Can I Open A Bank Account For My Child Without A Birth Certificate

Setting up the account.

Can i open a bank account for my child without a birth certificate.

Can i set up a savings account for my grandchildren. How to open a kids bank account. Children under the age of 18 are not legally allowed to sign documents. But minors will need a parent as a joint account holder.

Two forms of primary id without a photo e g. Keep a copy of your account agreement for your records. Pop down to your local bankwest branch with an original or certified copy of one of the following. There are several options when setting up savings accounts for kids.

Keep that in mind before you set your child loose with a large available balance. A wells fargo way2save savings account requires a 25 minimum opening deposit and has no monthly service fees for primary account owners under 18 19 in alabama. As a result you ll need to open the account with your name on it as well. Interest your grandchild earns on their savings may not be subject to tax if a grandparent gave them the money.

Opening an under 18 bank account. With a standard joint account each account holder has 100 access to the funds so either the adult or the child can drain the account and rack up overdraft fees unless the bank restricts what the child can do. Once you find the right bank account you ll likely need to provide details for you and your teen such as address dates of birth and social security numbers. It can be an eye opening exercise to see how your dollars may grow depending on where you leave them.

Joint ownership this option gives your child the ability to use the savings account while you monitor account activity. Where you can open a bank account. Some banks ourselves included allow children aged 14 year or older to open a bank account themselves. They ll need a parent or guardian listed on the account as a joint owner.

One form of primary id with a photo i e. As a grandparent you can open a savings account in your grandchild s name as long as you have proof of their identity like a birth certificate. Birth certificate and government benefits card or. Your child s birth certificate.

If you ve already. You can open chequing or different types of savings accounts at financial institutions such as a. . Opening a bank account in your child s name can help them learn how to save money and budget for big purchases.

Have the following info handy. Minors can t open a bank account by themselves. Ask questions about anything that you don t understand. Passport or driver s licence or.

Joint account risks.