion/comment/121846764#Comment_121846764

No because such accounts are legally in the name of an adult with the child's name "noted" and the drafts are in the child's name. Most financial products targeted at kids ultimately end up being the legal responsibility of an adult all across EU. And based on my experience, you should ready very carefully the terms and conditions you as the adult is signing up to, especially ones offered by other EU financial institutions or white listed products.