How To Open A Checking Account For A Minor Bank Of America

Commercial banks and savings institutions.

How to open a checking account for a minor bank of america. Compare bank accounts for your baby. Almost any bank or credit union will offer these kinds of accounts so you ll just need to shop for the features that are most important to you. At age 18 minor savings account converts to a bank of america advantage savings account and applicable fees will apply 8 monthly fee or 0 with a minimum daily balance of 500 or pay 8 month. Bank of america advantage plus.

Opening a bank account in your child s name can be a great way to save for future educational expenses and teach your child good money habits. Choose bank of america and get checking mobile banking atms security notifications and more today. Bank of america is a fdic member which means that funds deposited in a bank of america child savings account are insured up to the maximum allowed by law. At the age of 13 the account converts to a teen savings account for teens ages 13 17.

The federal deposit insurance corporation fdic is a united states government corporation providing deposit insurance to depositors in u s. The adult co owner is legally responsible for the account. It ll give you the chance to compare banks and find features that are important to both of you. The union bank teen access checking account is for minors ages 13 to 17 but they must have a parent or guardian as a co owner on the account.

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. Opening an account requires a minimum deposit of 100 and there are no monthly fees. The bank requires an adult to link an account to the teen s checking account. This account is designed for individuals and students who want an account with a low minimum balance requirement the monthly service fee is 12 but bank of america will waive the fee if you have a monthly 250 direct deposit you maintain a 1 500 minimum daily balance you re a student less than 24 years old or you enroll in the preferred rewards program.

Find out which ones you qualify for here. Easily open a bank account in minutes and make money management simple. While the union bank does not have checking accounts dedicated to kids they do encourage pre teens and teens to open savings accounts with their parents. Features to explore in a teen checking account.

Kidz savings is for children ages 8 12 and the account requires 1 to open. But not all banks and credit unions allow you to open an account for a baby.