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When is an appropriate time to open savings accounts for children?
Wiki User
∙ 10y ago
In Australia there are several options available which provide savings accounts specifically designed for kids because they have no fees until a child turns 18 as well as they send out fun things in the mail for kids to do to help teach children about banking. As of the 29/5/13 the highest interest earning savings accounts for kids are from the Commonwealth Bank and the St George Bank.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoIn order to open a bank account for a child you require the following :
a. Identity Proof - Passport, Drivers License etc
b. Address Proof
c. Photographs
d. Money for initial deposit &
e. Proof that you are the legal guardian for the child
I can open an account only for my son/daughter or any other kid for whom I am the legal guardian.
Wiki User
∙ 12y agoBasically any bank with a high interest savings rate, low fees, and a low mininium balance will work just fine.
Wiki User
∙ 10y agoThe appropriate time to open a savings account is as soon as possible. This is because it is important to take advantage of the powers of compound interest over time.
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Is there an age requirement for opening a savings account?
No, parents can open savings accounts for children or children can open savings accounts for themselves. If a parent has opened a savings account for a child then they can put it in their name once they turn eighteen.
Is it a very good idea for parents to open savings accounts for children at a young age?
Yes, it is a very good idea for parents to open savings accounts for children at a young age. This enables compound interest to build up, as well as teaching children about the value of saving.
Can I open a savings account if I have a judgment against me?
Yes, you can open a savings account if a bank allows you to. Usually banks are not as strict with savings accounts as they are with checking accounts.
Where can you open a savings account?
You can open a savings account at any bank or credit union. There are online bank savings accounts, too.
How many savings accounts are open in particular bank?
50
Are savings accounts available?
Yes Sure. Savings Accounts are available in almost all banks across the globe. All you need to open a savings account is an Identity Proof, Address Proof and money to save in your account. Any bank will gladly open a savings account for you as long as you have the mandatory documents required to open one.
Does Wachovia offer Money Market Savings Accounts?
Wachovia does offer a MMA Savings Account. You can open this up at any branch.
A for-profit institution that works with the general public to open and manage savings accounts is known as?
a savings bank. apex hope that helps.
How can I open a Bank of America savings account?
Regular savings accounts from Bank of America offer you a steady, predictable return to build your personal savings. One might be able to open a Bank of America savings account by registering via the main website of a Bank.
Can you live in one state and open a savings account in another?
Yes. You may have savings accounts in multiple states, whether you have ever lived in that state or not.
What are high interest savings?
They're accounts that yield higher rate than a regular savings account. There are some minimum requirements to open a high interest savings account, such as maintaining a balance and depositing a minimum amount to open the account.
What are some good childrens savings accounts?
Often, parents open a children's savings account at their local bank. Since the parents already use the bank, the bank's policies are already familiar to the parents; therefore, parents generally feel more comfortable opening their child's account at the same bank. However, another good option for parents is the Capital One 360 Kid's Savings Account. With only a $25 minimum to open an account, this children's savings account offers parents an affordable solution to their children's banking needs.
