Checklist: How to gain financial independence from your parents
Becoming financially self-sufficient may be easier than you think – especially with these 16 steps to help guide you.
How to open a bank account for a minor
Set your child up for success. Open a joint account.
Can a minor open a bank account? Yes, with an adult. If your child is age 14 through 17, you may open a joint Student Checking1 or Safe Debit account together online. Visit a branch if you’d like to open a different account or if your child is younger.
Let’s partner together.
Opening a first bank account is an important milestone in your child's path to adulthood. We can help you teach them financial responsibility. By opening a U.S. Bank account together, they’ll have the opportunity to feel proud as they become more self-reliant, and you’ll have the opportunity to provide as much oversight as you deem necessary. Monitor their account daily or remain on the sidelines. Your level of involvement is up to you.
How to open a bank account for a minor
Checking accounts for minors: The minor must be at least 14 years old to open a joint checking account. You may want to consider Student Checking and Safe Debit. You can apply for either of these two accounts together online or in a branch. To apply for a different checking product, stop by a local branch together or schedule an appointment in advance.
Savings accounts for minors: The minor can be any age to open a joint savings account, but the account must be opened together with an adult in a branch. You may want to consider the Standard Savings account.
Here are a several things to know:
- You and the minor must be both be present when you open the account.
- You must both have a valid primary ID, such as a U.S. State Driver’s License, a U.S. State ID Card or a U.S. Passport.
- The primary ID must have a photo and it cannot be altered or expired.
- A secondary form of ID may be requested. If so, a student ID, a workplace ID or a major credit card are all acceptable.
- You must show proof of address, such as a utility bill or financial statement.
Student Checking
This product is designed to meet the needs of today’s students. Minors ages 14 through 17 must open the account jointly with an adult. They may apply together online or in a branch.
The benefits of Student Checking include:
- No monthly maintenance fee
- Minimum opening deposit of $25
- Easy transfer of money
- One of the largest ATM networks in America and no ATM transaction fees at U.S. Bank ATMs and MoneyPass® Network ATMs2
- Mobile check deposit3
- Detailed transaction information and alerts
- Online banking and an award-winning mobile app
- A Digital Security Guarantee
- 24/7 customer service
- No fee overdraft protection with transfers made from a linked savings account
Safe Debit Account
The Safe Debit Account is a great alternative to Student Checking if you want a debit card but don’t need to write checks. Minors ages 14 through 17 must open the account jointly with an adult. They may do so together online or in a branch.
The benefits of Safe Debit include:
- Monthly maintenance fee of $4.95
- Minimum opening deposit of $25
- A U.S. Bank Visa® Debit Card
- One of the largest ATM networks in America and no ATM transaction fees at U.S. Bank ATMs and MoneyPass® Network ATMs2
- Mobile and online banking with mobile check deposit3 and an award-winning mobile app
- No overdraft fees
- Detailed transaction information and alerts
- Free credit score access4
- 24/7 customer service
Standard Savings
U.S. Bank Standard Savings has features that are ideal for new savers. Joint Standard Savings accounts with minors of any age must be opened in person at a branch. Stop by a local branch and a banker will be happy to assist you. Or schedule an appointment in advance.
The benefits of Standard Savings include:
- $25 minimum opening deposit
- Earns interest
- Automated savings option
- Custom account alerts
- Monthly maintenance fee of $4. Waive the fee by meeting one of the following three requirements: keep a $300 minimum daily ledger balance5 or keep an average monthly collected balance of $1,000 or more6 or the account holder(s) is under age 18.7
Bank when, where and how you want.
More than one million customers have given the U.S. Bank Mobile App an overall rating of five stars. The app can help you guide your child on their path to become financially responsible and independent.
- View detailed transaction information and track spending by category.
- Easily send,8 receive and request9 money with friends and family using Zelle®.
- Set customized alerts10 to stay aware of low balances, large purchases and more.
- Receive personalized Insights based on saving and spending activity.
- Get quick, personalized banking answers with U.S. Bank Smart Assistant™.
- Securely share your screen with a banker, with optional face-to-face video, for hands-on help when you need it.
Explore our online financial resources together.
We have tools and tips specifically designed for teens and their parents. Our Financial IQ provides an abundance of information on topics relevant to you and your teen.
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