Headstart before 22 September 2007
Accounts opened before 22 September 2007 are operated differently to those after that date. If your account was opened before this date, please refer to the information below.
Children under 13 years
- Headstart accounts are set up as a principal trust account which means the funds are held in trust for the child.
- The account is held in the child's name, but the parent/guardian is the signatory of the account.
- The parent/guardian must sign all deposit and withdrawal slips and the bank only accepts instructions regarding the account given by the parent/guardian.
- It's possible for a parent/guardian not to be part of the account and for the child to be the signatory on the account before the child is 13 years old. In this case, the parent/guardian must guarantee all of the obligations owed by the child to ASB. The child can then operate the account entirely on their own.
Children 13 to 18
- Children 13 years and over are able to open and operate a Headstart account on their own.
- If a child has an existing principal trust account and turns 13 years, the child can operate the account on their own if their parent/guardian gives them permission to do so. This is entirely at the discretion of the parent/guardian.
- From 18 years of age, customers may become eligible for an ASB Streamline account. We will be in contact with them after their 18th birthday about different options available.
ASB's Personal Banking Terms and Conditions apply. ASB's current Disclosure Statement is available from any ASB branch. Service charges apply.