
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.
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.
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:
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:
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:
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:
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.
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.
Becoming financially self-sufficient may be easier than you think – especially with these 16 steps to help guide you.
The good news is there are many financial strategies designed specifically to cover the costs of higher education.
For many kids, allowance is the first lesson in personal money management. Here are some best practices your children can follow for future saving and spending.