Child Banking Tips

Video Transcript

"This is financial adviser Patrick Munro talking about the age that's required to create a checking account. A lot of young people want to become responsible as early as possible. Many of them have jobs. Babysitting jobs, paper route jobs. And ultimately they start to take on some bills and responsibilities of their own. A lot of this occurs around the age of eighteen. Banks realize that, and that's why they've made that age pretty much an appropriate age for opening a checking account. If you're younger than that and you still want a checking account, it can be guaranteed by your parents or indeed grandparents if that's the case as well. They would be responsible for the activity on the account. So you would have to be very mindful of that going forward. A checking account is one of the first financial instruments that a young person gets in their life. And if they treat it accordingly it can be a good barometer to build credit going forward with the financial institution that you have your checking account with. So this is Patrick Munro financial adviser talking about the appropriate age to open a checking account."