It was years ago so I don't know if it has changed but I looked at the major Banks before I opened the girls accounts.
NAB, ANZ and Westpac all said it had to be "My Name or Our Names As Trustee For DD1 or DD2 or DD3" and it would be technically mine or ours with my or our TFN's attached.
But at Commonweath it's just in their names with me as the signatory. As far as they are concerned they are their accounts. Statements come addressed to them with only their names on the statements.
Thats how it was when i was kid too. We banked with the same credit union but when i went to open up my kids accounts i was told a child can't have their own bank account until they are old enough to understand the terms and conditions.But at Commonweath it's just in their names with me as the signatory. As far as they are concerned they are their accounts. Statements come addressed to them with only their names on the statements.
Our kids have accounts at bendigo, little passbook accounts - they are in their names but we are signatories. We have to declare any interest on their accounts on our tax returns as income as far as I know.
To put it simply in our situation only small amounts go into the girls accounts like small parts of pocket money at times and birthday/christmas presents. Pretty similar to example #2 in the link. We were told they are the girls accounts and we don't need to claim the interest. (Not that it's much anyway though)
He said it would have been more complicated if we were depositing large amounts of money in them but in our case it's pretty obvious it's their money.
We're with the ANZ and I set up an account for each of my kids, but it has to be 'In Trust For' then the childs name. Now, my first born is a little older, I wanted her to have her own account. With starting school, we received a Dollarmite pamphlet and it is fully in her name and statements come to her. I am a signatory though. Dollarmite acocunts are with CBA.
But at Commonweath it's just in their names with me as the signatory. As far as they are concerned they are their accounts. Statements come addressed to them with only their names on the statements.[/QUOTE]
This is what I set up for DS too when he was born - Dollamites with CBA. It's nothing to do with me, apart from being a signatory. The statements are addressed to him only - I even had to provide his birth cert & m'care card to prove his identity.
Westpac has kids rewards savings accounts with good interest rate - the highest one I found. I am still waiting for my little one birth cert so I opened a normal savings account, but put that I am acting as Trustee on her behalf. Both our names are on the account (mine purely cause she's under 18 with this type of account). It would be the same with any bank, when you open the account say you are Trustee for your child. These accounts have no fees, unless you go over the number of withdrawals allowed, and they aren't factored into any of your own tax stuff - essentially it's your babies account.
Oh, and DH has never set foot into the commonwealth bank. They started out as dollarmites accounts and then DD1 changed to ummm I forget something else but still a kids account. I think we can order an eftpos card for her now or soon but she doesn't need that yet.
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