When should parents open a bank account for their child?
As soon as our first child was born, I immediately prodded my husband to transfer our joint account (which we opened years before we got married – still boyfriend/girlfriend satus) to our son’s name. The bank allowed us under the ITF (in trust for) type of account. It stayed that way until our second son was born.
When our second son was born, the mommy in me wanted an account for him, too. And so, at 3 weeks old, Second-born got his own ITF account. This time, Firstborn and Second-born shared the money that was just in Firstborn’s ITF account for 3 years. Theirs was a kiddie account which they regularly update, especially during December or January, right after the Christmas holidays when they get a lot of loot from generous people around them:-).
Their account took a good amount when Firstborn had a taste of his first big screen appearance when he got in the movie “The Taste of Money” – a Cannes Film Festival entry last year. Second-born was also supposed to be in the movie but he was too young and he was just too cranky during the first day of shoot it was decided that he shouldn’t be included anymore. Still, hubby and I explained to our Firstborn to share his money to his baby brother. And so, baby brother got 1/3 of his big brother’s earning:-).
I’m thinking though that since we are an expat family who just might move anytime anywhere, it would be practical for me to look for banks that we can access anywhere we might be located. There are bank accounts on offer that I am looking at which could be good for us and for our two boys. In this global age and with the family life that we have, it is indeed beneficial for us to have accounts that we could access anytime anywhere. An active online presence with proven efficiency will be best for us. This is something that hubby and I will both have to choose and agree on. Hopefully, our kiddos will get to appreciate this someday:-).