OHbaby! Forums : Bank accounts for children https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Fri, 08 May 2026 21:14:22 +0000 Mon, 10 Nov 2008 09:12:06 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.05 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=22319 <![CDATA[OHbaby! Forums]]> https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ <![CDATA[Bank accounts for children : Nic01 wrote:If you&#039;re...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=540065&title=bank-accounts-for-children#540065 Author: blondy
Subject: 22319
Posted: 10 November 2008 at 9:12am

Originally posted by Nic01 Nic01 wrote:

If you're not worried about having it in her name, I would just set up a fast saver account in your name seeing you already bank with ASB. Otherwise if you set up a kids account & a fast saver account for her, you're paying base fees on the kids account which you won't really be using. The bank will just be making money off you.....


Interesting, I didn't even think of that, as we haven't paid any fees on Natalie's account, even though there is a supposed $2 monthly fee.....I don't know if that is because there is no money in it (it's in the fastsaver account), or whether it's because we got a personal banker to set it up for us, and only wanted a savings account for Nat (and the kids account was a means to an end, so maybe they didn't put any fees on it).

Also, if you do set up an account in your child's name, make sure you get an IRD number for them, as otherwise you will end up paying resident withholding tax on the interest, which is much higher.

Edited by blondy]]> Mon, 10 Nov 2008 09:12:06 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=540065&title=bank-accounts-for-children#540065 <![CDATA[Bank accounts for children : If you&#039;re not worried about...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=540051&title=bank-accounts-for-children#540051 Author: Nic01
Subject: 22319
Posted: 10 November 2008 at 8:55am

If you're not worried about having it in her name, I would just set up a fast saver account in your name seeing you already bank with ASB. Otherwise if you set up a kids account & a fast saver account for her, you're paying base fees on the kids account which you won't really be using. The bank will just be making money off you.....]]> Mon, 10 Nov 2008 08:55:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=540051&title=bank-accounts-for-children#540051 <![CDATA[Bank accounts for children : We are with ASB and both of our...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539731&title=bank-accounts-for-children#539731 Author: kiwigal
Subject: 22319
Posted: 09 November 2008 at 4:40pm

We are with ASB and both of our kids have HeadStart accounts ]]> Sun, 09 Nov 2008 16:40:03 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539731&title=bank-accounts-for-children#539731 <![CDATA[Bank accounts for children : We won&#039;t be telling our kids...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539660&title=bank-accounts-for-children#539660 Author: emz
Subject: 22319
Posted: 09 November 2008 at 3:07pm

We won't be telling our kids about the accounts My parents never told us they would help us with our weddings and, man, do you appreciate it more when you don't think its coming and then bam! Money money money (not much, but still better than a kick in the butt )]]> Sun, 09 Nov 2008 15:07:35 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539660&title=bank-accounts-for-children#539660 <![CDATA[Bank accounts for children : thanks everyone. Think i will...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539658&title=bank-accounts-for-children#539658 Author: catisla
Subject: 22319
Posted: 09 November 2008 at 3:06pm

thanks everyone. Think i will look into setting up the kids account with ASB and transferring it into the saver thing

ps. like the idea about not telling her about the account until i know she will be sensible enough not to blow the money!]]> Sun, 09 Nov 2008 15:06:23 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539658&title=bank-accounts-for-children#539658 <![CDATA[Bank accounts for children : Same here nzpiper, Laurens is...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539657&title=bank-accounts-for-children#539657 Author: peachy
Subject: 22319
Posted: 09 November 2008 at 3:04pm

Same here nzpiper, Laurens is in her name and my name with the ASB. We are finanically setting her up for uni/O.E whatever she may choose at the time, but of course with our approval!!

My parents did this for me, I received it when I turned 21. I chose to go on an O.E, it paid for my tickets to the U.K and back and a 30 day contiki around Europe! I my parents for thinking ahead as I had the experience of a life time while in the U.K!! ]]> Sun, 09 Nov 2008 15:04:15 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539657&title=bank-accounts-for-children#539657 <![CDATA[Bank accounts for children : with both our ASB and Raboplus...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539591&title=bank-accounts-for-children#539591 Author: peanut butter
Subject: 22319
Posted: 09 November 2008 at 1:29pm

with both our ASB and Raboplus accounts they are in mine and Toms name.  MrsH....just dont tell them the account exists

 

If you are after a pure savings account I would seriously look at www.raboplus.co.nz  They have no fees, consistently high interest and its not too easy to get the funds out
(but not hard either).

]]> Sun, 09 Nov 2008 13:29:46 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539591&title=bank-accounts-for-children#539591 <![CDATA[Bank accounts for children : BNZ as we have all our banking...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539556&title=bank-accounts-for-children#539556 Author: mummy_becks
Subject: 22319
Posted: 09 November 2008 at 12:07pm

BNZ as we have all our banking with BNZ.

]]> Sun, 09 Nov 2008 12:07:56 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539556&title=bank-accounts-for-children#539556 <![CDATA[Bank accounts for children : We set up an account at ANZ for...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539509&title=bank-accounts-for-children#539509 Author: LeahandJoel
Subject: 22319
Posted: 09 November 2008 at 10:59am

We set up an account at ANZ for Leah when we opened our business accounts there. We bank $10 a week into her account and at this point she has more money than us. Its set up so we have to prove that we are using the money for her we can't just take some out if we wanted to. We haven't done this yet but were thinking of education etc way down the track. We are setting Joel up in a couple of weeks as well.

]]> Sun, 09 Nov 2008 10:59:28 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539509&title=bank-accounts-for-children#539509 <![CDATA[Bank accounts for children : My kids have BNZ accounts.. they...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539379&title=bank-accounts-for-children#539379 Author: AnnC
Subject: 22319
Posted: 08 November 2008 at 11:07pm

My kids have BNZ accounts.. they have a total money account where you all can get up to 8% on your savings etc.... and you get a free PIG piggie bank ]]> Sat, 08 Nov 2008 23:07:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539379&title=bank-accounts-for-children#539379 <![CDATA[Bank accounts for children : my boys have a bank account which...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539333&title=bank-accounts-for-children#539333 Author: Southlandmummy
Subject: 22319
Posted: 08 November 2008 at 9:30pm

my boys have a bank account which there grandparents have set up, my daughters hasent been set up yet..

We are with Credit Union though
My parents put $5 a week into kaylins account and hes got around $1100 in it now and every 3 months he gets 7% interest as it gets reinvested. His has a freeze on it so he cant touch it until hes 18.

Spencers is the same but he only has $500 or $600 so far (cant remember exactly how much)

But both there accounts are for uni or whatever, once they are 18 though..]]> Sat, 08 Nov 2008 21:30:34 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539333&title=bank-accounts-for-children#539333 <![CDATA[Bank accounts for children : MrsH - the best option for that...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539331&title=bank-accounts-for-children#539331 Author: blondy
Subject: 22319
Posted: 08 November 2008 at 9:28pm

MrsH - the best option for that is probably to set up a trust for them (although you do have to pay lawyers fees I suppose). My mother passed away when my sister and I were quite young (under 18), and we had a trust with some money from her and my grandparents also, that was for only educational use or a house deposit, and was administered by my Aunt and Uncle (trustees). Then when we turned 25 we had full access, but of course that's up to you! ]]> Sat, 08 Nov 2008 21:28:54 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539331&title=bank-accounts-for-children#539331 <![CDATA[Bank accounts for children : Susiec wrote:also am after...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539325&title=bank-accounts-for-children#539325 Author: MrsH
Subject: 22319
Posted: 08 November 2008 at 9:21pm

Originally posted by Susiec Susiec wrote:

also am after more of a savings account type as the idea is to save the money for her to use when she is 18 for uni / car / OE whatever she fancies at the time (wish someone had done this for me )


This is something that hubby and I are thinking of doing as well. Whilst it's all good and well to say "Oh, you'll get X amount when we die" but chances are, they'll already be established hopefully with homes and families of their own. We'd much rather help set them up instead/also so we're probably going to set up something up which is conditional on being used as a deposit for a house or for tertiary education.

The question is: Do you open an account in their name or do you just open another savings account? (and reality check: What if they turn out to be pr!cks of kids* and you don't want to do anything for them but you're stuck with this account that they know all about and is in their name??)

*Sorry but I read that story about the son who ripped off his elderly parents to the sum of about $20k - money that they were going to use for their last holiday before they passed away. He got sent to prison and they consider him to be dead to them now - gosh, the news has made me a cynic!!]]> Sat, 08 Nov 2008 21:21:59 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539325&title=bank-accounts-for-children#539325 <![CDATA[Bank accounts for children : we are with ASB, and although...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539323&title=bank-accounts-for-children#539323 Author: blondy
Subject: 22319
Posted: 08 November 2008 at 9:20pm

we are with ASB, and although the kids account is crap, you just have to set one up before you can also have a fastsaver account for them, and just transfer all the money over to it! Really stupid situation, but all our other banking is with ASB, so it's easier for us, and Natalie ends up getting the best rate of interest too. ]]> Sat, 08 Nov 2008 21:20:16 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539323&title=bank-accounts-for-children#539323 <![CDATA[Bank accounts for children : We&#039;re with Kiwibank and so...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539289&title=bank-accounts-for-children#539289 Author: HippyMama
Subject: 22319
Posted: 08 November 2008 at 8:42pm

We're with Kiwibank and so DD's account is the same - and we have $20 going in fortnightly I think, she's not doing too badly for a nearly 2 and a half year old !! ]]> Sat, 08 Nov 2008 20:42:14 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539289&title=bank-accounts-for-children#539289 <![CDATA[Bank accounts for children : thanks for answers so far - would...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539274&title=bank-accounts-for-children#539274 Author: catisla
Subject: 22319
Posted: 08 November 2008 at 8:20pm

thanks for answers so far - would ideally like more interest than ASB offer - also am after more of a savings account type as the idea is to save the money for her to use when she is 18 for uni / car / OE whatever she fancies at the time (wish someone had done this for me )]]> Sat, 08 Nov 2008 20:20:00 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539274&title=bank-accounts-for-children#539274 <![CDATA[Bank accounts for children : James&#039; is with ASB just because...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539267&title=bank-accounts-for-children#539267 Author: Bubbaloo
Subject: 22319
Posted: 08 November 2008 at 8:13pm

James' is with ASB just because thats who I bank with.]]> Sat, 08 Nov 2008 20:13:54 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539267&title=bank-accounts-for-children#539267 <![CDATA[Bank accounts for children : All of ours are with Westpac.... Linky My...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539264&title=bank-accounts-for-children#539264 Author: .Mel
Subject: 22319
Posted: 08 November 2008 at 8:07pm

All of ours are with Westpac....

Linky

My older two love playing the games that they have on their website just for the kids....]]> Sat, 08 Nov 2008 20:07:43 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539264&title=bank-accounts-for-children#539264 <![CDATA[Bank accounts for children : We have got a raboplus account...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539256&title=bank-accounts-for-children#539256 Author: peanut butter
Subject: 22319
Posted: 08 November 2008 at 7:59pm

We have got a raboplus account for Tom.  At the time I opened it they had a special going where they gave you a bonus $50 but that was last year.  Its a bit of a hassle to open but they do seem to have the best interest rates most of the time.

 

He also has an ASB account (his main account where money goes in....and then straight to raboplus).

]]> Sat, 08 Nov 2008 19:59:57 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539256&title=bank-accounts-for-children#539256 <![CDATA[Bank accounts for children : Any opinions on the best bank...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539245&title=bank-accounts-for-children#539245 Author: catisla
Subject: 22319
Posted: 08 November 2008 at 7:49pm

Any opinions on the best bank / savings account to open for our baby daughter?

We would be looking to put in a few dollars every week, plus any birthday or christmas money etc.

We are with ASB at the moment ourselves but their kids account doesn't look too impressive to be honest

cheers for any advice!]]> Sat, 08 Nov 2008 19:49:06 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319&PID=539245&title=bank-accounts-for-children#539245