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child bank accounts

Posted By Message

Mags1227
Just a mommy ...

Member since 10/10

2577 total posts

Name:
M

child bank accounts

Can grandparents open a bank account for a minor without a parent's signature?
if so, what kind?

Posted 2/28/19 4:14 PM
 
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mommy2be716
LIF Adult

Member since 1/16

2642 total posts

Name:

child bank accounts

my parents have a 529 set up for DD- they just needed her social

Posted 2/28/19 5:49 PM
 

NervousNell
Just another chapter in life..

Member since 11/09

48973 total posts

Name:
..being a mommy and being a wife!

Re: child bank accounts

Posted by mommy2be716

my parents have a 529 set up for DD- they just needed her social



Same.

Posted 2/28/19 7:25 PM
 

Mags1227
Just a mommy ...

Member since 10/10

2577 total posts

Name:
M

Re: child bank accounts

Posted by NervousNell

Posted by mommy2be716

my parents have a 529 set up for DD- they just needed her social



Same.



you can't set up a regular minor savings account without a parent signature right?

if the 529 account is in the child's name doesn't that affect student loans?

i'm beyond grateful they set something up for DS but wish i was consulted.

Posted 2/28/19 9:48 PM
 

NervousNell
Just another chapter in life..

Member since 11/09

48973 total posts

Name:
..being a mommy and being a wife!

Re: child bank accounts

Posted by Mags1227

Posted by NervousNell

Posted by mommy2be716

my parents have a 529 set up for DD- they just needed her social



Same.



you can't set up a regular minor savings account without a parent signature right?

if the 529 account is in the child's name doesn't that affect student loans?

i'm beyond grateful they set something up for DS but wish i was consulted.



Mine was not a 529. My dad setup a savings acct for her at his credit union. It's her name, a custodial acct with dh and I listed as custodians. We never went there or signed anything. He just needed all our social sec numbers.

Posted 3/1/19 12:02 AM
 

Shroggie
Don't Worry...Be Happy

Member since 5/06

6261 total posts

Name:

Re: child bank accounts

It doesn’t have to be a parent. I’ve seen it worded as a “responsible adult in the family” can open an account for a child.

As long as you have the child’s social security number.

Posted 3/1/19 6:36 AM
 

MrsG823
Just call me Mommy.

Member since 1/11

5486 total posts

Name:
Samantha

Re: child bank accounts

Posted by Mags1227

Posted by NervousNell

Posted by mommy2be716

my parents have a 529 set up for DD- they just needed her social



Same.



you can't set up a regular minor savings account without a parent signature right?

if the 529 account is in the child's name doesn't that affect student loans?

i'm beyond grateful they set something up for DS but wish i was consulted.


A 529 can potentially affect student loans- it is counted as student non taxable income but not as an asset- keep in mind saving to pay for education can also help reduce the need for student loans

Posted 3/1/19 6:49 AM
 

NYCGirl80
I love my kiddies!

Member since 5/11

10344 total posts

Name:

Re: child bank accounts

Yes, a grandparent can. So can an aunt, uncle, anyone really. It would go under both of their SS numbers (child and grandparent).

Posted 3/1/19 1:10 PM
 

Mags1227
Just a mommy ...

Member since 10/10

2577 total posts

Name:
M

Re: child bank accounts

Posted by NYCGirl80

Yes, a grandparent can. So can an aunt, uncle, anyone really. It would go under both of their SS numbers (child and grandparent).




so potentially, once my child turns 18, they could have access to thousands of dollars?

Posted 3/1/19 2:03 PM
 

MrsMick
Baby #2 debuts in March 2016!

Member since 9/09

1977 total posts

Name:
Michele

child bank accounts

My in laws have accounts on the kids.
The smart thing to do is elect a custodian to handle the accounts.

Posted 3/1/19 3:04 PM
 
 

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