How to Open a Savings Account for an Unborn Child

Step 1

Determine with which bank you’d like to open the account. You may want to open your account with your own personal bank or you may like to use another.

Step 2

Gather information that will be needed. If you already have an account at the bank you will be using, you may not need to provide much information other than your driver’s license or ID. However, if you’ll be opening the account at a new bank, there is information you will most likely need to provide. This includes proof of residency, bills in your name which come to your address, your social security number and a small amount of money with which to open the account.

Step 3

Open the account in your own name. Since most banks need a social security number to open a savings account, you’ll need to open the account in your own name and then transfer the ownership of the account when your baby is born and has a social security number. This shouldn’t be a big deal, though. Simply ask your chosen bank what the process is. Most banks will allow you to name your accounts, so you can name the account ‘Baby’ or something similar.

Step 4

Proceed with opening the account. Make the appointment or visit your chosen bank and produce the information you will need in order to open the account. Be sure to have the right amount of money with you in order to open the account. If you will need to make an appointment, give the bank a call before you visit so you can streamline the process. Finish opening the account in the way that is required by your chosen bank.

Step 5

Transfer the account when the baby arrives. Once your precious bundle of joy has arrived and you have obtained a social security number for her, you can transfer the account or addher to it. Most parents keep savings accounts in their own name and make the child a joint owner of that savings account. This will help ensure that you can do everything you need with the account–such as withdraw or deposit money.