All Kids Accounts must be linked to an adult account.
A kid can be a beneficiary of multiple accounts (for example, multiple parents can have their own separate Portfolios for the same child).
A Kids Account doesn’t have any login details of its own. The account can only be accessed and managed through the adult account.
A Kids Account has some functionality removed (for example, changing the account password, and referring people to Sharesies).
Kids Accounts are subject to the same fees as adult accounts.
A Kids Account will need to be transferred to the child at some stage. This is called the transfer date. The transfer age limit is 25, but you can change this at any time in the Kids Account under Settings. When the child reaches their transfer age, either the adult account holder or child can get in touch with us at firstname.lastname@example.org and start the transfer process. Transfer a Kids Account.
For a Kids Account, the tax is determined based on their investments, but sent to the adult owner of the account (if a child has multiple Sharesies Portfolios, they’ll have multiple tax statements sent to each individual adult owner of the account).
Some investments under a Kids Account will be labelled ‘Kids’. These are investments that suit a Kids Account Portfolio for tax purposes. Read more about investments suitable for kids.
Kids Accounts aren’t eligible for referral bonuses.
Sharesies Gifts can’t be created from within a Kids Account. Gifts can only be created from an adult account. However, Kids Accounts can redeem a Gift, under Wallet > Redeem a Gift.
Kids Accounts don’t need to verify their ID once their Sharesies Wallet is topped up by $1,000 NZD. If a Kids Account is transferred to an adult account, they will be required to verify their ID.
For more information about these differences, or if you have any other questions, get in touch with us at email@example.com.