Children's Deposit Accounts

Would really appreciate some advice on how to set up a child's account.

Can one be set up in their name or is also possible to set it up in my name but on their behalf?

Reason I ask is that I need to be able to access the money if needs must. The money is a gift from their grandparents and we might need it to pay for insulating the house.

Also, what proof of ID would the banks need to see?

Thanks,

B.

Yes, you can set up an account in their name. Not certain what AML documnetation is required for a child.

One option is the below ...

Permanent TSB: Safari Saver
3.00% from €1 to €20,000
1.50% on €20,000+
Note 1: Instant access
Note 2: Account aimed at children under 12 but can be opened by anyone.
Note 3: Interest paid annually on the first working day after 20th November.
Deposit Protection: Irish Government Bank Guarantee Scheme until December 31st 2010, Irish Deposit Protection Scheme only from January 1st 2011.

Click to expand...

If your setting one up with PTSB in their name - then you need the parents to sign the consent form along with their proof of address , bills etc.

Depending on the age of the child you might also need the childs signature.

I tried this a couple of months ago with PTSB and found it to be a pain.

I ended up creating another account in my name and just putting the childs name also on the account, but that he would not own the account. He was happy just to get a bank card for himself with my name on the card. I can actually see the account online - which you might not want the child to have access too.

You can also do it in the credit union -I got conflicting information with them, but you if you set it up in the childs name - you wont be able to take any money out of the account without the childs signature when they reach a certain age.