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An adult will be able to open an informal trust account for a child, however, the child will not have access to the account. The account is owned and can only be operated by the adult that opens it. If the adult is not a member they are required to become one and we would require identification documents. We also require to sight the original birth certificate of the child or need a certified copy to open the account.
As the informal trust account is not owned by the child, as long as the child is older than 10 years old they can open an account in their own name. We would require identification from the child to open the account, as well as a membership application completed.
This is up to the holder of the trust to determine.SWSCU will not transfer the funds to the child when they are 18 years of age, it will continue to be an informal trust and owned by the adult that opened the account.