Generally, you cannot open a savings account for someone else. Banks and credit unions typically require the account holder to be present in person to verify their identity and sign the necessary paperwork.
However, there are some exceptions:
- Joint accounts: You can open a joint savings account with someone else, giving both of you access and ownership of the account.
- Trust accounts: If you are a trustee of a trust, you may be able to open a savings account in the name of the trust.
- Power of attorney: If you have a power of attorney for someone, you may be able to open a savings account on their behalf.
Important Note: It is crucial to understand the laws and regulations in your specific jurisdiction regarding opening bank accounts for others. Consult with a legal professional or your financial institution for accurate and up-to-date information.
