Open A Checking Account For A Minor

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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. This could be in the form of a student checking account youth savings account or a standard checking account. 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. 12 is the recommended age to open a checking account for kids.

How to open an account. Joint accounts typically require one adult to be designated as the account holder. There are several options when setting up savings accounts for kids. Simply open an account with at least one adult as an account holder.

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. 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. That account can be a plain vanilla joint account or an account designed for the under 18 crowd. This map is intended to provide state specific information regarding statutory requirements for the opening of bank accounts for minors.

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

Joint ownership this option gives your child the ability to use the savings account while you monitor account activity. It must be opened with an adult co owner and it requires a 25 minimum. It ll give you the chance to compare banks and find features that are important to both of you. While this checking account is designed for teens any child age 8 can be a joint account holder with their parent or legal guardian.

For questions please contact the state banking department or csbs staff.