Things to watch out for before negotiating children savings

Published: 23/4/2018
Get informed about the possibility of withdrawal of funds prior to the beneficiary's coming of age

Children's savings accounts are intended for children and minors. These types of savings accounts are negotiated on behalf of beneficiaries by their legal representatives (parents or guardians). As in all previously mentioned forms of savings, one should make sure to obtain timely information on the manner of negotiation, at maturity and early termination of savings and the associated fees and costs. It is also worth noting here that there are limitations imposed by law in respect of withdrawal of funds from an account before beneficiary's coming of age, the element that should be borne in mind when negotiating a savings agreement.

For more information on savings, click here.