Learning how to open a savings account for a baby is not as hard as it may seem. Opening a baby his first savings account only takes a little time and effort. Follow these simple steps to easily open a savings account for a baby.
- Choose the bank. First, you'll want to choose the perfect back to open a savings account for the baby. You'll want to see what type of interest rates different banks are offering. Some banks charge fees to open savings accounts, and even charge monthly fees for the accounts. Shopping around never hurts when it comes to choosing a bank to open a savings account for a baby.
Baby's information. To open a baby's savings account, you'll need to make sure you have the baby's social security number. Since it can take several weeks or even months before the baby has a social security number, you may not be able to open the baby's savings account right away. If you don't actually have the baby's social security number, you can always open the account under your name and add the baby at a later date.
- Deposits. Most banks require you to deposit a certain amount to open a savings account for a baby. The fee is usually around $25, so be sure you are prepared when you go to the bank. Sometimes you can even get deposit slips that you can give to friends and family so money can be deposited in the baby's savings account for birthdays and holidays.
- Since you are opening the account, you will have access to the baby's savings account. You can always add additional cosigners to the baby's savings account.
- Some bank accounts have features where after the account reaches a certain amount, the account will be unaccessible for a specified time. This protects and ensures the money stays in the savings account and isn't withdrawn early by any of the cosigners.