How to open a savings account for my child?

Mark Bristow

Mark Bristow

Sep 12, 2017( 1 min read )

The process of opening a savings account for your child is broadly similar to opening one for yourself. If your child is under a certain maximum age (often 13-15, depending on the bank), you as the parent will have some joint ownership of the account.

Children over the maximum age will need to open their own standard bank account, though you may still need to provide some assistance, such as ID.

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Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.


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