Steps on How to Open a Bank Account for a Minor

We’ve created this article with everything you’ll need to learn how to open a bank account for a minor, what to look for in a bank account, what they can use it for, and what steps are needed!

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

According to general procedures for opening a bank account for children, these steps should generally allow you to open a bank account for your children.

How to Open a Bank Account for a Minor

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

Despite this availability, age restrictions still apply in many cases, though they vary by banking institution. For instance, teenagers generally only have access to kids checking accounts, while kids of nearly any age have access to savings accounts.

Do Your Due Diligence

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.

How to Open a Bank Account for a Minor

2. Submit an Application

Once you’ve chosen a bank and an account that fits your needs, you can apply for the new account.

How to Open a Bank Account for a Minor

3. Fund the Account and Activate the Debit Card

Placing funds into your child’s account can usually be done with a debit card, credit card or existing bank account. There may be some institutions where restrictions vary.

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

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.

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