When opening a savings account for a baby who's yet to even clock one year, what type of account should it be? Should the mother or father fully be in control of deposits & withdrawals, or should it be a joint account (e.g between the parents, or parents plus child)? How do you prevent the signatories to the account from misusing the money? I'm talking of an account meant for example child's education, welfare, etc.

Justosaus: When opening a savings account for a baby who's yet to even clock one year, what type of account should it be? Should the mother or father fully be in control of deposits & withdrawals, or should it be a joint account (e.g between the parents, or parents plus child)? How do you prevent the signatories to the account from misusing the money? I'm talking of an account meant for example child's education, welfare, etc.

Mom ..provided she is not a OWANBE personality!!

What account should it be? I think Saving account will be the best option..I don't know where you are at cos of fees because here I can do transfers /deposits online provided it's thesame Bank so you use only one debit card but different account.

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jidegirl12:

Mom ..provided she is not a OWANBE personality!!

What account should it be? I think Saving account will be the best option..I don't know where you are at cos of fees because here I can do transfers /deposits online provided it's thesame Bank so you use only one debit card but different account.

that's one of d issues, the owambe personality. How does one prevent misuse by either parents? Wat bank are u talking about?

Justosaus:
that's one of d issues, the owambe personality. How does one prevent misuse by either parents? Wat bank are u talking about?

I don't know where you reside cos I am not an active user of Nigerian Banks except shares and dom acct so I don't know ANYTHING about their products&services.

As per the OWAMBE its very tempting and we are talking about free money here especially when it's chunky sum...

I don't know about Nigeria but my kids savings acct ..you can't withdraw unless we both go to the bank(the parents), thats how we set it up cos they are all under 18.

so for example if wifey needs money from the baby's acct she has to take you with her to the bank, can't withdraw on her own.....

I think it all comes down to the bank and their products&services , like again here we have unlimited checking and saving acct which means you can do transactions as many times as you want and then the opposite.

jidegirl12:

I don't know where you reside cos I am not an active user of Nigerian Banks except shares and dom acct so I don't know ANYTHING about their products&services.

As per the OWAMBE its very tempting and we are talking about free money here especially when it's chunky sum...

I don't know about Nigeria but my kids savings acct ..you can't withdraw unless we both go to the bank(the parents), thats how we set it up cos they are all under 18.

so for example if wifey needs money from the baby's acct she has to take you with her to the bank, can't withdraw on her own.....

I think it all comes down to the bank and their products&services , like again here we have unlimited checking and saving acct which means you can do transactions as many times as you want and then the opposite.

yeah, i like that stuff about both parents being signatories to the account. By the way i reside in Nigeria. So how do u do it, is it like u dedicate a certain percentage or fixed amount from both your salaries monthly?

Justosaus:

yeah, i like that stuff about both parents being signatories to the account. By the way i reside in Nigeria. So how do u do it, is it like u dedicate a certain percentage or fixed amount from both your salaries monthly?

You mean me? or you? Is that your first child? cos you sound clueless...lol

Loving this thread.

Jide, you're a girl after my own heart.

@poster, I personally prefer the govt. to run the account. That way, neither parent gets "tempted" to dip into the child's nest egg as the money is "tied" down until the child's 18th birthday.

Depending in your attitude to risk, a Stocks and Shares based account has the potential to yeild high returns. Risky? Yes - esp. if not invested over a long period of time i.e > 10 years.

Middle ground is Govt. Bonds...less risky, less returns. Typically 5-10 year invesments.

Or if you don't want to take any risks, then your average high street savings account might be the one for you. Lowest interest rates offered, instant access to your funds, offers the least returns, but your money is safe.

Awww thanks Efe,

Yeah about the bonds...that one is for Uni/college funds in the future but bank accts is for the baby's needs as per OP...I think that's what the OP needs help with without dipping into it unnecessarily.

jidegirl12:

You mean me? or you? Is that your first child? cos you sound clueless...lol

lol @ clueless...u can say dat again. Actually it is d first child, about 3months old now. But i must confess i'm learning so much from u...thanx a lot!

Efemena_xy: Loving this thread.

Jide, you're a girl after my own heart.

@poster, I personally prefer the govt. to run the account. That way, neither parent gets "tempted" to dip into the child's nest egg as the money is "tied" down until the child's 18th birthday.

Depending in your attitude to risk, a Stocks and Shares based account has the potential to yeild high returns. Risky? Yes - esp. if invested over a long period of time i.e > 10 years.

Middle ground is Govt. Bonds...less risky, less returns. Typically 5-10 year invesments.

Or if you don't want to take any risks, then your average high street savings account might be the one for you. Lowest interest rates offered, instant access to your funds, offers the least returns, but your money is safe.

Would have gone for shares but my fingers have been badly burnt several times in the nigerian stock market. Though a savings account for future purposes like college or health issues is d target, i wouldn't mind an investment with moderate risks, which is where ur government bonds come in. But question is, can the Nigerian govt bonds be trusted? ...#just asking as a layman

Justosaus:

lol @ clueless...u can say dat again. Actually it is d first child, about 3months old now. But i must confess i'm learning so much from u...thanx a lot!

Aww... God bless your family....I heard there are new banks in Naija now....my Daddy is one of the executive directors in one .... But I'm using UBA for over a decade for everything , they are old school but very reliable! I even talk to the manager for anything I need.

Go and explore what they all have to offer and choose the best option...all the best.

jidegirl12:

Aww... God bless your family....I heard there are new banks in Naija now....my Daddy is one of the executive directors in one .... But I'm using UBA for over a decade for everything , they are old school but very reliable! I even talk to the manager for anything I need.

Go and explore what they all have to offer and choose the best option...all the best.

u're just too much o, bet u already knew dat. Thanx a zillion!

Justosaus:

u're just too much o, bet u already knew dat. Thanx a zillion!

Anytime sir. Best regards