Open Savings Account For Child Bank Of America

However once the child turns 18 years old the account is automatically converted into a rewards savings account in the child s name.

Open savings account for child bank of america.

The problem is that you need to sign a contract to open an account and contracts signed by minors are complicated. There is no monthly fee and no minimum daily balance required but it needs to be jointly owned by the minor and a parent guardian. You can reach a bank of america representative at 800 432 1000 mon fri 8 a m 11 p m. The deposit agreement and disclosures limits the number of the following types of withdrawals and transfers from a savings account to a total of six 6 each monthly statement cycle or each month for savings accounts with a quarterly statement cycle including online and mobile banking transfers or payments.

The account is in your name as well as your child s because the law generally prevents minors from opening bank accounts. The parent and minor child both own the account. For people under the age of 18 opening a bank account is hard. Enjoy a bank account with the flexibility you need for your busy schedule.

Upon enrollment we will round up your mastercard or visa debit card purchases to the nearest dollar and transfer the difference from your checking account to your bank of america savings account. Or sat sun 8 a m 8 p m all times et. Bank of america minor savings account. What is a bank of america child savings account.

The bank of america kid s account can be opened for children younger than 18 at a branch with a 25 minimum deposit. If your savings account enrolled in keep the change is converted to a checking account keep the change transfers will continue to be made into that account. Easily open a bank account in minutes and make money management simple. State laws and corporate policies vary but most banks aren t going to open accounts for anybody under 18 unless there s also an adult on the account.

Simply schedule an appointment visit a financial center or call to speak to a customer service representative. If your savings account enrolled in keep the change is converted to a checking account keep the change transfers will continue to be made into that account. A bank of america child savings account is specifically offered for children under the age of 18. The 0 03 apy is lower than the already dismal national.

These accounts usually have. Upon enrollment we will round up your mastercard or visa debit card purchases to the nearest dollar and transfer the difference from your checking account to your bank of america savings account. Youth savings accounts are like savings accounts but they are designed for the more modest needs of young savers.