Title: How do I open a trust account? | Finder
Headings: Set up a secure financial future for your children with a trust account
Set up a secure financial future for your children with a trust account
Do you want to set up a trust account for your children? Here’s what you need to do.
Savings accounts you can open in trust for your children
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How and when do the funds transfer to my beneficiary?
Are there any tax implications to consider?
Not just for children’s savings
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What type of trust account?
How to open a trust account
How and when do the funds transfer to my beneficiary?
Are there any tax implications to consider?
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Content: a savings account and a term deposit. High-interest online savings accounts offer some of the best interest rates around, allowing you to grow your balance as quickly as possible. Some even allow you to earn bonus interest if you satisfy specific conditions, such as depositing a minimum amount into the account each month. Meanwhile, term deposits provide the security and consistency of guaranteed returns. These accounts let you lock in a fixed interest rate for a prearranged time period, for example one or two years. This means you will not be affected by any interest rate drops that occur, but you won’t be able to enjoy the benefits of any rate rises being applied to your deposit. How to open a trust account
Banks, building societies and credit unions around Australia offer a variety of savings accounts that you can open in trust for your child. There are typically three ways you can apply to open an account in trust: Online
Over the phone
In person at a branch
However, you will most likely need to visit a branch to provide ID for your child (you won’t need to verify your identity if you’re an existing customer, but you will need ID if you’re opening an account with a new bank). You may need your child’s birth certificate and other forms of acceptable ID, for example a Medicare card or school attendance letter.