Can I set up a bank account for foster kids?I'm planning on becoming a foster parent when I get older and was wondering if I could get them their own savings account. I was going to put the money the state sends me into their account. Is it possible to get them one? |
Yes you can, but a bank account is probably not the way to go, as the interest you get from it is generally less than inflation, you end up losing money if it just sits in your house or in a bank.
So I suggest you rather put the money you get from the state in to a trust fund (unit trust) or savings account as the interest on investment is higher, if you want them to be able to spend some you can get the trust fund or savings account to realease a figure e.g. $50 or whatever you can manage.
Then if you put it in a unit trust, when they graduate or in a agreed period of time they can draw it and they will probably have 19-30%(10% for a savings account) more than they had previously for each year they saved it, whereas in a bank it would be about 5% (but you can draw as much as you want).
Good Luck, but yea the answer to your main question is yes.
Cheers.
The money you get is barely enough to put food on the table for them, clothe them, and pay for some school expenses.
There is NO money left over. None.
Any money you put in a savings account for them, will have to be extra from your JOB.
And yes, of course, you can open a savings account for a kid.
