Example: How does a gift savings account work for my grandchild?
Loretta has decided that this year for Christmas she is going to open a savings account in the name of her grandchild Brian with Suncorp Bank. As his legal guardian, she realises that she is permitted to do so as long as she can provide Suncorp with a copy of his birth certificate. With this account, her grandson can earn bonus interest when a monthly deposit requirement is met, and electronic deposits can be set up from her own bank account or from anyone else.
* This is a fictional, but realistic, example.
What is the best account and bank to open a bank savings account for my new born son?
Hi David,
We’re a financial comparison site and can’t give you any personal advice as to which products are best for you. You can learn more about opening a bank account for a baby and see a list of kids’ savings accounts on this page.
Thanks,
Alison
I would like to save some money for my grandson.
Bank accounts / term deposits have low interest rates
Can I open a share account for him?
Hi Tricia,
Thank you for your inquiry.
Application requirements can vary between different international share trading account providers. Generally, the age requirement for personal applicants would be over 18 years old. This guide on international share trading might provide more insight.
It would be best to check this directly with the Share Trading Provider so you can confirm what they can offer you based on your preferences.
I hope this helps.
Best,
Maria
Sorry, I mistakenly posted the first part of my email before I had finished. My question is this – I was thinking of sending £600 to £1000 once a year to my Australian grandchild directly to his bank account. Of course, the exact $AUD amount depends on the currency exchange at the time. Is there a maximum that can be deposited/gifted by a grandparent? Thank you.
Hi Itsivm,
Thanks for your question.
This will depend on which bank the child’s savings account was opened, best to confirm this with the bank. While most banks do not have a maximum deposit limit, there is, however, a maximum interest that can be earned by the child account for the financial year that is considered tax-free, as mentioned in the case study above.
I hope this has helped.
Cheers,
Liezl