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What's the best savings account for a child?

Can a parent withdraw money from a child's savings account without consent?

  • My parents opened a savings account for me when I was little so that I would have money for college. Recently, my dad has been reluctant to use that account and I've been wondering whether or not I still have money in it. I also have money that I received from my mom's social security that was supposed to strictly be for me and my college tuition (she had made it so that all of the checks that we received would be for me). Is it still possible for my dad to have taken money from my account, even though the money that was put there was supposed to be for me?

  • Answer:

    Social security is off limits. Your father can not touch that money if it was set aside for you. The problem with this situation is that if they set up a savings account when you were younger it was most likely a joint account, and he will still have access to it. The bank will have no idea and they are not in charge of controlling that money. My suggestion is that if you are 18 you should open a debit/checking account and transfer all the money into that account. That way he can not get at it.

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Of course. Your parents could use that money to pay the rent, the electric bill, groceries, etc. Your mom can't "will" her social security to you. When you lose a parent you get social security benefits. Your mom had nothing to do with it. The other poster is wrong. Your dad can touch that money. He is paying for your support.

Rick B

Rick is correct. If you are a minor and your father is supporting you, legally everything you own belongs to him. That's one of the "gotchas" of being a minor. The only exception is a legal trust -- not just any account will do. It must be an actual, legal trust set up for your benefit. If your savings account is a trust, it will say so on the paperwork. Plus, most trusts allow an adult to use the money for your benefit -- even if that is for things like food, electricity, and making the rent payment.

MVD34

Why are you getting money from Social Security unless you are disabled?

Flower

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