How did you go about setting up bank accounts for your baby?

Is it an account in their name or is it an account in your name In Trust For?

Also, how do taxes work for their accounts?

Re: How did you go about setting up bank accounts for your baby?

Bump.

Re: How did you go about setting up bank accounts for your baby?

it depends on the bank. We have 529 college accounts in their names. Also we have accounts set up in their names and ID numbers which have either me or my DH listed as the custodian.
My older DD was able to set up her own student account at a bank without me being a custodian, just a signer on the account.

Re: How did you go about setting up bank accounts for your baby?

After DS was born I went to teachers credit union and opened a minor savings account for him. Just required his ss# and birth certificate. i am listed as a joint owner. When he had over 1K in there I switched it over from savings to a money market account.

Re: How did you go about setting up bank accounts for your baby?

We have accounts (savings) set up for both our DC at our regular bank, with one parent set up as the custodian.
We also have CDs for them (even though the interest rates are low, they're better than a regular savings acct) and I am listed as the custodian for that as well.
I only needed their birth certificates and SS #s to set them up, but I think this may vary depending on the bank/institution you choose to go with.

Re: How did you go about setting up bank accounts for your baby?

Once we had Charlie's SS# I went to the bank and opened up a savings acct under her name, with me as the custodian.

Re: How did you go about setting up bank accounts for your baby?

The account is in all 3 of our names.

Re: How did you go about setting up bank accounts for your baby?

I went to the bank and opened DS a savings account with me as a custodian. All I needed was his SS# and I *think* his birth certificate. I also opened a 529 account. I'm not sure about the taxes issue, I'd have to check with DH.

Re: How did you go about setting up bank accounts for your baby?

i opened a savings account for dd., Its under her name but i have full access to put in and take out the money. I just went down to the bank and said i need to open a acct for my dd. I sat with a customer rep it took about 15mins. it was easy.