A high yield savings account is a good option for a newborn because the money can be used for any expense necessary, including education, medical expenses or their first vehicle. However, the biggest threat to this savings plan is YOU. Most often, the issue with this savings is when a parent runs into what they perceive as financial difficulties they often withdraw the funds from their childs savings account. Two ways to prevent this from happening is to require two signatures to withdraw funds or put the funds into certificates of deposit.
Before you can open an account there are a few things you will need to do.
Apply for a Social Security Number for your infant (assuming you haven't all ready done so). You can start this process online on the Social Security Administration WEBSITE. You will need a certified copy of your childs birth certificate.
Provide MVFCU with the required documentation to open a savings account for an infant. We will need the child's name, address, date of birth and social security number. Children's accounts must be opened with a parent or other authorized adult as joint owner since most infants cannot take responsibility. This means we will also need your name, address, date of birth, SSn and a valid photo ID such as a driver's license or military ID.
Open the savings account for your infant by making a minimum deposit of $25. You may want to schedule a transfer from your savings or checking account to your childs savings account as well.
CLICK HERE to return to the baby-related expenses page.
Starting a Savings Accounts
Starting a savings account for a newborn has never been easier. CLICK HERE to send your newborn's information to MVFCU and we'll get the back end work done ahead of time. This speeds up the process so you can spend more time with your bundle of joy.
View Your Accounts Online
MVFCU's online banking allows you to view all your MVFCU accounts on one screen. So you can view your checking account and track your child's savings account.