Which bank is best for minor account?
Chase, Capital One, and Alliant are our top picks for banks and credit unions that offer savings accounts specifically for children.
| Company | Forbes Advisor Rating | Minimum Deposit Requirement |
|---|---|---|
| Capital One MONEY Teen Checking | 4.8 | $0 |
| Chase First Bankingâ„ | 4.3 | $0 |
| Alliant Credit Union Teen Checking | 4.0 | $0 |
| Connexus Credit Union Teen Checking | 3.7 | $0 |
| Savings Account | Forbes Advisor Rating | Interest Rate |
|---|---|---|
| ICICI Bank Young Stars savings account | 4.6 | 3% (below the balance of INR 50 lacs) 3.50% (above the balance of INR 50 lacs) |
| SBI savings account for minors | 4.5 | 2.70% (balance less than INR 10 cr) 3% (for a balance of more than INR 10 cr) |
| Provider | Account name | Interest rate (AER) |
|---|---|---|
| Saffron Building Society | Children's Regular Saver | 5.80% |
| Halifax | Kids' Monthly Saver | 5.50% |
| Coventry Building Society | Young Saver | 5.25% |
| HSBC | MySavings | 5.00% |
| Product | Best for | Monthly fee |
|---|---|---|
| Chase First Banking | Traditional banking | $0 |
| Copper | Added features | $4.95 |
| Alliant | Credit union accounts | $0, when you opt in to e-statements |
| Greenlight | Parental controls | $4.99/$9.98/$14.98, depending on services |
- Famzoo Prepaid Debit Card: Best overall.
- BusyKid Spend Card: Best for parental control features.
- Chase First Banking: Best for traditional banking.
- GoHenry Card: Best for financial literacy education.
- Copper Debit Card: Best for teens.
You can open either a custodial or joint account with a child under the age of 18. After they turn 18, that account can be converted into their name alone. Which banks allow you to open an account for a minor? Almost any bank will allow you to open a joint or custodial account for your minor child.
The minor owns the funds in the account. The adult, as the custodian, has exclusive control of the account and the minor cannot make deposits, withdrawals or transact on the account. If there's more than one adult as the custodian on the account, each may act independently.
Opening a bank account in your child's name may help build financial literacy from an early age. Parents or guardians can use their child's bank account to introduce topics such as budgeting, saving and earned interest in a way that makes personal finance fun and approachable.
Opening a bank account for a child
For children under 16, the bank account will need to be opened by their parent, guardian or grandparent either in a branch or online. For those over 16, they can set up the account themselves, without parental consent.
How much money can you put in a child's account?
Children can save up to ÂŁ9,000 for the tax year 2023/24 in their Junior ISA, and none of the interest is taxed.
Since CDs typically earn higher annual percentage yields (APYs) than standard saving accounts, opening a CD can help your child's savings grow faster. You might also purchase a CD to give to your child or provide a head start on paying for a first car, wedding or other big goal.
You'll also need to provide basic information for both of you, including your and your child's birthdays and Social Security (or taxpayer identification) numbers. Some banks will require a minimum opening deposit, such as $25. Others don't have any minimum opening deposit.
Chase First Banking has a $0 Monthly Service Fee. You'll first need to have a qualifying Chase checking account before you can add a Chase First Banking account. Designed with kids ages 6-12 in mind and available for kids ages 6-17.
Kids Advantage Account - Open Kids Bank Account for your Child at HDFC Bank.
You can open a Chase First Checking account for your child who is 6–17 years old. Once the child has reached the age of 18, Chase may recommend they open their own account.
Minor Savings Account
Help a child build a savings account and learn about banking. No monthly maintenance fee if the child is under the age of 18. Other fees may apply.
A credit card is essentially a means of taking out a loan; as such, you must be 18 to get one. If your child is under 18, the only way for them to “get” a credit card is to add them as an authorized user to an existing account. An authorized user is allowed to use the card but isn't responsible for paying the bill.
PehlaKadam : Child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-. Card will be issued in the name of the minor and Guardian. PehliUdaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor.
Parents/guardians can directly transfer pocket money into the child's account. Here are some salient features: The Minimum Average Balance (MAB) for a Savings Account is Rs 2,500.
Does Wells Fargo have account for kids?
Minors 13 years or older can open a savings account individually or with an adult co-owner. Minors under 13 must have an adult co-owner. Minors under 18 must open an account at a Wells Fargo branch.
As long as you, as a parent or guardian, are willing to be a joint owner for the account, you can open a kid's savings account for your child whenever you'd like. You can open some types of savings accounts as soon as your child is born and has a Social Security number (SSN), such as a 529 college savings account.
- Start a Family Business and Employ Your Child. ...
- Open a ROTH IRA for Your Child. ...
- Buy an Investment Property When They Are Born. ...
- Build Credit Early. ...
- Open a UTMA Custodial Account at a Brokerage. ...
- Open a 529 Savings Account.
If the bank account allows you to apply online, it should take you less than 10 minutes to complete. Make sure you have all your documentation and information ready. Most kids' bank accounts will require: Your child's name, birthdate and Social Security Number (SSN)
Smart Start is a Spending and Savings Account for 11-to-15-year-olds, that teaches them how to look after their own money and make the right financial choices in the future.
