How to Open Savings Account for My Child

Posted by Grace under Banking on August 17, 2015

A parent in Alberta, Canada asked; “How to Open a Savings Account for My Child?. I want to save money for my kids future. I want to have enough money to send my child when he will take college course 8 years from now. If I want to save money in the bank, what do I need to open a savings account for my daughter?”.

Opening a savings bank account for our kids is a good idea. Saving money for your kids’ future is indeed great. Do you know if your kids make saving money a habit can help them to become financially smart? After you opened a bank account for your kids, let them be the one to make deposits in each account.

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Ask yourself what’s the reasons why you need to have a bank account for your children. Is it you want your kids to know the importance of saving money? Or, you are serious in saving money to use as a college fund.

If you will save early, you can have enough money for your kids’ college tuition. Example, if your child today is 7-year old, you still have eleven year preparation.

Things Needed

Birth Certificate
Marriage Contract
Cash

How to Open a Savings Account for My Child?

Visit your preferred bank from which you want to open a savings account for your children.

Ask any of the bank staff (mostly in customer service section) that you want to open a savings account for your children.

Open an ITF account. ITF stands for “in-trust-for”. Choose joint account. Choose “or”. Which means you and your kid can deposit and withdraw money without the presence of each account owner.

Deposit money every month. Let your kids deposit money. But, you have to guide them and explain to them why they should save money while they are still young.

Tips and Warnings

To open savings account under 18, your child need parental consent. Use the money where it is intended. Use it according to its purpose. Don’t touch it until your kids will enter college. Do have self-discipline. Emergency fund has an important role if you want to succeed in saving money.

Some banks like Chase Bank, Wells Fargo and Bank of America may help you open up a savings account for your child. You just need to search the online banking facility of these banks.

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