Bank accounts for kids

Tim Robbins

Hi,
I wanted to set up bank accounts for my kids (0, 3 years old).

I don't envisage a lot of money going into them but want to get them set up. Any tips?

KGLady

Go to your own bank, they will (in theory!) have the correct documentation on file for you for Criminal Justice Act requirements, but it will probably be helpful to bring them just in case or phone ahead to ensure they have yours properly recorded etc, its valid photo id and proof of address. Bring the children's birth certificates with you and that document in addition to your own proven identity with them is sufficient for the CJA requirements on the kids new accounts. Most of the banks have a specific account for small children which is a deposit account.

Moonbeam

You open it in your name with their name noted . I think it is at 7 it can then be changed in to their name .
I opened credit union accounts for both of mine .

How Strange

I opened a post office account for my son. It was easier as the post office opens on a Saturday morning whereas I'd never get to a bank during the week.

Oral Slang

Just to note, I opened one for my little one, but only I can put money into it. I have 2 brothers abroad, so was hoping they could transfer money too for birthdays, Christmas etc.

Apparently the type of account the bank set up doesn't allow for that & if I want to change it, I have to open another account for her.

ocy

http://www.ebs.ie/saving-and-investing/childrens-savings-account.html

and the €20 around 14 after dirt is not to be knocked!