What is a good savings account for a baby?

“MyLife Savings for Kids | USALLIANCE Financial.” Alliant Credit Union. “Kids Savings Account | Child Savings Bank Account.”

Which bank is best for baby account?

TL:DR: Best Savings Accounts for Kids 2021: Best Places to Grow Your Child’s Money

Bank Accounts Interest (p.a.) Age Limit
Citibank Junior Savings Account 0.05% to 0.10% 18 years old
Maybank Youngstarz Account 0.1875% to 0.9375% 16 years old
OCBC Mighty Savers Account 0.05% to 0.30% 16 years old
POSB My Account 0.05% N/A

Which bank has the best children’s account in Australia?

The Current Top 4 Bank Accounts For Kids

  • Endeavour Mutual Bank: Young Saver Account.
  • Commonwealth Bank of Australia: Youthsaver Account.
  • BCU: Scoot’s Super Saver.
  • CUA: Youth eSaver Account.
  • Piggy Banks For Kids & Other Important Things To Consider.
  • Taxation Of Interest Earned On Kids’ Bank Accounts.
  • More money matters.

What do you need to open a baby bank account?

To open a Child Saver you’ll need to provide a valid ID document for the child. In most cases you’ll only need to provide either a full birth certificate, showing both the parent’s and the child’s details, or a UK or EU passport. We might require additional documents to complete further ID and address verification.

Can I open baby bank account online?

If you’re aged 18 years or over, you can open an account in trust for a child aged up to 16 years. If you’re aged between 7-16 years, you can open an account in your own name with the consent of your parent or guardian. You can open and manage your account on our mobile app, online or by telephone.

How do I open a bank account for my baby Australia?

In Australia, children under 18 years old don’t have the legal right to sign the documents required to open a bank account. But you, as a parent or legal guardian, can open an account in their name – right from the time they are born – with your name listed on it as well.

Can a 5 year old have a bank account?

Minor children by law can’t open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18.