Can a Minor Open a Bank Account?

Can a Minor Open a Bank Account?

Can a Minor Open a Bank Account?

Many banks offer special account options for minor children, including checking and savings accounts. Investopedia explains that parents need to accompany their children when opening a new account, as many banks prohibit accounts for minors without an adult account custodian.

Many banks provide accounts for minors as a means of building customer loyalty, according to Investopedia. It is important to note that children are not generally eligible for FDIC insurance on a bank account, unless the account has a custodian or joint account holder who meets the age of majority. Many banks require this individual to be a parent or legal guardian of the child in question.