Yes, you can open an account for a person under the age of 18. A Superhero minor account allows you to invest for your children.
In Australia, it is a legal requirement to be 18 years or over in order to invest in shares. If you would like to open a Superhero Account on behalf of a minor under the age of 18, the account will need to be opened in your name and will have a designation containing the minor’s name. Only you will have access to the account.
You can open more than one minor account.
For the avoidance of doubt, the individual who opens a Superhero Account for a minor under the age of 18 will be legally responsible for the operation of the account and for complying with these Terms and Conditions.
After a minor has reached 18 years of age they will be able to create their own Superhero Account. Once this has been done, Superhero can organise an off-market transfer of the assets from the minor account to the Superhero Account they have opened in their own name.
Steps for setting up a minor account:
- Click on the ‘Profile’ tab within your Superhero account.
- Click ‘Add Account’ followed by ‘Minor Account’ on the top of the page.
- Fill out the required fields and click ‘Create Account’.
- Once the account has been created, it will show up under your account types by clicking on your name on the top left. The format of the account will show as follows: <First Name Last Name A/C>.