Minor children by law can't open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18. ... And just as with your money, make sure your child's account is FDIC-protected.2020-08-05
How do I open a savings account for my child?
Kids savings accounts typically require a parent or guardian to have joint ownership. That means you can manage the finances until your child is ready to manage them. Because of that setup, your child probably won't have to meet a minimum age requirement to open an account.
What kind of savings account should I open for my child?
Set up a 529 savings plan instead. A children's savings account typically pays low interest, making it better for short-term savings and smaller amounts. A 529 plan can help you save for college more aggressively, with a broader range of long-term investment options.2020-07-13
Can I open a savings account for my child online?
An online bank may allow its savings accounts, even if they aren't specifically children's savings accounts, to be titled as an UGMA or UTMA account. Generally, children's account options have low minimum balance requirements.2020-02-29
Can a minor access a savings account?
A child under age 18 generally cannot sign legal documents, even to open a savings account. However, parents can open a bank account for their child, and when the child is old enough, let him or her take ownership of it.2020-02-29
How old do you have to be to open a savings account at Wells Fargo?
The minor owns the funds but the adult has exclusive control of the account until the minor reaches the applicable age of majority (typically age 18). Before that, only you can make deposits and withdrawals, as well as link the account to a Wells Fargo Debit Card.
Are there any savings accounts for children?
There are typically two types of accounts you can open for your child: a savings account or a custodial account, and the difference is important.2020-07-13
Can a child under 18 have a savings account?
Minor children by law can't open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18.2020-08-05
Can a 13 year old have a bank account Wells Fargo?
Customers between 13 and 16 years old must open the Clear Access Banking account with an adult co-owner.