What Age Can You Have Your Own Bank Account

Typically, you can open a bank account as a minor with a parent or guardian's help.

In the US, minors can open a bank account with a parent or guardian's consent, usually at the age of 13 or 14.

You'll need to provide identification and proof of address for both you and the account holder, typically a parent or guardian.

The bank will require a parent or guardian to sign a signature card, which grants them access to the account and allows them to make decisions on your behalf.

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In most states, the age of majority is 18, which means that's the minimum age requirement to sign a legal contract, like opening a bank account. This applies to most financial account types, including checking and savings accounts, brokerage accounts, and credit cards.

Children as young as newborns can have a college savings account, and little ones may enjoy watching their money grow in a custodial savings account, which is an account a parent or guardian oversees on the child's behalf. However, a traditional checking account with a debit card is typically not suitable for toddlers, but an older child or teen may be ready.

Here's a breakdown of the typical age ranges for different types of accounts:

Keep in mind that every child matures at a different rate, so it's essential to consider your child's individual readiness for financial responsibilities, such as managing a bank account.

It's never too early to start teaching kids about financial responsibility. Kids can grasp basic money concepts as early as age 3, and surprisingly, many money habits are established by age 7.

Opening a bank account for your child can be a great way to encourage saving for financial goals and teach valuable skills. In fact, even if your child is young and only has money from allowance or gifts, opening a bank account can still be beneficial.

Many traditional banks require kids to be at least 13 to be a joint owner, but there are online options that accept ages under 13. For example, you can open a bank account for your child as young as 6 years old with some banks.

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Kids need to understand how to use a debit card responsibly, which is why it's essential to teach them about banking basics and money management before getting a spending account of their own. Don't expect 6- or even 12-year-olds to know when to save money or how to evaluate when a potential purchase is a good deal.

Financial literacy is essential for life as an adult, and learning the basics of money management as a child can make a big difference. About 49% of teens have already opened a bank account, according to a recent Fidelity study.

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In most states, the age of majority is 18, which means that's the minimum age to sign a contract, including opening a bank account.

Some banks and credit unions offer bank accounts and debit cards to children as young as 6 years old, but they may not be ready until they're in their teens.

If your child is under 18, you'll need to sign the contract for them, and you should look for an account with parental controls to limit their spending.

You can start teaching your child about money and banking at any age, even from birth, but you should wait until they're ready to learn specific tasks.

Banks and tellers usually don't mind if you let your child watch you interact with them, and some even give out lollipops to kids!

You can open a variety of bank accounts for your child, depending on their age and your financial goals.

Checking accounts are designed for everyday expenses and are typically free, with spending and withdrawal limits to avoid splurging. These accounts are often for teens aged 13 to 17 years old.

Here are some examples of checking accounts for kids: Chase First BankingAxos Bank First Checking

Savings accounts are great for any age, allowing you to start building your child's savings as soon as they're born.

If you're thinking of opening a custodial or joint checking or savings account with your kid, there are some key things to look for.

A good interest rate is a must, especially if the account offers one. Look for banks that offer competitive interest rates to help your child's savings grow.

FDIC or NCUA insurance is a must-have for any bank account, including joint or custodial accounts. This protects your child's deposits up to $250,000 in case the bank fails.

Low fees are a big plus when it comes to joint or custodial accounts. Look for banks that offer low or no fees for services like maintenance, overdrafts, and ATM withdrawals.

A user-friendly app can make it easy for your child to manage their account and for you to monitor their activity. Look for banks with apps that are easy to use and offer features like mobile deposit and bill pay.

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Good customer service is essential for joint or custodial accounts. Look for banks with a reputation for providing helpful and responsive customer service.

Here are some key things to avoid when opening a joint or custodial account:

The Acorns Debit Card is a great option for kids to learn about financial independence. It offers real-time spend notifications, allowing parents to stay on top of their child's spending habits.

With the Acorns Debit Card, you can block and unblock cards easily, which is a convenient feature for parents who want to limit their child's access to money.

Here are some benefits of the Acorns Debit Card:

Some kids' banking services also offer virtual cards that can be added to digital wallets, such as Apple Pay or Google Pay, but these often have age limits.

You can teach your kids about financial responsibility as early as age 3, when they can start grasping basic money concepts. By age 7, many kids have already established money habits.

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Kids need to understand banking basics and have some sense of responsibility surrounding money before they get a debit card. Typically, this understanding develops between the ages of 6 and 12.

To open a bank account for your child, you must be at least 18 years old, but you can add your child as a co-owner. Many traditional banks require kids to be at least 13 to be a joint owner, but online options may accept ages under 13.

About 49% of teens have opened bank accounts, according to a recent Fidelity study. This trend shows that kids' accounts are becoming increasingly popular.

You can open a bank account for your child as soon as you feel they're ready, and it's a great way to teach them practical money management skills they'll need in adulthood.

Opening a bank account for your child can be a great way to teach them valuable financial skills from a young age. Research shows that having a savings account as a child leads to better financial outcomes later in life.

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You can start teaching your child about money management as soon as they're born. But, kids can't open a bank account on their own, so you'll need to open one for them.

Here are some benefits of opening a bank account for your child:

You can open a bank account for your child at any age, but some options require a minimum age requirement. For example, Greenlight is an innovative solution that lets kids learn valuable money skills first-hand, and there is no minimum age requirement for kids to use it.

Greenlight's debit card and app let kids earn money through chores, set savings goals, and learn to manage and spend their own money. Parents can monitor spending, send money instantly, and set custom store and ATM controls all from the Greenlight app.

As you consider opening a bank account for your child, managing their account is a crucial aspect to consider. Some banks offer joint checking accounts for teenagers around 13 to 15 years old, which comes with a debit card that allows them to make purchases and withdraw cash from ATMs.

Parents can set spending limits, receive transaction notifications, and monitor account activity to ensure responsible usage. This teaches your child about budgeting, tracking expenses, and managing their funds in real time.

A checking account can provide valuable lessons in money management and financial responsibility. Some potential drawbacks include potential fees and minimum balance requirements, impulse buying/overspending, and no interest earned.

Prepaid cards are another option, often with financial education tools tailored for kids and teens. They keep spending in check, cannot be overdrawn, and offer educational tools for financial literacy.

However, prepaid cards usually charge high fees, do not earn interest, and often have limited ATM networks. The Acorns Early Kids' Debit Card offers real-time spend notifications, the ability to block and unblock cards easily, and teaches financial independence safely.

Here are some key features to consider when managing your child's account:

Fees can add up quickly, so it's essential to consider them when choosing a bank for your child. Monthly service fees, ATM surcharges, overdraft fees, and minimum balance fees are all things to look out for.

You can find free checking accounts for kids under 17 at traditional banks and credit unions. These accounts often come with fewer fees, making them a great option for families.

Some banks and credit unions also offer features like investing platforms and chore tracking, but these may come with monthly subscription fees, usually around $3 to $10 per month. To avoid unexpected costs, make sure to review the fees associated with any account before opening it.

Here's a breakdown of some common fees to watch out for:

In terms of security, look for banks and credit unions that offer FDIC or NCUA insurance, which protects your child's deposits up to $250,000. You should also be able to turn the debit card on and off in the app, and receive fraud and purchase alerts.

Fees and charges can be a major consideration when setting up a bank account for your child. Some bank accounts have no monthly fees, no overdraft fees, and no fees for in-network ATMs.

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Kids prepaid debit cards like Greenlight, GoHenry, and Famzoo often charge fees for the service, with some cards charging up to $14.98 per month.

You'll want to weigh the costs against the benefits, such as 1% cash back on purchases and 5% APY on savings. In many cases, a free online bank account delivers the convenience and security parents want in a child's bank account.

Some advanced kid bank accounts come with extra features, like investing platforms and chore tracking, which require monthly subscription fees of around $3 to $10 per month.

Here's a rundown of the extra costs you should look out for:

Be sure to look into ways you can easily transfer funds to your child's account, such as Zelle transfers, ACH transfers, or cash deposits.

Online Security is a top priority for any bank account, especially for your kids. Look for FDIC or National Credit Union Administration insurance to ensure their money is protected.

You should be able to turn the debit card on and off in the app, which is a convenient feature that gives you control over your child's spending. Secure websites and apps are also a must, so make sure the bank you choose has this in place.

Fraud alerts are another essential feature that will notify you and your child if something suspicious is happening. Purchase alerts are also a great way to stay on top of your child's spending.

In most states, the age of majority is 18, which means you can't open a checking or savings account on your own until you're 18 years old.

The age of majority varies by state, so the age at which ownership transfers to the child in a custodial account also varies.

You can open a joint account with your child, but be aware that your child will have full access to the money in the account.

Many accounts are only available to teens, but some, like the Alliant Credit Union Kids Savings Account, are open to kids of any age.

You can open a custodial account for your child and designate the account for them, and the ownership will transfer to the child once they reach adulthood.

The teen years are a great time to introduce your child to a bank account with a debit card. Many experts agree that age 12 is a good benchmark to start getting them used to tracking their spending and paying by card. However, some kids may be ready for a debit card as early as age 7, when they can understand basic financial concepts like money conversions and saving for large purchases.

At 12 years old, your child will likely want a convenient way to deposit, spend, and save their earnings, especially if they have a part-time job. In fact, most Americans agree that once a teen is 15, they're ready for their first job, according to a PR Newswire Harris poll.

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Your child may also be asking for money or wanting to save for long-term goals, such as college or a car. If that's the case, look for an account that pays interest or lets them create several subaccounts for savings.

Here are some signs your teen is ready for their own bank account:

Remember, it's essential to consider your child's maturity level and financial literacy when deciding whether they're ready for a bank account with a debit card.