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14 Responses to Savings Accounts for Grandchildren – Opening An Account As A Gift

  1. Default Gravatar
    Grandma | April 16, 2014

    I opened a savings account for my grandson and I am also named on the savings account. Today I discovered that his mom changed the address to hers. How is this legal?

    • Staff
      Shirley | April 16, 2014

      Hi Grandma,

      Thanks for your question.

      This will depend on the fine print of the kids savings account that was opened. Generally, a kids saving accounts usually has what’s called an ‘authorised signatory’ and that person is the only one permitted to operate the account.

      It’s probably best to contact the bank directly and to enquire about what’s happened. The bank is likely to give a more informed answer.

      Cheers,
      Shirley

  2. Default Gravatar
    Lorsin | December 23, 2013

    My Mum wants to open accounts for all 8 great grandchildren, with her grandchild, (a parent each of 2 per family) being signature, it will be a good amount each to earn well for them, with or without being added to, “BUT” she doesn’t want them having access till their 21st birthdays! Can this be done?

    • Staff
      Marc | December 24, 2013

      Hello Lorsin,
      thanks for the question. This seems like a great idea for your mother to help her grandchildren out. This type of account is known as a trust account, and gives your mum the ability to set the account to become inherited by her grandchildren at whichever age she likes. You may wish to consult a lawyer or accountant for more information.

      Cheers,
      Marc.

  3. Default Gravatar
    bmorejoe | October 10, 2013

    My wife and I want to open an investment account with our granddaughter (11). We both want to be on the account with her. Our main investment company will do a joint account for adults or a joint account for an adult and a minor but not an account with two adults and a minor. Is this a general problem or do we just need to find the right bank?

    • Staff
      Shirley | October 10, 2013

      Hi bmorejoe,

      Thanks for your comment.

      Children’s accounts generally only have one adult and a minor, but this may be possible through the bigger banks such as Bankwest and Commonwealth Bank by applying in-branch.

      Please let us know how you go.

      Cheers,
      Shirley

  4. Default Gravatar
    janet | July 15, 2013

    I have 4 grand kids can I open an individual account for all off them?

    PS: I live in England.

    • Staff
      Shirley | July 15, 2013

      Hi Janet,

      Thanks for your comment.

      To be eligible for most of our savings accounts, you need to be an Australian resident for tax purposes.

      You may want to consider opening an account for your grandchildren in England instead.

      Hope this helps,
      Shirley

    • Default Gravatar
      Livvie | September 15, 2013

      Hi, can you please tell me if as a grandparent opening a bank account for a granchild, is the childs birth certificate necessary? What documentation is needed?
      Many thanks.

    • Staff
      Shirley | September 16, 2013

      Hi Livvie,

      Thanks for your comment.

      In most cases, banks will need the child’s birth certificate and a Tax File Number if they have one.

      Hope this helps,
      Shirley

  5. Default Gravatar
    Matt | July 3, 2013

    I have a 5 yr.old grandaughter,. I would like to open a account of some kind for her,future. What do you suggest would be the best?

    • Staff
      Shirley | July 4, 2013

      Hi Matt,

      Thanks for your comment.

      This page can provide you with some things to consider about the best bank account for your granddaughter. ANZ, Bankwest, CBA, NAB, Westpac and Suncorp all have specialised savings accounts for kids.

      Hope this helps,
      Shirley

  6. Default Gravatar
    hyacinth | March 12, 2012

    Would photocopies of birth certificates for grand children be acceptable as they do no live in the country?

    • Staff
      Shirley | April 23, 2013

      Hi Hyacinth,

      Thanks for your comment.

      All of the products we feature are based in Australia. As long as they are Australian birth certificate, photocopies are usually sufficient. It’s best to check with the financial institution first.

      Hope this helps,
      Shirley




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