babys kiwi saving???

so has anyone chosen to open a kiwisaver for their baby - kids???

WE are going to open one for Gabriella but still trying to decide on whether to go a bank contribution one or another fees only one...

If you have applied to open one - who with and why???

My in-laws opened a bank account for Caitlin and we have been thinking of setting her up a Bonus Bonds account for a whiloe (just been too slack lol).

I never thought about opening a Kiwi Saver for her though. Will certainly give us something to think about. I'd like for her to have both though as the main idea of the savings were to pay for her education

Yep we will. I have a bank acc for Jake, but haven't yet opened one up for Charly. I'm not too sure who we are going through, I bank with ASB, who is a kiwibank provider and that goes through Sovereign, who all our insurances are with? Dunno, will just let R and the accountant sort it.

I was thinking of opening bonus bonds for our girls - probably in my name though for the present - but I had BB when I was a kid and I got squat until I was 20! Surely a savings a/c is still better than the luck of the draw?

I had Bonus Bonds from when I was a baby until I was 25 years old, then I finally withdrew them as over that time I won NOTHING at all

With regards to bonus bonds, I know lots of people who win little prizes and some big prizes all the time so I guess everything has a different story as to how they work for them. So sure, some people win nothing but my mum is the one buying them and she is optimistic that Alyssa's account will win the million dollars!!

Mee the dumb one in here again. Exactly what is this kiwisaver thing for babies? Is this the same thing that they have for the adults? Kiwisaver I mean?

Well with McKayla I save $10 a week in a headstart account from ASB. I must still get an IRD number for her so she pays way way high tax on that. But her interest is still higher by a few cents. But on her birthday Grant gives her a certain amount of shares. We invest a certain amount each day on her birthday since birth. And then he will draw the money I saved for her as well and put it into shares for her.

Now you might think it is risky ect. We did the no fees acount thing might win a million in SA and to be quite honest I think that was a scam in SA. But that is another story.

So it does go in safe shares that will take a dip now and then but generally it is a steady increase ect. So instead of money we are setting her with an asset base that she can take further.

We also plan to teach her from the mistakes that we made and to invest wisely from a young age.

We opened up a savings account for Keith through kiwibank . ( not that there is any money in there lol ) if you get an IRD number you get a lower tax rate on there account , I have got the IRD number now but keep forgetting to take it to the bank .lol

Bombshell, do you think you'll find a provider that will agree to join a baby? Or have you found one already? Would you need to make contributions yourself or would you apply for Gabriella to join and then suspend contributions because she's not earning a salary? I'm just really curious...