kendra26uk
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I had a savings account from age 10 and would get my allowance put in, and then go take it out on a weekly basis.
I managed to save £500 over a year by managing what I spent every week!
I got a current account at 16 with a debit card and a full current account at 18 with a cheque book.
I think allowing a child to earn, learn to manage money and save it at a young age, teaches kids for the future about money and how to manage it responsibly
I wish they taught this stuff at school! |
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ZzozZ Zombie Reincarnated!!
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as soon as the person has an actual cheque to cash it's time to open an account. if the child does not work you can open a savings account and not let them have access to withdraw ant funds until they start to contribute to the account. i had mine at 14 but i had a job. |
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julvrug
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Not until they are responsible enough to maintain it. Since many businesses would not accept a check from a minor, why get them one before they are old enough to have a job. You need valid state issued ID to use a check, Last I knew you had to be at least 16 to get one. Also, you need to consider why the "child" thinks they "need" a checking account. This is something that can be added to their saving account when they are older. Just remember until a child is of legal age, the parent will be the one responsible if they over draft the account and will be the one charged if there are numerous bounced checks. |
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Constance B
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Most banks will not open a checking account for a minor. This is because a child can ( without them having better sense) write thousands of dollars of worthless checks on money they do not have. However, you can set up an account for them jointly ( where you the parent take on the legal responsibility for the account) and they will do the credit check which most banks in the US do today on those opening new accounts on you.
Bank America will open a checking account for anyone who is 16 years of age or older, if the minor is employed and has a driver's license. Citibank will not. |
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Bill G
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18, a savings account is sufficient at 12. Children have no need for a checking account, theu need to learn to save before they need to learn to spend. Kids are already out of control and to independant and defiant. |
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pk4547
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At whatever age they need to start acting independently of their family home. If a child goes to boarding school at 13, or earlier, and needs to be responsible for their own finances, then its necessary for them to open a checking account. If a child is basically living at home, with parents who take care of their every financial need, then there is no need to set them up with a checking account. |
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Raj
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15 when they get job security. |
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jennika51287
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when there old enough to understand debts. So they dont write bounce checks or have overdrafts |
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TallPaul
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"checking account" - isn't that a US term for "current account" i.e. you get a cheque book etc etc? You can't open a current account until you are 16. |
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Alec B
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14-15 is the best age or whenever you feel they are mature enough to deal with money. |
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want2no
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12 or 13 or when they first get a job |
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