In attempt to open up TFSA for myself, my wife and two children I visited a standard bank branch this morning in order to open up the required accounts in order open up the TFSA's [TFSA account through SBSA IBP]. For completeness, my SB online trading account is held by a trust, so i can't open up a TFSA through that route. Unfortunately, the service I received from the branch was shocking, and I left without even been served or even been acknowledged. Can anyone recommend a alternate TFSA provider, at a low cost and which provides a full range of ETF's to invest in? Regards B
I did something similar, although with seemingly better result. I popped into my local SB branch, and with both my little girls birth certificates, and a proof of address, I was able to open a standard bank online account each one. I linked these to my current account to allow me to transfer money into their accounts online quickly. Then with their login and passwords I opened up a TFSA account for them each online.
Most painful part of the process was waiting in the queue to see the branch consultant. After that the process was quick and easy and all online.
My girls will take legal control of their accounts when they reach 16....in 16 years time.
Update - I've always found OST service levels excellent over a long period of time. Hence the decision to pursue a TFSA's through Standard Bank. I was however extremely disappointed with the service provided by the branch. Having said that the local branch manager has since called me to smooth things over and facilitated me opening the required banking account. I was impressed with her approach and she was a credit to the branch - to be honest, I was not expecting any response from my complaint. So compliments are due. Banking accounts are now open, and next step is to link the TSFA's to them. So we are back on track.
Interesting to note from discussions here that one can open accounts for ones kids from age 1. I was told (by Standard bank) that i can open accounts for my kids only when they are 7 and older. So what is the correct age, any age or 7?
My kids were 9 months and 2 years 6 months old when I opened the savings accounts for them, and hence the TFA through a normal online savings account. The accounts were opened in the first week of march. No issues over their age at all. I was told you need to be 7 to open an online trading account though.