Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

kdn



198 posts

Master Geek
+1 received by user: 6


Topic # 115223 18-Mar-2013 15:20
Send private message

any banking gurus out there?

Wanting to open an account for god-daughter, I will put all the money in now, and then have the account locked until she turns 18. (it would be in her name though)

What are these types of accounts called and who would have the best interest rate? all the websites say the max is 5 years for a term investment account. So I need 17 years basically.

My grandad did it for me, so I know its possible :)

thanks.

Create new topic
3306 posts

Uber Geek
+1 received by user: 886


  Reply # 783524 18-Mar-2013 16:04
Send private message

Banking products offered in the past are not necessarily available now, 

Thing that have disappeared include

Passbook accounts, photo id credit cards and banks that will sell travellers cheques

Are you planing to add money to this on a regular basis, or do you just want to invest a simple lump sum?




 

209 posts

Master Geek
+1 received by user: 19


  Reply # 783531 18-Mar-2013 16:27
Send private message

I've opened one for my son with Rabodirect which seems to have generally the best interest rates.
Not locked though. It is in his name but needs an adult signatory and associated documentation (I had my own account with them already).
If you can't find the locking feature, I would say just open one in their name at your same savings bank and educate them on money and tell them they aren't allowed it till their 18.
The other option if you really need to lock it down would be a trust I guess, which I don't know a lot about.

1569 posts

Uber Geek
+1 received by user: 152

Trusted

  Reply # 783554 18-Mar-2013 18:13
Send private message

Not offering investment advise as that would be illegal (only registered people can do such a thing).

Talk to your personal banker about the options.

How about setting up a kiwisaver account?
Assuming the rules don't change (which of course they will) she may be able to get the money out to buy her first home instead of waste it all on alcohol, drugs and parties when she turns 18.




CPU: Intel 3770k| RAM: F3-2400C10D-16GTX G.Skill Trident X |MB:  Gigabyte Z77X-UD5H-WB | GFX: GV-N660OC-2GD gv-n660oc-2gd GeForce GTX 660 | Monitor: Qnix 27" 2560x1440

 

 


3122 posts

Uber Geek
+1 received by user: 946

Trusted
Lifetime subscriber

  Reply # 783560 18-Mar-2013 18:24
Send private message

These type of accounts are available I have one for my daughter. To expand a little on what mentalinc says, talk to various banks and don't rule out Credit Unions.

Stu

Hammered
5050 posts

Uber Geek
+1 received by user: 1063

Moderator
Trusted
Lifetime subscriber

  Reply # 783586 18-Mar-2013 19:07
Send private message

You can have the terms set to automatically roll over. You can also negotiate deals/conditions with your bank (according to a bank manager I just asked anyway).
So. Talk to your bank. High chance they can help you.




Keep calm, and carry on posting.

 

 

 

Click to see full size Click to see full size


kdn



198 posts

Master Geek
+1 received by user: 6


  Reply # 783603 18-Mar-2013 19:31
Send private message

Thanks for the info yes I think ill visit my bank and see what they have to offer

434 posts

Ultimate Geek
+1 received by user: 12
Inactive user


  Reply # 783675 18-Mar-2013 22:29
Send private message

mentalinc: Not offering investment advise as that would be illegal (only registered people can do such a thing). .

yea? I have almost had it with all these technicalities and cover your .. nany sate mentality. Why does self responsibility not come into the vocabulary of parliament. Not getting at the op in anyway I have no problem in people asking for advise, but if someone takes financial advise from a computing or any other forum surely that is their choice. Therefore if the advise causes them trouble that is their problem. 

Anyway, personally, if it was me. I would take out the term deposit in my own name and transfer it to them when they are 18. I am not sure I would even tell them about it until the time was right, but maybe that is just me. I would be inclined to invest it with one of the main well known companies rather than the rarely heard of ones offering higher interest rates. Not saying they are all bad it's a safety measure. 

11829 posts

Uber Geek
+1 received by user: 3835

Trusted
Lifetime subscriber

  Reply # 783850 19-Mar-2013 11:47
Send private message

Buy them a pile of Bonus Bonds.

I still have some UK Premium Bonds given to me way way back when I were a lad...sometimes I get a few bob appear which is a nice surprise.

10 Shares in Apple might not be bad - imagine where they might be in 18 years time!





Awesome
4810 posts

Uber Geek
+1 received by user: 1062

Trusted
Subscriber

  Reply # 783852 19-Mar-2013 11:54
One person supports this post
Send private message

Perhaps what you need to do is set up a trust and associated bank account. God-Daughter would be the beneficiary but trust deed could spell out terms of withdrawal. That way, even if something happened to you, your intentions for the money could stay intact.




Twitter: ajobbins


kdn



198 posts

Master Geek
+1 received by user: 6


  Reply # 783980 19-Mar-2013 16:17
Send private message

ajobbins: Perhaps what you need to do is set up a trust and associated bank account. God-Daughter would be the beneficiary but trust deed could spell out terms of withdrawal. That way, even if something happened to you, your intentions for the money could stay intact.


I did look into that, however they say the costs and complexity are quite high of doing so, well higher than just giving it to a bank to look after.

I love the bonus bonds idea though. Will definitely look into that one.

Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.