My son is 2 years old...I want to have some sort of savings account for him, but in my name so his dad?

Question

cant dip into it whenever he needs money (like for cigs), I want to have enough saved so that when he turns 16 I can buy him a truck...any ideas???

Answer 1

you can open it in your sons name, then nooone can take from it.

if you want you can have control over the acct.

Answer 2

Dear Ambleside:

You are thinking like a very responsible mom however, it would be nice if you and your husband could do this together. You never know you may be the one who may have the need to dip in the pot so his encouragement would be a big help to you as well. Look in to opening an account that requires both of your signatures so that not anyone person could make a withdrawal. One other thought I have is rather then purchasing a truck for your son how about using it for college or Continuing Education Courses in the future. I say this to you only because trucks cost you money and by having a higher education it will make you money.

You are a good mom and I applaud your effort.

Answer 3

Put the account into your child's name, with you as the conservator/account manager. This way, no one but the child and the conservator can get into the account. Go to the bank (I would suggest one that you do not normally bank with, perhaps a credit union where you can get more return in interest). If you put the bank account into your name, and you are married to the father of the child, then he can still legally gain access to the account if something happens to you. If it is in your child's name, then he can not gain access unless he is listed as a conservator of the account. I had to do this with my daughter when she was 1. I had almost completed the divorce process with my ex (her dad) and had just sold my car. I opened a savings account in my daughter's name, and put the money there so that he couldn't touch it. She is listed on the account as the account holder, I am the conservator. You can also specify the age as to which your child can access the account without your signature required, which can be 16, 18, or 21. So, if your child tends to be a bit sloppy with saving on their own, then you can set the bar higher so that he can't purchase a stereo if you have been saving all his life for his college education. : )

Answer 4

Put it in your name and your son's name only. But here's a bit of advice. You need to watch him grow up to see if he is responsible enough to have a car at 16. Most kids wreck their 1st car, so get a junkard. Also, the insurance is cheaper on an older car. They might not like it, but hey, it's a car. My daughter was a terrible driver and money burned a hole in her pocket. I gave her my old car when she was 16. She wrecked it. However, my son has always been responsible, and i gave him a junkard of a car. He took care of it and he is wise with his money. He never wrecked his car either so, I co-signed a loan for him and he got a nice Honda Civic...paid it off and then had his own credit to buy the truck he has now. Be wise...don't give your kids everything!!

Answer 5

Yes, you put the account in the child's name, with yourself as the co-signatur. Nobody else can touch it. But if your husband is the kind of person who would do that, then he could bully you into dipping into that money. Why don't you investigate the Gerber"Grow-up" plan run by the Gerber babyfood people? Can you do this without your husband knowing? If so, that would be the way to go. If you can't, you have a real jerk for a husband, and all bets are off.

Answer 6

Open up a savings account for him in only your call or as a believe account with your son's call and also you because the basically approved man or woman on it, and dont tell his Dad about it.

Answer 7

My husband has one on his daughter, and its set up to be in her name when she turns 18, but it reads both their names right now since she is a minor. We put money she gets for Birthdays and holidays etc in there, along with $5 Automatic transfer each week from our bank account to her savings is addding up pretty quickly. I can't touch it. Tried once to change the address and even some of the people at the bank know me, and they wouldn't do it without his permission.

Answer 8

My mother opened one up for me when I was young that was in her name and mine so that I would have money for college.
On the statement every month, it would say my mother's name, then mine with the word (minor) out beside it.
My mother had full control of the account. My father, who was divorced from my mother, and my step-father could not touch the account.
She said that she put my name on it so that if something had happened to her, it would go to me. She then, put in her will what she wanted done with the money and me if something were to happen to her. That way only the people specified (who were trustworthy) would be able to take care of things.
Make sure you are VERY clear of things in your Will. That way, if you die, the money will be in your sons name, who is in the care of your husband, but the account will be frozen until your son inherits it at age 16.

My best advice, put it in your name and your son's. Talk to bankers and get the account set up how you see fit with their aide, then make a Will that specifies what will happen to everything in the event of your death.

Answer 9

Make an account under your name, or a joint account with your son. When your son turns 16 no money will be taken out as you have made an account under your name and therefore you can only withdraw from it.

Answer 10

Go to the bank and open a savings account. Usually there is only one name other than your baby's on a joint account. My husband I opened one for our babe and its under my name just because its easier for me to get to the bank. When the money grows a little you can open a CD and make a bigger return on the money. Your husband can't take out money if the account is under your name as a joint account with your son's.

Answer 11

You can do any of the above mentioned methods of opening an account. However, I do think you need to let your husband know what you are doing, do you want that between the two of you. It will have to be filed on your taxes and if you file jointly he will find out. Maybe I am misreading and you do intend to tell him in that case, sorry. Good Luck