How To Open A Bank Account For The Youth In Your Life

Step towards adulthood

Having a bank account is a proven necessity in today’s generation. With everything around us going digital, it’s good to introduce your youth to this stage of adulthood. However, oftentimes opening a bank account under the age of 18 is nearly impossible. This is because of the contracts you have to sign with the banking institution upon opening your account. Banks require you to be at least 18 years of age to sign this agreement on your own.


So, how do you open a bank account if you are under the age of 18?


Why should your youth open a bank account? 

Being comfortable with personal finances and money are important skills that all of the youth in our lives need to be successful and sound adults. The pay off for teaching your children about money, where it goes, and what to do with it is vital. And as we said above, with our world going digital, it’s important for our children to know how to navigate the waters of money and management of their finances.


Steps on How to Open a Bank Account for Minors

Due to legalities, an adult will have to be a joint applicant when applying for a bank account. The specifics of what your bank needs or their regulations vary by institution. Here, Buck Academy has listed the steps of opening a bank account for the youth in your life today.


  1. Compare banking institutions
  2. Find the one that is right for your youth
  3. Gather your documents and information
  4. Visit your selected banking institution and apply for an account with them
  5. Deposit your first funds into the account
  6. Activate your youths card once it arrives (via mail or printed at the bank)


What kind of documents will I need? 

You will need personal documents in order to open your child’s bank account. While the requirements of what most banks need might vary, usually the list is fairly standard. Since you will be signing as a joint owner and responsible party for your child, your documents will be needed as well.


  1. Parents drivers license (must be active and valid)
  2. Parents social security card (hard copy)
  3. Proof of address (where you and your youth reside)
  4. Your child’s social security card (hard copy)
  5. Your child’s birth certificate (original or certified copy)

Comparing Accounts 

Buck Academy has listed a few things to keep in mind when comparing accounts for your child.


  • The age minimum for the account
  • Accounts life after your child turns of age
  • The interest rate of the account
  • Account fees
  • Withdraw fees
  • Hidden fees from the institution
  • Whether or not a debit card will be provided
  • Minimum balance
  • Maximum balance


Accounts just for kids 

There are many available options for opening up accounts for your youth. Here are some that here at Buck Academy, we think you should look into.


  • Education savings account
  • Custodial accounts (as we are talking about)
  • Trust funds
  • Interest earning savings accounts
  • Prepaid debit cards


How old does your child need to be before you can open a bank account? 

There are several different account options for variations in ages. Some banks work with youth under the age of 12, some require you to be 13 or older to open an account. Check with your local banking institution to see what their requirements are and what kind of bank accounts they have available for minors.


Can a parental guardian withdraw money from a minor’s bank account? 

In short, yes. While the account is primarily in the child’s name, the adult assumes the main responsibility for the account as they are above the age of 18 and can make sound legal decisions. This gives the adult on the account the ability to not only withdraw money from the account, but also make decisions on the account in place of the minor, as well as deposit funds into the account as well.


What happens to my child’s account once they turn 18 years old? 

Most banking agencies will roll the account over into an independent adult account. Always be sure to check with your bank to learn more.



While opening an account for their youth may not be for everyone, we find it to be a fundamental asset in teaching children about their money, where it goes, and how to manage it.