Q:

What types of bank accounts are available for minors?

A:

Quick Answer

Checking accounts and savings accounts are available for minors, according to Constance Gustke for Bankrate. As of 2015, a growing number of banks offer teen checking accounts that start as early as age 13. Many of these accounts require a parent as a co-owner of the account.

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Full Answer

As a co-owner of the account, the parent has full access to it. Banks such as Wells Fargo give the parent control over the account and allow him to set limits on how much the minor is able to spend or withdraw. The bank account offers a safe way for the minor to learn responsible use of money, reports Gustke.

When parents shop for bank accounts with minor children, Gustke recommends looking at credit unions. They are often more community-oriented and more likely to engage the child face to face. As an initial step, some parents choose a savings account before moving to a checking account. Some banks leave the choice of issuing checks or debit cards on the account up to the parent. As the child demonstrates responsible use of the account, Gustke suggests the parent work with the child concerning the proper use of debit cards. Using a debit card is one of the most difficult financial tasks for children. Responsible parents hold the child accountable for the money spent using the card.

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