Christine
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Children's bank accounts are very easy to start. They can just go to the bank. Usually minors also have an adult who also has control over the account and whose name is also printed on the account.
As far as which bank, one close to home in a safe area is usually best. That way you can walk with the child in the bank and acutally let them have the experience of working with a teller and depositing or withdrawing money. Make sure that you give the child opportunities to withdraw money as well as deposit. They aren't going to learn as much if they can only do the deposit transaction. The point of saving is to eventually have the money when you need it. If you just want to have an account that saves for something bigger than everyday needs, you might be better off giving them savings bonds or starting a CD in their name. They can also teach lessons, and will aquire more interest than a savings account (5% compared to .25%) |
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Theresa
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a parent has to open the account in the child's name... go to a bank that allows a checking/savings to earn interest... a credit union is good if u have one |
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Maria
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A ten year-old can open a savings account at any bank with his parent's permission and signature. Some you can open even without a minimum balance. |
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Robin
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Parents must help you and look up the interest rates for the savings account and how much they charge. Some banks are free and some charge a small fee for their services. Look into BB&T I think that they have free checking. |
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bubberdub18
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I started mine when I was 9 but my dad did it so i don't know. Sorry. m : ( |
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broccoli brain
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Go to the bank closest to the kid's house so they can get used to visiting the bank and practice depositing money. Parents might have to go with the kid. |
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PJ
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Some banks have special accounts to encourage children to save. Check with local banks in your area. Most banks offer those accounts for free. I don't know where you live, but just call around to local banks and ask. |
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CookiesRGood
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ur parents can open a savings account for u |
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lil_kat_meow
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Bank of America is great. You can go in with your parents and they'll set up a free savings account for you. |
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island3girl
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that is a great idea! go to the bank an open the account under the child's name
teach the child to save a part of all money that they get and teach them how to deposit it. also teach them about interest and how the bank "pays" them to hold their money for them |
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Proud Mama of 4
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Yes, you go into the bank with their ID. Children don't pay service charges. THey need an adult to cosign. |
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Lauren
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your parent has to do it for you.. when I tried opening my account at back of america with my mom I had to have some sort of I.D. |
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shinigami WANTS Y!A FIXED
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the youngest u can be is 13 or u can have ur parent open a account then just have them transfer to ur name wen ur 18 |
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HARLAN K
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I open an account with Bank of america for my Grandson , but I had to be a co-signer on his account because he was 9 year old. Since I was putting the money in I use my own ss#. |
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joyntheir
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By law, the bank cannot open the account for anyone under 18. I helped my daughter get a loan to buy a car. She was one week from her 18th birthday and had graduated 2 months before from high school. They gave her the loan, but she had to be a cosigner on a loan they gave to me. They could not change it into her name until after she turned 18. The only reason they did this was because I had started a savings for her when she was 5, so it was over 10 years old. She had to have a car for the job she was starting the next Monday.
So - take your parents with you. |
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christal
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my kids all have bank accounts...got them at Wells Fargo. Most banks have programs for children's savings. Just pick one and ask them. |
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charlie m
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An adult will have to help someone that young open an account. I'd go to your nearest Credit Union first. They have, generally, higher rates of return and lower fees. Many have special accounts designed for children. All banking institutions want young people as clients; the earlier someone starts saving, the better! Some organizations are "child friendly" some are not. Overall, it's not hard to get an account open. If this is for college funding, please look into a 529 plan. It will better serve the child than just a savings account. |
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oleander
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Most children cannot have an account by themselves. A bank will usually set it up in their name, but will usually set it as a joint account with the parent (which usually means that they have to cosign)...that is, until they become of age (it varies depending on the bank...usually it is 14-18). I would suggest Chase, as I do most of my banking there, but there is US Bank also. Just look for which bank will give you more incentive to do business with them, along with customer reports. I hope this helps! |
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the real wana be
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Northfeild Savings bank |
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bubbless221
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the adult has to open the account then add a sub-savings account for any of their children
wachovia does a really good job of that |
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asadfarooq2
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no you cant |
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