Requirements For Opening A Children’s Bank Account

Many parents will open up a bank account for their children before they are born as a way to save up for college. Other parents might wait until they are older and use it as a way for them to learn how to save and manage their money. Opening up a savings account for them is a simple process. Just make sure you provide the bank with the right information.

When opening up any children’s bank accounts you must have a primary account holder that is over the age of 18. It makes sense for one of the parents to become the primary until the child turns 18 or 20. This will ensure that the child does no abuse the account in any way. The bank will need your physical and mailing address, home and work phone numbers, and an e-mail address.

The parent on the account must prove that they and their child are a citizen of the United States. Most banks will also require that you give your valid social security number and date of birth of you and your child.

If you would like online access to the account than you must request it and create a user name and password. While this is not mandatory it will allow you to access the account twenty-four hours a day.

The bank must have the personal information of the child in whose name it will be under. This information will include; full name, address, and telephone number.

In order to open the account you must deposit a certain amount of money. The minimum will vary depending on what the bank requires. The more strict banks will require you to keep a minimum amount in the account at all times. If it falls below the bank will charge you a fee.