Before you open a savings account for a minor—sometimes known as a custodial account, which you’ll manage until transferring it to the child once they’re old enough to take on the responsibility—you’ll want to understand how it works. Here’s everything you need to know.
Can a minor get a checking account?
Some banks offer general checking accounts for minors. For older children, some banks offer teen checking accounts or student checking accounts. Traditional savings accounts meet basic banking needs, but other savings accounts may offer more suitable features depending on your needs.
What types of bank accounts are geared to kids and teens?
Financial institutions offer numerous types of bank accounts geared toward kids and teens. Some options you may come across include: Savings accounts. These accounts often earn interest and work like traditional savings accounts but may include special features or educational tools geared toward kids and teens. Checking accounts.
