Can I Open A Bank Account For My Minor Child

Bank accounts for minor children.

Can i open a bank account for my minor child.

This is different to children s savings accounts which most banks and building societies will let you open for children aged seven and up. They ll need a parent or guardian listed on the account as a joint owner. Junior the savings account for kids the kotak mahindra bank junior account is specifically designed to teach your children the benefits of saving while also providing a host of privileges across dining edutainment and shopping on kids brands. If you re 11 15 you ll need a parent with you to open an account.

How do i open a bank account for my child. Children aged 14 years or older. Your child s birth certificate. For people under the age of 18 opening a bank account is hard.

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. Some banks ours included allow children aged 14 years or older to open a bank account themselves. Have the following info handy. Banks and credit unions allow children to hold deposit accounts together with a parent.

This map is intended to provide state specific information regarding statutory requirements for the opening of bank accounts for minors. If you re 16 17 you can open this account online yourself. How can i prepare. Please click on a state for detailed information.

If you ve already got a youthsaver account you can open a smart access account for youth at your nearest branch remember to take your id. Minors can t open a bank account by themselves. We ll need some details such as your current address and contact information. Specific steps vary by institution but this is generally how you can open a kids bank account.

Many banks will let 16 year olds apply independently but for children under 16 a parent or guardian will usually have to open the account in branch. Children s current accounts are usually available to children aged between 11 and 18 but some banks may only offer them to children aged 16 or older. You will need to provide a birth certificate or passport plus a recent household bill or bank statement to prove that you live at the same address. It ll give you the chance to compare banks and find features that are important to both of you.

Custodial with the exception of legal emancipation u s. You can open a youthsaver account and a smart access account for youth online at the same time. The problem is that you need to sign a contract to open an account and contracts signed by minors are complicated. 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.

In some cases the application can be started online.