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Tweens and Teens
Reply to "Opening bank account for teen- bank rec or advice"
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[quote=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. [/quote]
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