Savings account for my son

[Cloggie]

I want to transfer monthly a fixed amount of money to my sons bank account at Krungsri.

He is now 5 years old and when he is 20 I want to give him his bank book, what kind of bank account should I open?

Tried to explain this to bank staff but they did not understand it, they wanted him to have a ATM card ????

Thanks for any recommendation.

[Satcommlee]

Try the school

My 4 Year olds School has just opened a Government Savings Bank account for him with a 100 baht deposit.

He got the bank book and a piggy bank last week.

No ATM cards of course.

[fletchsmile]

You can open bank accounts in the format: "ChildName by ParentName", which is what we did with accounts for each child by father and by mother. You won't be able to get an ATM card for that age though. So you might want to set up internet banking where you can swap things around online.

Given the time frame of 15 years I'd seriously consider equity based mutual funds in addition to just cash.

There are quite a few threads on the topic you might want a look at. I just searched "fletchsmile + bank accounts for children", and if you cut and paste or click on below there's a decent list of threads

Cheers

Fletch

Edit: Sorry something wrong when posting the link. But if you type "fletchsmile bank accounts for children" in the search box top right there's a decent list comes up

Edited August 19, 2014 by fletchsmile

[Cloggie]

Thanks fletchsmile, will have a look at these posting.