Open an account for a minor

If you’d like to open an account for a minor (i.e. anyone under that age of 18) you will need to provide some additional documents to us. This is in addition to the regular account opening process. 

There are two ways a CMA can be opened on behalf of a minor.  

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 structure of "Trustee/s ATF 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 additional supporting documents:
  • a copy of the Trust Deed
  • FSC forms must be completed for all parties (except the minor). You can find the relevant form by searching for ‘individual and sole trader’ on Adviser Tools

View Documents you need to open a Cash Management Account for more information on opening a testamentary trust account for a minor.

Open an account under a Parent or Guardians name

Minors aren’t eligible to open a Cash Management Account in their own name. Instead, the parents or guardians can open an account in their own name and change the nickname on their account to the minor’s name on Macquarie Online. Refer to Manage your account list to find out how to do this. 
 
You can create an application for a Macquarie Cash Management Account (CMA) for your client in Adviser Online.

You can set up a Macquarie superannuation account in the name of a minor provided the account is operated by a parent or guardian. 
 
We require a completed Macquarie Wrap Superannuation application signed by the parent/guardian. Please note, a minor doesn’t need to sign this application. If the minor is over the age of 16, we may accept an application signed by them, as they may have started work and be receiving their own employer contributions. 
 
We’ll also need the following:

• a certified copy of the minor’s birth certificate
• Client and the parent/guardian must complete AML/CTF forms
• The TFN of the minor. 

You can find the above form by searching for 'individual and sole trader' on Adviser Tools. 

When the minor turns age 18, they must agree to our terms and conditions by signing a new application form. Their account number and details will remain unchanged after signing the new application form. 

Members can nominate either part or all their death benefit to be paid as a child pension to one or more of their dependent children. A member can nominate a child pension by completing the following: 

• a Non-lapsing Death Benefit Nomination form nominating the child as a beneficiary, and
• a Child Pension Schedule outlining the terms of the pension. 

Child pensions must meet the normal payment rules for pensions, including minimum annual payment requirements. 

When the child turns age 18, they must agree to our terms and conditions by signing a new application form. 

Macquarie Wrap Investment accounts can only be opened for a minor under a formal trust arrangement. The account name must be in the name of the trustee/s of the Trust and all trustees will be required to accept/sign the application to open an account for a minor. 

We’ll also need a certified copy/extract of the Trust Deed showing the trust name, trustee(s) name(s), beneficial owner(s) name(s), trustee(s) signature(s) with witness’ signatures.