How Do You Set Up A Savings Account For A Child (Niece, Nephew, Grandchild Etc)?
Are you a parent wishing to start your child or children off on the right path or are you an aunty, uncle or grandparent who wishes to put aside some money now for a loved one? If so then follow these simple steps to organising a savings account for and on behalf of someone else. Firstly, research the various banks and savings institutions in your area. The internet is a great source of information and the easiest way to access what the institutions have to offer. Make sure there are no hidden fees associated with opening an account (if it is for a child then they should not have to pay any account keeping fees due to their age and status). Opening an account in the name of a child or on behalf of a child is a great idea. You can provide the details to other family members so that they can deposit into the account as well. Ensure that you have a copy of the child’s birth certificate as well as 100 points of identification for yourself as you will need to prove that you are who you say