Opening a bank account is one of the most important things a young person can do, but how old do you have to be to open a bank account?
This article will cover the eligibility criteria, what you need to open a bank account for a minor, what happens when they turn 18, why you should open a bank account for your child, and essential things to note.
The bank account eligibility criteria in the United States generally requires the person opening the account to be the following:
In addition to the criteria above, you also need to have a minimum opening deposit and maintain specific balance requirements stipulated by the bank.
In the United States, anyone under 18 is classed as a minor. Therefore, it is possible to open a bank account for a minor, but a parent or legal guardian must open the account for them.
In the United States, you need to be 18 and above to open a bank account by yourself. Therefore, if you are 16, you can have a parent or legal guardian open an account for you.
Unfortunately, if you are 17 and want to open a bank account, you will need an adult to open the joint account with you.
When you are opening a bank account for your child, and they are classed as a minor, you will need to have the following:
Remember that this can be useful if you want to help your child build credit.
Opening a bank account for a child can teach them several lessons, including responsibility and independence. For example, you are teaching them to stay focused on financial goals.
In addition, in a financial sense, it can show how their money will grow in the bank accounts due to compound interest. If you are opening bank accounts for people under 18, this is one of the rites of passage of being an official adult in the United States.
When a minor becomes an adult, all the money in the account is theirs. If there were restrictions on what the minor could do with that bank account, the restrictions might get lifted. If the minor needs their own bank account, it is possible to remove the adult from the account or open a new account when the minor turns 18.
Whether you are opening a bank account for your child, or you are a minor looking to get started, there are a few things everybody needs to know when opening up a bank account:
Opening a bank account is something we all have to do, and even if you have a child under the age of 18, it's never too early to teach them the importance of financial management. With all the information we have provided, your child is ready to take a step towards independence and responsibility!
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