blocked bank account that will be used to finance my daughter's studies

[steph83]

Hello, I would like to open a remunerated saving bank account for my 13-year-old daughter (she is Thai), which will be used only to finance her studies. So i would prefer, if it's possible, a blocked account for minimum 5 years that does not allow anyone to withdraw money. Does this exist in Thailand ? Is there any other solution ?

 

Thanks for your advices !

[mudcat]

As far as I know Thailand does not recognize trusts but there is a provision called "controller of property" in our wills my wife have used to protect what we would leave to our grand daughter.  As we do not trust her parents or our in-laws with a chunk of money we named a cousin who successfully got his child through university and launched 

[steph83]

On 10/27/2024 at 5:18 PM, mudcat said:

As far as I know Thailand does not recognize trusts but there is a provision called "controller of property" in our wills my wife have used to protect what we would leave to our grand daughter.  As we do not trust her parents or our in-laws with a chunk of money we named a cousin who successfully got his child through university and launched 

Thanks to share your experience

[digbeth]

there's plenty of life insurance that'll only matures in 5, 10  years or even longer

some will pay out interests and benefits every year

if the insurance require annual payment of premiums, you can set up an account in your name and make a standing order to debit from that account and only you can touch that

 

caveat is that the insurance can be cancelled early for some penalty like loss of capital or the holder can borrow against the insurnce.

[SingAPorn]

Name a close person of trust abroad who has power of attorney on the account or the code of the ATM. And give instructions on how to make the payments online for the tuition fees when she's adult.

[Deserted]

On 10/26/2024 at 7:02 PM, steph83 said:

Hello, I would like to open a remunerated saving bank account for my 13-year-old daughter (she is Thai), which will be used only to finance her studies. So i would prefer, if it's possible, a blocked account for minimum 5 years that does not allow anyone to withdraw money. Does this exist in Thailand ? Is there any other solution ?

 

Thanks for your advices !

I have done exactly the same thing. It's only for thais though. Yes invest for five years and can't touch it before then. Go to the Government Saving Bank (Pink one) Did it myself about 6 months ago, easy.

[digbeth]

apart from insurance which the banks will happily sell, 

there's also government bonds that absolutely can't be touched until maturity