Is it possible to setup a bank account for a 5 year old child? Is there a limit for how old a child needs to be before an account can be opened in their name? Any banks that are best for kids savings accounts?

Thanks

15 minutes ago, StephenD said:

Is it possible to setup a bank account for a 5 year old child? Is there a limit for how old a child needs to be before an account can be opened in their name?

Yes, it is, and there is no minimum age.

Edited September 17, 20241 yr by Liverpool Lou

GSB is I think the bank that allows children, from memory it's 6 or 7 years old, but DYOR.

26 minutes ago, StephenD said:

Any banks that are best for kids savings accounts?

You'd have to define what you're looking for in terms of "best".   All the banks have a presence on the internet regarding accounts for minors.

11 minutes ago, JBChiangRai said:

GSB is I think the bank that allows children

...and every other mainstream bank!

What about interest rates for kids? Is the best you can get 0.001% interest then 15% tax deducted from that? Factoring for inflation, maybe it's better to buy little pieces of gold occasionally instead.

MOVED to Banking forum 

 

 

 

1 hour ago, StephenD said:

Is it possible to setup a bank account for a 5 year old child? Is there a limit for how old a child needs to be before an account can be opened in their name? Any banks that are best for kids savings accounts?

Thanks

We have an eight year old daughter she  has had an account with the Bangkok Bank for a few years

I think if you want to make a withdrawal it

46 minutes ago, StephenD said:

What about interest rates for kids? Is the best you can get 0.001% interest then 15% tax deducted from that? Factoring for inflation, maybe it's better to buy little pieces of gold occasionally instead.

has to be carried out by an adult. 

 

 

1 hour ago, StephenD said:

Is it possible to setup a bank account for a 5 year old child?

 

  I did go into a bank last week and I did ask that question .

We have two accounts for our 4 year old son. One with GSB and one with Bangkok Bank. Obviously only his mother can make any withdrawals at the moment.

2 hours ago, JBChiangRai said:

GSB is I think the bank that allows children, from memory it's 6 or 7 years old, but DYOR.

No age limit. I opened one for a 3 year old at Omsin - GSB

Many years ago opened kid's accounts with SCB. They used to have a  lottery draw just for them. One time one of them won and it was 3,000 Baht. Do not know if this is still the case.