How Old Do You Have to Be to Open a Bank Account?

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Opening a bank account for a child is possible if the parents sign on as guardians to be responsible for the activity on the account. Start a bank account for a child early to teach about fiscal responsibility with advice from a registered financial consultant in this free video on bank accounts.

Part of the Video Series: Personal Finances & Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about how old do you have to be to open a bank account. Opening a bank account is a right of passage and many individuals will do that when they become teenagers, perhaps on their sixteenth birthday when they are now venturing in to the world and they have their first job. Other people at the request of their parents will open up a bank account if they have a paper route and they're even younger and they want to place money in to a bank. My view is the earlier you can start the better. The bank does require parental signatures, guardian signatures if an individual is less than sixteen years of age. So therefore if a young person less than sixteen wants to open up an account they would go down to the bank or financial institution with their parents. And the parents would guarantee the activity on the account until such time as the child reaches the age of majority, when the parents can then step aside and the child has basically got their own bank account. This is financial adviser Patrick Munro talking about how old do you have to be to open up a bank account.

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