It is significant to take into consideration that you follow all the eligibility criteria while opening a financial account for your child. In this regard, the following points must be followed so that your child faces no problem accessing the account.
Tip 1: Fund Transfer Feature: Enquire about how the money transfer will take place from your account to your kids. It is significant to know about the process of fund transfer in this case. Make sure whether you want to opt for a joint bank account or want to give a monthly, quarterly or yearly deposit to your kid's account.
Tip 2: Monthly Account Statement: Keeping everything under track will not only benefit your child in budget management but also for you to see how they are manoeuvring their responsibilities. This is possible if a monthly account statement captures that month's credited and debited amount. Make sure that the financial institution has this facility as well.
Tip 3: Online Facility: Another effective way to manage everything is by having access to the online feature of the savings account. This will enable your child to access other options for further profitable notions. Moreover, the online feature is easier to keep track of the money flow. See if they provide this facility to minors or not.
Tip 4: Other Features: Going over the financial institution's information is necessary to see what benefits it offers. Since you are opening a minor’s account, this is a crucial step so that your kid doesn’t face any possible issues regarding this in future. Know the minimum limit a financial institution will allow to keep in the kid’s account and whether it is possible to open a zero balance account.