You might wonder how old you need to be to open an individual bank account. In this article, they’ll cover the minimum age requirements for a personal checking or savings account, as well as what differentiates them.
If you’re just starting out with your money management and want to open an individual bank account, you must understand how these accounts work to find the best option for yourself.
The age you need to be to open an individual bank account varies
The minimum age to open a bank account varies. Some banks let you open a checking account for your kids online, while others require that you visit the branch in person. If you can’t make it there, some branches may have a way of doing it remotely.
Some banks allow minors to open savings accounts, with or without parental supervision. Others require parents to be on the account as signatories and show identification when making withdrawals or transfers from their child’s account.
If your child wants to save money by opening an account at their own bank, make sure that he knows what it means to have his own checking and savings accounts so he can take care of them responsibly!
Some banks let you open a checking account for your kids online
You can set up an account online or at a branch. You’ll need to be at least 18 years old and provide proof of identity and address, your social security number, and sometimes even copies of your paycheck stubs.
Some banks allow minors to open savings accounts, with or without parental supervision
Some banks allow minors to open savings accounts, with or without parental supervision. These accounts can be used to set aside money for a future goal, like buying a car or going on vacation.
The minimum deposit required is $50-$100 at most banks. You may need to pay an account maintenance fee each month if you do not have enough money deposited in the account to cover it. Some banks also charge fees for using ATMs outside their network, so keep that in mind when choosing an institution!
Banks that allow parents to oversee their child’s savings will require proof of identification for both parties before opening a joint account together (see below).
Financial planners like SoFi say, “If you’re interested in opening an account and are unsure of age requirements, you may want to contact a few different financial institutions to ask if they have an account that suits your needs.”
Guardians can set up an account with an investment firm for a minor child
As part of a “custodial agreement,” guardians can set up an account with an investment firm for a minor child. The guardian will be named in the trust and fully control the funds. The guardian will also sign a custodial agreement with the firm, which means they’ll be able to manage the account on behalf of their minor child.
As you can see, the age you need to be to open an individual bank account varies. Some banks let you open a checking account for your kids online, while others require that they be at least 18 years old. It’s also important to note that guardians can set up an account with an investment firm for a minor child (or any other person under their care).