07
Child Support Account
A custodial ledger that saves on a child's behalf until they come of age.
Overview
How this ledger works
The Child Support Account is modelled as a custodial account: a guardian opens and manages it, deposits build toward a child's future, and control transfers to the child once they reach the age modelled for this account (18).
Key features
- Opened and managed by a guardian on a child's behalf
- Higher illustrative interest rate to encourage saving
- Control transfers to the child at modelled age 18
- Optional recurring deposit instruction (demo)
Who it's for
- Parents or legal guardians
- Grandparents saving for a grandchild (modelled)
- Anyone opening a long-term account for a minor
Rates & charges (illustrative)
| Detail | Value |
|---|---|
| Minimum opening deposit | $10.00 |
| Illustrative interest rate | 3.60% p.a. |
| Withdrawal by guardian | Restricted to modelled child-related purposes |
| Age of control transfer | 18 (modelled) |
Frequently asked
In this model, only a parent or legal guardian can open it, on behalf of a named minor.
Withdrawals are modelled as restricted to purposes benefiting the child, such as school fees.
This model transfers full control of the ledger to the child at that point.
Express Interest
Open this account
confirmation
Your interest in a Child Support Account has been logged in demo mode only. Reference no. EDU-000000. No real action has been taken.