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How to start a Savings account for a 14 year old?

I want to start my step son a savings account. I do not want his mother being able to access anything on this account. What would be the best?

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Asked by DustyD. at 11:35 PM on Nov. 7, 2008 in Money & Work

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Answers (6)
  • You can set an account of your own and give him access to it if you want him to have access his mother wont have anything to do with it if its your money even if you give her son access to it.I think thats great your thinking of your step son. A lot of step parents wont care for the step children and i feel every child should be loved by their parents no matter if they are birth parents or not.

    Answer by youngarmywife at 11:57 PM on Nov. 7, 2008

  • Go to your local bank or credit union and explain the situation. My credit union has a savings account plan for kids that has really great intrest, and they are entered in contests and give-a-ways every month that they deposit money. I got them for my step-daughters when they were, I think, 7 and 9. I dont' know if their mom can legally access it or not, I just never told her about it.

    Answer by SamanthaAgain at 12:15 AM on Nov. 8, 2008

  • The accounts are free up to the age of 18.

    Answer by nanaevelyn at 2:31 AM on Nov. 8, 2008

  • I have one for my stepson and my husband can access it, but BM cannot. I know if she could, it would be empty and she would have a lot more cigarettes. Explain to the account manager at the bank you already use what the situation is.

    Answer by Mom1Stepmom1 at 3:45 AM on Nov. 8, 2008

  • Go to the credit union or bank. They almost always have a teen program to encourage savings and also checking accounts. Find out the details on the account. As long as her name isn't on it and he doesn't help her to it, it's safe.

    Answer by manna1qd at 4:54 PM on Nov. 8, 2008

  • I suggest you go and talk to a stockbroker I have two mutal funds one for college and one that has certain restrictions and conditions but with no penalty .I have had a mutual fund for her since birh if yyou need more advivce you can message me if you live in california or want the name of the company I can give it to you if you want it is a enormous company and they give you lots of advice your not just a number you need a fincial planner be careful I had one and he we had everything unerneath him life insurace,health insurance,mutal funds etc and I fired him because he was not honest just be careful who you go with,

    Answer by monica277 at 3:49 PM on Nov. 9, 2008

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