Bank accounts
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@Jessica sadly, this will have to be declared to UC as it is under your name and depending on how much it is,.it might affect how much you receive
If you have between £6000-£16000 in savings, this can effect how much universal credit you get, anything over £16k then you won't be eligible for it. However, if the bank account is in your child's name then it doesn't have to be declared
@Rachel even if it’s in a savings for my son that i won’t be able to touch?
@Rachel trust fund sorry
@Jessica if the bank account is in his name then it's fine
Just to answer the original question as well, generally without a parent/gardian, you can't open a bank account if you're under 18. I would just wait until you're 18 to open one, there's no rush. The only accounts you could open are teen/child ones at some banks
@Rachel i’ll put it in his name
@Rachel I will be her parent 😂
@Rachel I opened my bank account without any problems x
I meant, YOUR parent or guardian is normally needed for you to open a bank account if you're under 18. Most banks are like this but you must have found one that will do it for under 18s
@Jessica then no problem! 👍
If it’s in your child’s name then no - I have opened a child’s ISA under my sons name and UC doesn’t need to be made aware x If you are just opening a normal bank account you will need someone who is 18+ and you trust to open it for you or go in and speak to who ever you are banking with and see if they are able to open a savings account for your child
i’m wondering the same thing i’m due to get some inheritance from someone who just passed away and my plan is to put it in a bank account for my son when he’s older and i’m hoping it won’t effect my uc as it won’t be used for us but my name will be on the bank account