Thread: Savings Account for Children

Does anyone have any experience of opening a savings account for children?

I would like to start putting away some money for Martin and in his name... but that I would have access to in case of emergencies.

Thanks

Hi mimpi,
Good question...I never heard of any children-account in Indonesia, in Holland it's common for parents to open an account in their children's name, in a way that the child learns how to save money, and realise money isn't something that grows on tree's.
Some sort of Identification is needed to open the account and the child signs the 'contract' themself, the parents co-signs the account and is also the one who pays taxes on the balance of the account, till the age of 18.
Back to Indonesia now...I think that you probably can open a joined account, if Martin has an I.D. card himself or his name is added to your passport, anyways some sort of official I.D.
Both of you go to the bank to open the account, and both sign. This way in an emergency you always have acces to the funds. I think any bank would accept that, but I am not sure ofcourse...this being Indonesia with sometimes different rules or things one has to comply with.
Hope it will work out mimpi, Friendly greetings.......Gilbert.

Both of you go to the bank to open the account, and both sign.

Martin will be 3 this year. Though he now knows his full name he can't yet sign it :lol:

But I was hoping I would be able to open somthing with ID. Children even when they can sign... their signature would be changing all the time anyway as their writing develops.

hihihihi, yeah I can see that would be hard for a three year old.
I just remembered this afternoon that my grandmother long time ago had opened an account for me when I was 4, without my parents knowing it. Somehow she payed the taxes on it, but it was in my name and not accesible for others. Once I turned eighteen, I could acces the funds.
Think something similar would be possible here (Indonesia).
Your totaly right about the signature changing with age, mine is still changing, hihihi.
Anyways, I hope you succeed. Oh yeah, although you probably thought of this yourself, try a bank where you already have some sort of relation with. They tend to be a little easier on the rules.
Friendly greetings.......Gilbert.

even as adults our signature's are different all the time. Last month when I was in BII in Nusa Dua there was a bule having what sounded like a big problem as a payment was refused because his signature didnt match.... he kept trying to get them to compare the signatures frm every other month saying they would all be a littl different ... as they would but he seemed to be getting nowhere. Hope he sorted it out!

One thing I have noticed a lot. These days when I do most things online and dont have much reason to actually write... my handwriting has deteriorated a lot and my signature too :oops:

Why do you not just open in your name for him.?

Commonwealth Bank in Aust does special kids accounts - last i heard there was a branch in Kuta, maybe they will do the special accounts in Bali aswell.

Thanks Charlie, there is a Commonwealth Bank in Nusa Dua, near my bank. Next time I go to pay the bills I will check it out.

Why do you not just open in your name for him.?


She doesn't want it in her name - she wants it in his.

Exactly :D