Opening a Cash Management Accounts (CMA) for a minor
Depending on the age of the minor and how the account will be set up, there are various ways a minor account can be opened.
- Opening an account under a formal trust arrangement
- Accounts under a formal trust arrangement that are established by a trust deed, can be opened for a minor of any age, up to 18 years old
- To open a trust account, the account name must be in the name of the trustee/s of the Trust and each trustee must accept the terms of the CMA application
- To complete an application, our standard account opening requirements will apply, and you’ll need to provide the below documents:
- a copy of the Trust Deed
- all entities (except the minor) must complete individual Anti-Money Laundering / Counter Terrorism Financing forms.
- a Tax File Number (TFN) of either the individual/s or the trust
- To open a testamentary trust account for a minor, you can read this article to find out what information is required.
- Opening an account in the minor’s name
- If the minor is under 12 years of age and does not have a formal trust arrangement in place, a CMA cannot be opened
- Parents or guardians can open an account in their name and change the nickname on their account to the minor’s name on Macquarie Online. You can view this article to find out how to do this
- If the minor is aged between 12 to 18 years of age, a CMA can be opened in the minor’s own name
- To complete an application for a minor aged between 12 to 18 years old, our standard account opening requirements will apply
- To apply for a minor account, a paper application must be completed. Please give us a call on 1800 806 310 to get a copy of this application form.
For accounts opened in the minor’s own name, some account restrictions will apply:
- cheque books will not be offered
- third party authority nominations are limited to enquiry access only.
Macquarie Bank Term Deposits
Accounts for minors are not offered for Macquarie Term Deposits.
Macquarie Online Trading Accounts
Accounts for minors are not offered for Macquarie Online Trading.