Open Savings Account For Child

Learn more about savings accounts for kids.

Open savings account for child.

Deposit funds into a savings account as a gift for when a child reaches maturity. You ll need the same information if you re opening an account at an online only or a brick. The best savings accounts for kids have great interest. Visit your nearby capital one location to open your kids savings account and get started with awesome free digital tools and a top rated mobile app to help them manage their money anytime almost anywhere.

Setting up the account. There are several options when setting up savings accounts for kids. Children under the age of 18 are not legally allowed to sign documents. It makes sense that a savings account at a bank is generally safer than a jar on a bedroom shelf but be sure to choose an fdic member bank like ally bank.

Opening a kids savings account can be a great tool to teach your child healthy financial habits but there are a few things to consider before running to the bank. At pnc savings accounts for children under 18 are always free with no minimum balance requirement. Joint ownership this option gives your child the ability to use the savings account while you monitor account activity. Opening a savings account for your kid is a great way to teach money management skills and start him or her on the way to financial success.

Visit a financial center to learn more and open an account. A wells fargo way2save savings account requires a 25 minimum opening deposit and has no monthly service fees for primary account owners under 18 19 in alabama. As a result you ll need to open the account with your name on it as well. The pnc traditional standard savings account is another great way to teach children positive money management with auto savings tool and only 25 to open an account.

Custodial utma savings account footnote 1. That s why kids savings accounts are available both online and in person at capital one locations so that you can bank on your schedule. Compare chase savings accounts and select the one that best suits your needs. Opening a savings account for your child isn t much different from getting a new account yourself.

Teaching your child to put away a few coins in their piggy bank is a great start but opening an online savings account is a great way to keep your child s money secure. When the child turns the appropriate age 18 or 13 if you convert it to a checking account you can go to the bank and remove your name.