Kids Account Terms and Conditions
Last updated: August 09,2018
Woo! It's great you're setting up a Sharesies Kids Account. There are some things for you to know and agree to before you get started.
1. Bare trust
Kids Accounts can be opened for people under 18 years of age . A Kids Account is a separate Account in your name (as trustee) for saving and investing money on behalf of a child.
By applying for and creating a Kids Account you confirm your intention to set this Account up as a bare trust. The child named is the beneficiary (the “beneficiary”) of the Account. You'll be the trustee and administer the Account for their benefit.
All money received is a non-reversible gift to the beneficiary.
You acknowledge and understand that you can only use the Account or withdraw money for the sole benefit of the beneficiary.
You acknowledge and understand that we are not responsible for monitoring how you deal with the money and investments in relation to the bare trust account.
You acknowledge and understand that we make no promises (representations) regarding the suitability, specific tax consequences or the legal rights or obligations related to any person connected to this Account.
You acknowledge and understand that:
- at the transfer date, the beneficiary will be entitled to the money and investments in the Account upon request;
- by default, the transfer age for the beneficiary is set at 25 years old;
- you can change the transfer age to any age from 18 to 25 years old in the settings;
- once they reach their transfer age:
- you can no longer adjust the transfer age for the beneficiary;
- the beneficiary can request to take control of the Account without your permission. We will convert the bare trust account to an Account in their own name;
- if the beneficiary does not want to take control, you can continue to operate the bare trust account for their benefit; and
- the standard Sharesies account fees will apply.
Subject to the above transfer rules, the following subscription amounts apply to each Kids Account to access and use our Service:
- $15 per year; or
- Monthly based on the following Portfolio Value:
- for a Portfolio Value less than or equal to $50 there is no monthly subscription; or
- for a Portfolio Value between $50.01–$3,000 the subscription is $0.75 per month; or
- for a Portfolio Value more than $3,000 the subscription is $1.50 per month.
4. Your obligations
You will make sure:
- tax returns, filings and payments are made for this Account if required; and
- the information you provide (including for the beneficiary or anyone else) is complete and accurate. You’ll notify us straight away if this changes; and
You acknowledge and understand that you may be contacted by us and asked to provide further information about the beneficiary, or anyone else who funds the Account in your name and you agree to provide such information as required.
You must ensure that you have the necessary permission to provide us with information about the beneficiary or anyone else, and that we may collect, use and disclose that information for the purposes described in our Terms of Service. This includes verifying their identity.
You agree that if you allow the beneficiary to access and/or use the Account before the transfer date, you are solely responsible for the consequences of their actions as if they were taken by you.
Throughout these terms some words are in capitals—e.g. Account. These are words with defined meanings. Unless we state otherwise, you can find the meanings of these words in our Terms of Service. If there is any conflict between these terms and our Terms of Service, these terms will win out (prevail).