In Singapore, savings accounts opened for children are typically managed by parents or legal guardians until the child reaches a certain age or meets specific criteria, depending on the bank’s policy. As a parent or guardian, you usually have access to withdraw money from your child’s savings account for various reasons, such as managing the child’s expenses or making necessary payments on their behalf.
However, the specific conditions and access rights can vary between banks and the type of account you’ve set up for your child. Some accounts might have restrictions or specific procedures for withdrawals, especially if they’re intended for long-term savings or have certain benefits tied to them.
It’s crucial to check the terms and conditions of the account you’ve opened for your child. Some accounts might require both the parent/guardian and the child to be present for withdrawals, while others might have specific withdrawal limits or conditions. Access to the account and withdrawal policies are generally set by the bank and the agreement signed upon opening the account.
Most often, parents or guardians can withdraw money from their child’s savings account for the child’s benefit without many hurdles, but being aware of the account’s specific terms can help ensure a smooth process when accessing the funds. If you’re uncertain about the withdrawal process or restrictions, contacting the bank directly can provide you with the necessary information.
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