How to Open a Bank Account for Your Child

By teaching your child about financial responsibility and money management you are giving them invaluable life skills that will set them up for future success. One practical way to get started is by opening a checking or savings account for your child. This not only gives them hands-on experience with banking but also sets the stage for financial independence in the future. Let's go into all the ins and outs of opening a bank account for your child or teen.

1. Pick the Perfect Bank

Start by choosing a bank that offers specialized checking accounts for young savers. Look for features like lower minimum balances and fee waivers tailored to kids and teenagers. Make sure the bank is convenient, both in terms of physical branches and online access, and check for any account fees that align with your child's financial needs.

2. Collect the Essentials

To open an account for your child, you'll typically need:

1. Child's Social Security Number or Individual Taxpayer Identification Number (ITIN) 
2. Parent/Guardian's government-issued photo ID 
3. Proof of address (e.g., utility bill or lease) 
4. A copy of your child's birth certificate.

But always check with the bank on their requirements before beginning the application. 

3. Pick the Right Account

Different banks offer different types of accounts for kids, such as:

• Joint Account. This could help teach financial responsibility while keeping an eye on transactions. 
• Children's Savings Account. This is a great option for helping your child start practicing healthy financial habits. Choose the one that suits your child's age and responsibility level.
• Checking Account. If your child is a older and can handle more independence, find a free checking account with no fees and no balance minimums. 

4. Opening the Account

Make this experience the perfect time to introduce your child to the banking world by visiting a local branch. Help them fill out all the required forms and provide necessary documents. You can also take the hassle away and opt for opening a bank account online.

5. Kickstart the Account

Get started by depositing some money. It could be cash, a check, or a transfer from another account. Figure out if you want to send recurring payments to the account or if you have a teenager with a job, help them get started with direct deposit.

6. Online Banking 101

Set up online banking and teach your child to check balances, view transactions, and transfer money online. Consider having a login if you don't opt for a joint account so you can make sure your child isn't overdrawing their account. This is also a great time to help them learn about online safety and security when it comes to finances. 

7. Money Wisdom

This isn't just about an account; it's about money smarts. Talk budgeting, saving, and tracking expenses. Show them how overdrafts and fees work. This is a great time to teach them about saving for short-term and long-term goals and effectively managing a budget. Helping your child understand banking basics, and financial security will give them a big jumpstart in their lives/ 

8. Keep an Eye on Things

Financial independence comes with responsibilities. Regularly review transactions together, discuss goals, and guide them toward smart money choices.

By selecting the right bank, gathering the necessary documents, picking the right account, and providing financial education, you're giving your child a fantastic head start on their journey to financial independence. A Personal Banker can assist you or your child in setting up a checking account, or savings account. Call a branch today!