ING Custodail Savings Accounts for Kids

[Brewhaha]

I have a personal ING savings account and I want to set one up for each of my 4 kids. In addition, I would like to set up these accounts so as to get the $25 bonus. Does anyone know how to do this? Thanks.

[hermione]

I've been thinking about setting up an ING Orange Savings account. I recently received a pamphlet with an Amazon order, and it has a web address:

http://ingdirect.com/save

I don't know about the Custodial Savings Account, if it's different from the Orange account, but you can probably contact their customer service through the website if you need more help.

[Kathryn]

I've found it's surprisingly difficult to set up the kind of savings accounts for kids like I had when I was their age (passbook savings account starting from about age 8, I think), where the child can freely make deposits and withdrawals. I know this is a different thing than a custodial savings account, where the whole point is that it's the custodian who manages the account until the minor reaches adulthood, but still...your post made me think of that.

I think one of the ways that ING saves money is by offering only a very limited number of financial products. It would surprise me if they offered a true custodial account or allowed minors to open accounts in their own name. You could probably open up multiple accounts in your name, but then you wouldn't get the $25 bonus.

[alex]

Originally Posted by Brewhaha

I have a personal ING savings account and I want to set one up for each of my 4 kids. In addition, I would like to set up these accounts so as to get the $25 bonus. Does anyone know how to do this? Thanks.

According to the ING application, you would open a Joint account.

What is a Joint Account?

You can set up an account either for yourself or for you and one other person. Joint accounts are often opened by married couples or for a parent and child. Both people on the account must have a social security number. The person who is listed as the primary account holder is responsible for any tax implications related to the joint account. Persons under 18 years of age cannot open single accounts.

In order to move money from your Orange Savings Account , you must maintain a current checking account at another financial institution. Your Orange Savings Account will be linked to that checking account and you will be able to move money between the two accounts. You must indicate if both ING DIRECT account holders are registered on the personal checking account that you link to your Orange Savings Account.

If both account holders are linked on the personal checking account, both will be able to move funds to and from that account. However, if only one person on the account has a checking account at another banking institution, they will be the only person able to move money in and out of the joint account. In other words, for both people on the account to be able to initiate transfers, either both Customers must be registered on the account at the other financial institution or both people must have their own single named account at another institution and link both accounts to their joint account at ING DIRECT. Only one link can be completed during this application process; additional links may be established once the account becomes active.

It shouldn't be a problem linking your checking account to it in order to fund it. Each account would be a separate (joint) account, so you'd be managing multiple logins. But at some point, you would remove yourself from the account and make each a single account for your children.

Here is someone who did it successfully: http://money-and-investing.dogberryp...s-for-my-kids/

[MSMomsmoney]

I called ING when I set up my kids accounts. They are custodial joint accounts...Im secondary, they are primary.

The CSR gave me the $10 referral bonus, and my kids each the $25 bonus.

It wasn't difficult at all.

Just ask.

They move money in and out of my checking account.

[72Tiger]

Originally Posted by MSMomsmoney

I called ING when I set up my kids accounts. They are custodial joint accounts...Im secondary, they are primary.

The CSR gave me the $10 referral bonus, and my kids each the $25 bonus.

It wasn't difficult at all.

Just ask.

They move money in and out of my checking account.

very good advice. Having the kiddos as the primary will help tremendously with taxes.