Can I Open A Bank Account For My Foster Child

Children s current accounts are usually available to children aged between 11 and 18 but some banks may only offer them to children aged 16 or older.

Can i open a bank account for my foster child.

When opening an account the majority of banks and building societies require an adult to act as a sponsor. 50 per month per child is about 10 60 per week and is in my opinion far too much. If i can attend a meeting and justify why we did something then i am accountable and transparent. My biggest concern would be if the child goes home and the bioparents name s have to be on the account the parents will then be able to use that money for things other than caring for their children.

Were my fd my own child then she would have had her own bank account years ago. You ll have to open the account with them banks require someone 18 years or older in order to open a savings account. How do i open a bank account for my child. Generally the parent or guardian must be at least 18 years old and the child must be under the age of 18 to open a kids bank account.

This cannot be a member of staff and can be a problem for foster carers in situations where children young people move between placements as they would be responsible for transferring the savings account to another adult sponsor. This is different to children s savings accounts which most banks and building societies will let you open for children aged seven and up. You will need to provide a birth certificate or passport plus a recent household bill or bank statement to prove that you live at the same address. However we also put 5 per week into a bank account per child.

That account can be a plain vanilla joint account or an account designed for the under 18 crowd. But some banks may impose stricter age requirements for kids. I would work out what you do spend go to fostering network for a sheet that gives you guiance it includes things like the extra car insurance needed etc and then work out what you think would be fair to put in the bank account. Many banks will let 16 year olds apply independently but for children under 16 a parent or guardian will usually have to open the account in branch.

In most states minors need a co signer for most financial accounts including those at banks because of contract law. I do think 5. Simply open an account with at least one adult as an account holder. Without the ability to have a bank account children in foster care are limited in their ability to learn about and earn interest and they cannot practice things like using debit cards or balancing a checkbook.

If the goal is for the minor to use the account making deposits withdrawals and purchases with a debit card for example a joint account will do the trick.