Can grandparents open bank accounts for their grandchildren?
On 1 October we are celebrating financial education day, dedicated this year to our elders. Over the next few days you will find here the answers to the questions they frequently ask in their daily lives.
For instance, grandparents often, with the best of intentions, wish to open a current account for their grandchildren, to leave them a few savings. Can they simply go ahead and do this?
While grandchildren are minors only their parents, as their lawful representatives, can open bank accounts in their names. Consequently, to be able to open an account for a grandchild, grandparents must have their parents’ permission to do so.