How to Set Up a Savings Account for a Minor
Most regular checking and savings accounts require that account holders be older than 18, but many banks offer specialized savings accounts designed for children. The structure of these accounts varies from bank to bank, but they are often designed so you can make easy transfers of funds into the child's savings. Some savings accounts for minors have strict restrictions on withdrawals until the child is 18, while others are more flexible on money management in the account. Banks also sometimes offer education programs for children so that they can learn responsible money management at a young age.
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Instructions
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Contact your bank. Savings account options can vary greatly from bank to bank, so you should call your bank to find out what particular savings options they offer for minors.
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Gather your required documents. Document requirements can vary from bank to bank, but it is likely you will need your and the child's social security number to open the account. You should also bring your current banking information.
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Take the minor for whom you plan to open the account to your local bank branch. Some savings accounts for minors require that you also be a customer of the bank, so establishing an account with your current bank is often the easiest option. You may also be able to open a savings account for a minor online through your bank's website.
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Speak to a bank representative. These employees have more knowledge of account products than tellers, so it is a good idea to talk to them about your plans to open a savings account.
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Open the account. The platform representative will direct you to someone who can help you open the account. You will need to give your information, which may include your social security number and bank account number, and information from the minor for whom you are opening the account. In many cases, you will need to make an initial minimum deposit to open the account.
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