Open A Checking Account For A Minor

The wells fargo teen checking account is available for ages 13 to 17 in alabama ages 13 to 18.

Open a checking account for a minor.

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. Features to explore in a teen checking account. Please click on a state for detailed information. Joint accounts typically require one adult to be designated as the account holder.

There are several options when setting up savings accounts for kids. How to open an account. 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. 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. Joint ownership this option gives your child the ability to use the savings account while you monitor account activity. 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. A wells fargo way2save savings account requires a 25 minimum opening deposit and has no monthly service fees for primary account owners under 18 19 in alabama.

This could be in the form of a student checking account youth savings account or a standard checking account. 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. Savings accounts require 10 to open and pay competitive quarterly interest rates. That account can be a plain vanilla joint account or an account designed for the under 18 crowd.

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. Just remember joint accounts give equal access to all account owners so the minor has full access to the money in the account. This map is intended to provide state specific information regarding statutory requirements for the opening of bank accounts for minors. 12 is the recommended age to open a checking account for kids.

Once they turn 18 your teen can choose to open a 360 checking account and transfer their balance from their money account.