If a bank doesn’t offer custodial accounts, an adult may be able to open a joint account with a minor child.
However, parents can open a bank account for their child, and when the child is old enough, let him or her take ownership of it.
There are many benefits of opening a savings account for a child.
What do you need to open a bank account for a child?
You’ll need to bring in your ID (passport, national identity card or birth certificate) and your parent or guardian will need their debit card and PIN. If they don’t have a debit card, they’ll need to bring in proof of their ID. You can only open an account in branch.
Can I open a bank account online for my child?
How do you open a current account for your child? You can apply for a current account for your child online, but you will usually need to go into a branch to complete the application. If your child is under 16, you’ll need to go with them into a branch to apply for an account.
Which bank is best for children’s account?
The best children’s bank accounts
- Santander 123 Mini (11-18) The Santander 123 Mini current account is available to kids between the ages of 11 and 18.
- TSB Under 19s (11-18)
- Lloyds Bank Under 19s (11-17)
- Halifax Expresscash (11-17)
- Nationwide FlexOne (11-17)
- NatWest Adapt Bank Account (11-17)
- Barclays BarclayPlus (11-15)
- HSBC MyAccount (11-17)
What is the best savings account to open for a child?
Summary of Best Savings Accounts for Kids
|Capital One Kids Savings Account NerdWallet rating Read review||1.00% With $0 minimum balance||Read review|
|Alliant Credit Union Kids Savings Account NerdWallet rating Read review||1.90% With $5 minimum balance||Read review|
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Can I open a bank account for my kid?
A child under age 18 generally cannot sign legal documents, even to open a savings account. However, parents can open a bank account for their child, and when the child is old enough, let him or her take ownership of it.
Can a 11 year old have a debit card?
Some institutions don’t permit minors to have debit cards under their own name until they are at least 16, but others offer them to children who are 13 or even younger. Parents should look for features like no or low fees for funding and maintaining the account, online account monitoring, convenient A.T.M.