The Development Fund can be a terrific savings account that prepares you for your child's future expenses.Whether it's to help them save for their education or their first car, you can put money into the Development Fund now and use the funds and any earnings generated when the need arises.

Options

There are several options you may need to look at if you are considering opening an account for a child: 

In Trust For Accounts

• You can set up an 'In Trust For' account for the purpose of investing funds for a child
• The account is opened in the name of the investor (parent) and the child's name is placed 'In Trust For'
• Withdrawals from 'In Trust For' accounts are made payable to the investor, not the person the money is in trust for
• The investor must include their own Tax File Number, and the investor is the registered signatory on the account
• Parent(s), grandparent(s) or relatives can open an 'In Trust For' account on behalf of a child

Child Accounts

• You can open an account in the name of the child
• Withdrawals are made payable to the child
• If the child is under the age of 16 (and total income earned by the child is less than $420 per year) you can claim a Child Tax Exemption and you do not need to give your Tax File Number
• The parent(s), grandparent(s) or a relative can be the registered signatory on the account

How To Apply

Download our Development Fund application using the links on the right hand side of this page.