Open A Checking Account For A Minor

Since minors generally can t open bank accounts by themselves you ll typically need to be a joint owner of the account which may actually be a good thing.

Open a checking account for a minor.

This map is intended to provide state specific information regarding statutory requirements for the opening of bank accounts for minors. Savings accounts require 10 to open and pay competitive quarterly interest rates. It must be opened with an adult co owner and it requires a 25 minimum. Choosing the right checking account for your child s lifestyle may mean finding an account that has features that support their needs and goals as well as your preferences.

If the goal is for the minor to use the account making deposits withdrawals and purchases with a debit card for example a joint account will do the trick. Features to explore in a teen checking account. How to open an account. Joint ownership this option gives your child the ability to use the savings account while you monitor account activity.

12 is the recommended age to open a checking account for kids. The wells fargo teen checking account is available for ages 13 to 17 in alabama ages 13 to 18. Once they turn 18 your teen can choose to open a 360 checking account and transfer their balance from their money account. If you are opening your child s first checking account and they are younger and sharing the account with you you may want the ability to set limits on spending and the number of withdrawals.

While this checking account is designed for teens any child age 8 can be a joint account holder with their parent or legal guardian. This could be in the form of a student checking account youth savings account or a standard checking account. For questions please contact the state banking department or csbs staff. It ll give you the chance to compare banks and find features that are important to both of you.

There are several options when setting up savings accounts for kids. The checking accounts require a minimum of 50 to open and have no monthly service charge but they do have an overdraft charge of 12. That account can be a plain vanilla joint account or an account designed for the under 18 crowd. Simply open an account with at least one adult as an account holder.

Just remember joint accounts give equal access to all account owners so the minor has full access to the money in the account.