MegaSack DRAW - This year's winner is user - rgwb
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Can I open a savings account with someone elses money?
A relative wants to bank an amount of money in my name for 2 reasons.
1. It will be left to me when they are no longer here
2. They don't trust themselves not to blow it in the meantime
Trouble is I don't really want the responsibility because I have student loans and am currently claiming jobseekers allowance which I think it may affect.
Any advice appreciated
Definitely lot's of bankers on here.
That post reads back a wee bit dodgily.
I basically want to know if a person can save money on someone elses behalf. All declared of course
What you mean opening an account for your children, in their names? I don't see why not.
Or like a joint account, no reason why not.
You can open an account in your name, and use any money you like to put into it. Very large amounts may attract a bit of attention, but that's about money laundering etc.
As far as the bank and the government are concerned, it's your money, so it may well affect allowances etc.
Obviously all benefits are means tested, so your relative has to much money and wants to get rid of some, and it would also affect your benefits.
Ill send you my bank details and me and the local bike shop will look after it for you and your relative.
Nice. Don't think so. Nice try tho.
I don't actually think he claims anything. I've told him it's a non-starter now anyway.
Disapointed, just tell him im a long lost relative.