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28 Responses to Savings Accounts for Grandchildren

  1. Default Gravatar
    Fred | February 14, 2015

    My wife and I would like to open a bank account in trust for our granddaughter aged 3 years old. We have a large money box tin that is full..are there any accounts out there that would not involve Fees that draw on the balance..preferably no fees

    • Staff
      Shirley | February 16, 2015

      Hi Fred,

      Thanks for your question.

      Please note that finder.com.au is an online comparison service and is not in a position to recommend specific products, providers and services.

      You’ll find that most high interest saving accounts won’t charge a fee for withdrawals if you conduct them through a linked account. You’ll need to look out for fees charged from the linked account though.

      Before committing to any product, we highly recommend that you read the Product Disclosure Statement.


  2. Default Gravatar
    Dave | September 18, 2014

    I opened a savings account for my granddaughter in my name and hers when can she access the account on her own and put in or take out monies herself . Does she have to open another account and have the monies transferred into that from the one I opened for her

    • Staff
      Shirley | September 19, 2014

      Hi Dave,

      Thanks for your question.

      If your granddaughter’s name is on the account too, she should have the same access rights as you do. I’d confirm this with your bank just to make sure.

      If you’ve found that she doesn’t have the same access rights as you do, it’s likely that she would need to open another account for the funds to be transferred.

      Hope this helps,

  3. Default Gravatar
    Paul | August 20, 2014

    I’d like to start a trust for my current and any future grandchildren by opening an account that would be used for their education should they go to university , which I expect they will .

    I currently have two grandchildren with another due in November and there will possibly more in the next few years . Would I have to open individual accounts for each child or could I have one education trust fund account . Rgds Paul

    • Staff
      Shirley | August 20, 2014

      Hi Paul,

      Thanks for your question.

      Usually you can have more than one trustee with trust fund accounts. Please double check this in the terms and conditions before committing to anything.

      It may also be worthwhile to speak to your financial advisor or accountant in regards to setting it up.


  4. Default Gravatar
    Wendy | August 16, 2014

    My grandson lives in Spain and has English Dad and Spanish Mum. Can I open an account in his name with access to him when he is 18 years old?

    • Staff
      Marc | August 18, 2014

      Hi Wendy,
      thanks for the question.

      This will depend on what country you open the account in. In Australia, you might be able to open an account in trust for your grandchild which grants him access at 18. You might want to contact a bank you’re interested in getting an account with first to find out if this is possible and the process for doing so.

      I hope this helps,

  5. Default Gravatar
    dennis | July 9, 2014

    I want to open a savings account for my grandchildren living in London. I do not have SSN for them

    • Staff
      Shirley | July 10, 2014

      Hi Dennis,

      Thanks for your question.

      Did you want to open an account for them in Australia or London? If you’re looking to open an account for them in London please speak to a local bank within the area. This option could be easier as you need a residential address or TFN/SSN for the application.

      If you would like to open an account in Australia, it’s probably easier to apply in a branch to see what options they have available for you.


  6. Default Gravatar
    mark | June 4, 2014

    how can I open a saving account for my grand daughter ,iwant it so I can direct debit 20 dollars a week into it and I don’t want her to withdrawl any of it until she is 18. I don’t want her mum to have access to it either because I think she would spend it on herself. or would it be better to buy shares in her name

    • Staff
      Marc | June 5, 2014

      Hi Mark,
      thanks for the question.

      Unfortunately it’s difficult to say where you should invest money for your grandchild. In the case of savings accounts, you might want to compare the various savings accounts on this page and then enquire with the institution directly to find out if you can open an account in a trust for your grand daughter. You might also want to seek the services of a trusted accountant or financial planner to find out the best way to invest money for her.


  7. Default Gravatar
    Reinhard | April 25, 2014

    I would like to open savings account’s for my twin Grand Baby’s in Germany. Is this possible?

    • Staff
      Marc | April 28, 2014

      Hi Reinhard,
      thanks for the question.

      This will depend on the institution you choose to bank with in Germany, which is unfortunately out of our area of expertise. I’d recommend comparing some of the bank accounts in Germany which you’re interested in and then contact the institutions directly to find out more.

      I hope this helps,

  8. 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.


  9. 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.


  10. 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.


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