Opening a Bank Account for a Minor: A Step-by-Step Guide

In many circumstances, opening a bank account as a minor involves the help of an adult. It's a simple process, and there are several choices.

Step 1

Check state laws by calling your bank. Some states allow minors to open bank accounts without adult supervision, but these laws vary from state to state and can be explained to you.

Step 2

If it's determined that you need an adult co-signer, find out from the bank if that co-signer is needed to withdraw cash or simply as a guarantor of any overdrafts that could occur by offering the minor an account. The ability to withdraw money without an adult signature will vary depending on each bank's policies.

Step 3

Bring proper identification to the bank when opening a minor's account. If the minor doesn't have any form of identification, often an adult's own ID will work for the purposes of opening an account. Bring a local utility bill and a picture ID for the adult; the child's birth certificate may be helpful at some banks.

Step 4

Determine the type of account you want to open. For instance, a simple checking account with no checking abilities can usually be opened by the minor himself, whereas a full checking account may require an adult to sign for withdraws or guarantee the account against any minor misuse.

Step 5

Determine the minimum initial deposit amount. Most banks want at least $50 to be added to an account before it can be opened; other banks may have fewer or more requirements.

Step 6

Determine if the minor should have access to an ATM card or checks.

Warning

If co-signing on a minor's account, you will be held responsible if the account is abused in any way. It may be a good idea to begin with a basic no-checks and no-ATM card account and slowly build the account over time to offer "perks" for the minor.