How to Open a Youth Savings Account

When you open a youth account it helps your child understand the value of saving.

Many banks, credit unions and other financial institutions allow you to open a savings account for a youth who is not of legal age. You need certain information for yourself as well as the youth to get the account opened. The person opening the account will be the custodian, or the one legally responsible for the account. Usually the custodian is the child's parent(s). As the custodian you will be able to make deposits into the account, and in some instances the child is allowed to perform banking transactions.

Instructions

1. Visit your bank. Speak with a sales associate or a branch manager and let him know you want to open a youth savings account. The representative will need your name, address and Social Security number, date of birth, place of employment, and phone number. You will also need Identification that displays your picture such as a driver's license or a state identification. The bank will also need your child's name, date of birth and Social Security number.

2. Determine how much the account will be opened for. The amount of money needed to open a youth account can vary from bank to bank. Some banks will allow you to open an account for $25. Give the bank representative the money to get the account opened. It can be cash, a personal check, a money order or a cashier's check.

3. Sign the paperwork. The representative will provide you with a copy of the documents you have signed and/or initialed to get the account opened. Confirm how the account is set up. The account will be listed with your name as custodian for your child's name. Make sure you receive your receipt for your initial deposit.

Tips & Warnings

• Some financial institutions will allow you to open an account online.

References

• USAA: Teach your kids the value of savings
• Langley Federal Credit Union: Youth Savings Accounts