Children’s Accounts

Many of our customers have asked if InvestNow offers accounts for children – the answer is simply, yes.

Due to the specific requirements around setting up these accounts, we recommend that customers contact us during the set up process and we will help them through it.

We can even do the whole set up process from our end if the required details are emailed to us.

Here is what is needed to set up a child’s account with InvestNow:

  • A unique email address for the child, and everyone linked to the account.  If the child doesn’t have an email, we can use a dummy address e.g. childsname@investnow.co.nz and set them up from our end.
  • A proof of ID:
    • Drivers license
    • Passport
    • Birth Certificate
  • As it is unlikely that a child’s address will appear in any credit databases or land ownership records, we will accept proof of address in the parent or guardian’s name. Alternatively, the IRD letter confirming their IRD number would be suitable as proof of address.
  • Tax details:

Some other things to note, with regards to Children’s accounts:

  • We can have multiple members on one investor account. The parent or guardian who will be managing the account should be set up as a member, which means they need to go through ID verification (either manually or using automatic online verification). They can have authoriser access with the child’s membership set as view-only, or you can have two or more people required to authorise each transaction.
  • We can link a member (with the same email address) to multiple investor accounts. This is useful for people with more than one child with an account, or who have a personal, trust or company account as well. Simply contact us by email or phone to request this.
  • We can change email addresses and change authorisation levels on request. So once the child is old enough to manage the account themselves you can email us and get it linked to their email address and give them the authority to use the account.

We hope you find the above information useful.

Don’t hesitate to contact us (contact@investnow.co.nz or 0800 499 466 8:00am to 5:00pm Mon to Fri, excluding public holidays) if you want to discuss this or any other matter with us.

By |2018-08-23T17:12:26+00:00October 2nd, 2017|Uncategorised|0 Comments