When do you open a trust account for a child?
If you open a bank account in trust for your child, you will need to pass control of the account to the child when they turn 18. This will be an automatic process, and your bank will outline the terms and conditions when you open the account.
Can a parent be a trustee of a trust account?
A parent or grandparent can be the trustee for the child’s account, but once the child turns 18, control of the funds in the account will pass to them.
What kind of account should I open for my child?
What type of trust account? There are two types of accounts you should consider when opening a trust account for a child: a savings account and a term deposit. High-interest online savings accounts offer some of the best interest rates around, allowing you to grow your balance as quickly as possible.
Where can I open a trust account in Australia?
Banks, building societies and credit unions around Australia offer a variety of savings accounts that you can open in trust for your child. There are typically three ways you can apply to open an account in trust:
A parent or grandparent can be the trustee for the child’s account, but once the child turns 18, control of the funds in the account will pass to them.
If you open a bank account in trust for your child, you will need to pass control of the account to the child when they turn 18. This will be an automatic process, and your bank will outline the terms and conditions when you open the account.
What type of trust account? There are two types of accounts you should consider when opening a trust account for a child: a savings account and a term deposit. High-interest online savings accounts offer some of the best interest rates around, allowing you to grow your balance as quickly as possible.
Banks, building societies and credit unions around Australia offer a variety of savings accounts that you can open in trust for your child. There are typically three ways you can apply to open an account in trust: