General Question

squirbel's avatar

How do you set up a savings account for a child?

Asked by squirbel (4292points) March 22nd, 2008 from iPhone

I learned this might be possible in another thread. How exactly do you set one up, and make it accessible for regular deposits? Is it in the child’s name, or someone else’s until they come of age?

I’d like to do this for my only niece so she will have pocket money for college or something to start life with.

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5 Answers

gailcalled's avatar

Any bank officer will help you. Try to find the best interest rates online as well.

gailcalled's avatar

Or google “savings account for minor.” Nice that you want to do that for your niece. Maybe other relatives will get on the bandwagon, or reciprocate for your son.

squirbel's avatar

O.o

I don’t have any kids yet, but I look forward to when I will!

jonno's avatar

You can set it up in the child’s name. Banks usually have accounts especially for kids which don’t charge fees for under 18’s.

If you want to regulary contribute to the account, you are usually able to set up a regular deposit with your bank’s online system – check if they charge fees or not to do this (they shouldn’t).

Find the best interest rate online and then call into that bank’s nearest branch. You will find they will drop everything at the words “I’d like to open an account” ;)

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