Opening bank account for teen- bank rec or advice
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Anonymous
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14 YO DD needs to get a bank account. Any tips on what bank is best? Any thing I should know to avoid or advice?
Thanks! |
Anonymous
| Most straightforward thing is to check with your current bank to see what their age threshold is. We use Bank of America, made an appointment for our 13 year old to open an account (linked to ours but in his own name). Very easy. |
Anonymous
| Your local credit union, or USAA |
Anonymous
| Minor children can't set up their own savings or checking accounts. It must be a joint or custodial account. I opened savings accounts for my children when they were little so they could deposit grandma's birthday checks. When they got older, I opened checking accounts for them. That could be done easily online. My daughter wanted to be able to accept Venmo from her babysitting clients and you cannot connect Venmo to a savings account, only to a checking account FYI. When they turn 18, they can go to the bank and change the custodial account to a regular checking account. When they first got checking accounts (age 14 or 15) I did not give them the debit card. |
Anonymous
| Capital one teen bank account. We opened one for DS when he was 14 and started working. He had to have Direct Deposit. Very easy online and we did not have an account with them. No minimum balance either. Everything online. |
Anonymous
| We just did this at our bank - Citi. Teen will need to have identification - birth certificate, social security card, student ID and expired passport plus parents being there did not cut it. We got her a non-driver ID and tried again and that was fine. |
Anonymous
+1 for USAA! |
Anonymous
| My 12 year old could get her own account, but had to be 13 to get a debit card. She could only get a debit card at 12 if the account was joint. When she turned 13 we decided to keep my name on thre so her account would stay linked to my online banking, which makes it very easy to transfer money in and out. |
Anonymous
We just did this for our 12 year old dd - so easy and quick to set up! We don't bank with Capital One either. |
Anonymous
| My teen and I have a joint account at my bank so that I can transfer money and that it will go through almost instantaneously. |
Anonymous
| Capital One money account. Do it all online, and you can see your child's account. |
Anonymous
| We're Navy Federal members, so we got our oldest one of their Campus Checking accounts. I think the child has to be 14, and it comes with a debit card (which we held onto until DC was driving). It's so easy to transfer money back and forth between that account and any of ours. |
Anonymous
| Our kids have their own accounts where we hold ours. BofA |
Anonymous
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My kids have checking/savings accounts and Burke and Herbert. I initially had to get the debit cards in my name because the kids were too young to be issued cards in their names. I set it up so that if there was an overdraft, funds from savings would NOT automatically be used to cover the overage. I wanted the kids to experience the consequences of overdrafts.
When the kids got jobs, my requirement is that half the paycheck goes into savings and the kid don't have online capability to transfer funds out of savings and into checking. I can do that, I've also linked all our accounts so that I can transfer money between all the accounts. It's been really helpful (kids are now ages 15-18) because it's easy for me to reimburse them for stuff I'd typically buy. I can also 'loan' them money from their savings account when needed. My oldest will be going to college and we're working on getting him a credit card through the bank as well. We plan to put all expenses that will be covered by his 529 on the card. He'll build credit and it'll be easier to track expenses. |
Anonymous
| Another vote for Capital One. Super easy to set up, plus the convenience (for the teen) of having branches to use (for checks issued before direct deposit kicks in). |