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  5. Opening A Children's Trust Fund For My Baby

Opening A Children's Trust Fund For My Baby Rss

I have recently emigrated to Australia from the UK, with my Australian Husband. We are expecting our first child in September, and I have started researching setting up a Trust Fund for our child, so my family back home, can pay into it, on Birthdays, Xmas etc. In the UK the government provided a Tax Free Child Trust Fund Account, but you dont seem to have anything like that in Australia?
What are the best plans to put in place - where we are not going to be charged tax or interest on a long term savings plan, and an investment for our childs future?
I'm not so sure about actual trust funds but we have opened simple bank accounts for our two children through Bankwest. They have a couple of different accounts you can choose from depending on what interest you want, limits on how much you can deposit, etc.
The accounts we did are online only so there is no card, can't withdraw through ATMs, etc and also are in the parent's names so the kids can't actually close them themselves.
We find this has been really good as we can manage the money and are aware of what's going in smile
Hi Sally,
Thanks for your info - yeah think thats pretty much what we will be doing.
Bit disappointed that the Australian Government has'nt got a National Child Trust Fund, like England, as its tax-free savings, it gives parents the push to set up that fund for their child. And its in the childs name too.
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