Open a Bank Account for a Minor:  Steps and What to Consider

It’s a great feeling to be able to give your child the gift of their very own bank account. But what exactly do you need to open an account for them? Because minors can’t open a bank account by themselves, they’ll need your help getting one opened.

A minor might be interested in opening a bank account, but their parents or legal guardians will need to open it for them and list themselves as joint owners. The steps will vary depending on the financial institution.

What Do I Need to Open a Bank Account for My Child?

It’s quite common for banks to offer checking and savings accounts for kids these days, especially with the advent of banking apps for kids and teens.

1. Choose the Type of Account You Want (Checking Account vs. Savings Account)

Deciding the account type you want is an important step. Once you settle on this decision, you’ll need to look at what options make the most sense for your needs. As with all things kids, you have a large universe of kid-focused accounts to choose from, presenting a challenge for identifying which one makes the most sense for your needs.

Do Your Due Diligence

Once you’ve chosen a bank and an account that fits your needs, you can apply for the new account. A bank account is a valuable start to your child’s financial independence and can help prepare them for the future.

2. Submit an Application

As a condition for opening joint accounts with a minor, you often need to fund the account at opening as part of the final stage of the application process.

3. Fund the Account and Activate the Debit Card

To open a teen checking account, the parent or accompanying adult must be at least 18 years of age (or the age of majority in the state of residence) and typically the child must be under the age of 18.

How Old Do You Have to be to Open a Kids Bank Account?

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