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When Is the Right Time to Set Up Your Child’s First Bank Account?

Opening a bank account is usually something that only adults do. However, some people may not know that children can have a bank account as well. Opening a bank account for your child is a great way to teach them the importance of saving money. However, you may be wondering if it is the right time to do so. Since everyone is different, you need to know what types of accounts are available and whether your child is ready for the responsibility. Here’s what you need to know about opening a child’s first bank account.

How Old Does a Child Need to Be to Have a Bank Account

In order for your child to open a bank account, they need to be at least 18. At 18, children are allowed to sign legal documents. Anyone under the age of 18 must have their parents or legal guardian sign on their behalf. Despite this, you can open a bank account for your child at any age, even as early as five years old. Parents will have joint ownership of this account, which means that they’ll manage the child’s finances. However, there’s one thing that every parent needs to know. There are a few banks that have an age limit for minors. So, not all banks are going to allow you to open an account, even if you’re on it.

What Account is Best for a Child?

Just like you would if you were opening an account for yourself, look for a bank that offers the best deals. You should start by asking the bank you currently use. Since you’re opening a child’s account, you need to find a bank that doesn’t charge a fee or mandatory balance. You also want to avoid banks that have less than ideal interest rates.

How to Open a Child’s Bank Account

Trying to open a child’s bank account is almost no different than when an adult would. You’ll need to provide a form of identification. You’ll also need to provide a copy of your child’s birth certificate, their social security number, your social security number and your driver’s license. It might also help if your child brought along their school identification card. Try to encourage your child to put their savings in the account, but don’t force them. It is still their account, so it’s ultimately their decision.

Getting your child their own bank account is another step towards their young adulthood. It teaches them the value of a dollar at an early age. With a little due diligence, you can instill these skills for their financial success in the future.

Tim Esterdahl

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