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Childrens Savings Accounts

Discussion in 'Money Matters' started by Kuya, Jan 10, 2012.

  1. Kuya
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    Kuya The Geeky One Staff Member

    Does anyone here have any experience setting up a trust fund/savings account for a child in the Philippines?

    The reason I ask is because I am considering setting up some sort of account for my soon to be niece in Bukidnon. Something she cannot access until she is older but from time to time myself and Joy could throw some money into..

    :erm:
  2. Aromulus
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    Aromulus The Don Staff Member

    Great sentiments behind the idea, but it may smack of preferential treatment in the eyes of less fortunate people and can create some resentment towards the child and benefactor.
    In a close knit family environment like in phil may also start some divisions.
    Especially when it is normal for people to brag and boast as to make other people jealous.

    So unless you keep it to yourself, and don't advertise it to anybody, it should be ok.
    Trust me, I cannot go into it on the open forum, but I could pm you about it...........
  3. walesrob
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    walesrob Administrator Staff Member

    We looked into getting a savings accounts for Elsa's nieces, and eventually settled on an HSBC Philippines standard savings account. As Dom quite rightly says, best to put the account in your or your soon-to-be wife's name, saves any hassle later.
  4. oss
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    oss Somewhere Staff Member

    Hard to know who to trust to administer a Trust over there, opening a bank account for a child should be easy enough, but I fully agree with Dom, causes lots of problems showing favouritism.
  5. Micawber
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    Micawber Renowned Lifetime Member

    Based on my own experience I totally agree with this. It is so important that I would strongly suggest anyone should at least consider the implications. Such things should not be 'open' knowledge, but on the other hand if it's 'secret' and anyone finds out it can become a 'poisonous' issue within the family circle forever.

    I was going to suggest HSBC also.
    We have experienced a number of different bank accounts in the Philippines. Most of which are not at all comparable with those in UK.
    We've had problems with banks just making accounts dormant or even closed down for not having 'sufficient' activity.
    Usually I can have these things resolved, but not always.

    HSBC have always been reliable and honest with us. (well if you can use the words 'reliable and honest' about any bank, but I guess you catch my meaning.)

    HSBC in UK may also be helpful to you in dealings with HSBC in the Phils

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