Opening a minor's checking and savings account

Gregory Walker15 MemberOP

36 messages
joined Jun 2007

#1 · May 3, 2007

Hello 👋

Is it possible for a minor to open a checking account if they are accompanied by a parent, even without a steady income?

Also, are there monthly or annual maintenance fees for these accounts?

I appreciate any help. The Chase website isn't exactly the most user-friendly out there. 🙄

Kimberly Nguyen Regular

543 messages
joined Jul 2009

#2 · May 3, 2007

Look, you can actually open either type of account if you get written consent from one of your parents. But here’s the kicker: since the funds technically belong to them, you won't have full control over the cash—your parents will be the ones calling the shots on the balance...
It’ll probably run you about $5 a year in fees, if I had to guess.

That being said, some banks offer specific accounts designed for minors under 18 where you actually *do* get to manage your own money without asking permission for every little thing... honestly, I have no clue what the exact maintenance fees are for those specific setups.

jadesailor14 Regular

314 messages
joined May 2006

#3 · May 4, 2007

Kimberly Nguyen said:Look, you can actually open either type of account if you get written consent from one of your parents. But here’s the kicker: since the funds technically belong to them, you won't have full control over the cash—your parents will be the ones calling the shots on the balance...
It’ll probably run you about $5 a year in fees, if I had to guess.

That being said, some banks offer specific accounts designed for minors under 18 where you actually *do* get to manage your own money without asking permission for every little thing... honestly, I have no clue what the exact maintenance fees are for those specific setups.

With Chase or Wells Fargo, you'll need to head down to a branch with one of your parents or a guardian. You'll also need to bring along proof of guardianship, like a birth certificate or legal ID.
Both you and your parent have to sign all the paperwork to get the account set up.
As for the cash, usually only the parent can withdraw it—at least that's how it worked last year, though they might have updated their policies lately!
The fees are monthly, and by the end of the year, they can really add up to more than $10 at a place like Wells Fargo.

Richard Lewis16 Active Member

221 messages
joined Sep 2009

#4 · May 4, 2007

Look, man, my brother’s got his own account (it’s a 16k balance) and he handles all his own cash without anyone breathing down his neck...
As for any kind of fee, I haven't really looked into that part yet...

Gregory Walker15 MemberOP

36 messages
joined Jun 2007

#5 · May 4, 2007

jadesailor14 said:With Chase or Wells Fargo, you'll need to head down to a branch with one of your parents or a guardian. You'll also need to bring along proof of guardianship, like a birth certificate or legal ID.
Both you and your parent have to sign all the paperwork to get the account set up.
As for the cash, usually only the parent can withdraw it—at least that's how it worked last year, though they might have updated their policies lately!
The fees are monthly, and by the end of the year, they can really add up to more than $10 at a place like Wells Fargo.

Ngh, they really love making things complicated, don't they? 🙄 😁

It’s a valid concern, and one I've been wondering about myself... I know a standard checking account is usually for paychecks or irregular income, but if someone—like an uncle, a grandmother, or just a distant relative—transfers money to my account, is that automatically taxed? Does it count toward that threshold of roughly $3333 after which parents might lose their child tax credit?

I'm a bit lost here, but I know you all are experts on these matters... so, why not ask? 😁

Kimberly Nguyen Regular

543 messages
joined Jul 2009

#6 · May 4, 2007

Gregory Walker15 said:Ngh, they really love making things complicated, don't they? 🙄 😁

It’s a valid concern, and one I've been wondering about myself... I know a standard checking account is usually for paychecks or irregular income, but if someone—like an uncle, a grandmother, or just a distant relative—transfers money to my account, is that automatically taxed? Does it count toward that threshold of roughly $3333 after which parents might lose their child tax credit?

I'm a bit lost here, but I know you all are experts on these matters... so, why not ask? 😁

Grandmas, grandpas, uncles, aunts, neighbors, friends—whoever, let them send cash to a standard checking account... JUST DON'T use a business account (you'll deal with taxes and all that other nonsense)...
Business accounts are strictly for professional fees and side hustles.

At Chase, they have specific student accounts 🤔 for kids aged 0-18... you just head down there with a mom or dad... they sign a mountain of paperwork, and then you can withdraw cash yourself and pay for things on debit cards.

Gregory Walker15 MemberOP

36 messages
joined Jun 2007

#7 · May 4, 2007

Kimberly Nguyen said:Grandmas, grandpas, uncles, aunts, neighbors, friends—whoever, let them send cash to a standard checking account... JUST DON'T use a business account (you'll deal with taxes and all that other nonsense)...
Business accounts are strictly for professional fees and side hustles.

At Chase, they have specific student accounts 🤔 for kids aged 0-18... you just head down there with a mom or dad... they sign a mountain of paperwork, and then you can withdraw cash yourself and pay for things on debit cards.

Thanks, that was exactly what I was looking for. 😉

Kimberly Nguyen said:Grandmas, grandpas, uncles, aunts, neighbors, friends—whoever, let them send cash to a standard checking account... JUST DON'T use a business account (you'll deal with taxes and all that other nonsense)...
Business accounts are strictly for professional fees and side hustles.

At Chase, they have specific student accounts 🤔 for kids aged 0-18... you just head down there with a mom or dad... they sign a mountain of paperwork, and then you can withdraw cash yourself and pay for things on debit cards.

Is it just a hassle? Since I’m turning 18 relatively soon, I figure if I’m going to open an account anyway, I might as well set up a real one from the start. Can I survive a few months of not having full control over my funds? 😬

Douglas Patel Member

12 messages
joined May 2007

#8 · May 7, 2007

Gregory Walker15 said:Thanks, that was exactly what I was looking for. 😉

Is it just a hassle? Since I’m turning 18 relatively soon, I figure if I’m going to open an account anyway, I might as well set up a real one from the start. Can I survive a few months of not having full control over my funds? 😬

Chase has those youth accounts http://www.chase.com/personal/checking/youth-accounts for anyone under 15, and then after that you switch to http://www.chase.com/personal/checking/student-accounts

👍

Gregory Walker15 MemberOP

36 messages
joined Jun 2007

#9 · May 7, 2007

Thanks, everyone... I'm still waiting to hear back from Chase regarding exactly which documents they require. I don't want to make a trip there just to be told I'm missing something, as that usually happens, right? 😁

Joseph Robinson3 Member

11 messages
joined Apr 2007

#10 · May 7, 2007

Look, I can tell you for a fact regarding the passport office: you’re going to need an ID or a passport. On top of that, grab some official paperwork that shows your Social Security number—an old tax document or birth certificate works fine. Basically, any official paper with an SSN on it. If you don't have that handy, a Department of Justice certification confirming your SSN will do. You definitely need a birth certificate too, just so they can verify the link between you and your parents. Also, one of your parents needs to come along with you, and obviously, they’ll need to bring their own valid ID and proof of their SSN.
🙂

John Fowler7 Newcomer

3 messages
joined Mar 2008

#11 · Mar 24, 2008

Can I actually open my own checking account while I'm still a minor?

briskbison28 Member

11 messages
joined Mar 2008

#12 · Mar 25, 2008

I’m fairly certain the answer is no, but you could always head down to Chase and ask one of the tellers if you're feeling adventurous...

Nicole Adams Newcomer

3 messages
joined Mar 2008

#13 · Mar 25, 2008

You can certainly have your own checking account as a minor, but you'll need to bring along one of your parents' IDs since they have to be listed as joint owners on the account.

briskbison28 Member

11 messages
joined Mar 2008

#14 · Mar 25, 2008

...iwana... said:Um... I'm not sure 😁 😁 😁 damn... I need one too... even though I'm an adult... but I have absolutely no clue how this works... 😁

You just walk into a bank, tell them you want to open a checking account, show them your driver's license, and after dealing with some paperwork, they'll mail a notice to your address telling you to come back and pick up your debit card. It takes about three weeks (I think) and that’s really all there is to it. 🙂

George Barrett35 Active Member

98 messages
joined Aug 2009

#15 · Mar 25, 2008

briskbison28 said:I’m fairly certain the answer is no, but you could always head down to Chase and ask one of the tellers if you're feeling adventurous...

Sure you can, provided you have a legal guardian standing right there with you.

Nicole Adams said:You can certainly have your own checking account as a minor, but you'll need to bring along one of your parents' IDs since they have to be listed as joint owners on the account.

Even then, you aren't just bringing their ID; you actually need one of your parents physically present to sign off.

electricpilot40 Newcomer

2 messages
joined Oct 2008

#16 · Oct 4, 2008

I was wondering if it’s actually possible to open my own checking account at a bank before I even hit 18.
Or maybe my parents could just set one up for me, but have it officially be in my name?
I heard people talking about that trendy youth account over at Chase, but honestly, that's not really what I'm looking for.

Ronald Allen Active Member

160 messages
joined Oct 2010

#17 · Oct 5, 2008

electricpilot40 said:I was wondering if it’s actually possible to open my own checking account at a bank before I even hit 18.
Or maybe my parents could just set one up for me, but have it officially be in my name?
I heard people talking about that trendy youth account over at Chase, but honestly, that's not really what I'm looking for.

Yeah, you can. As long as your parents are right there with you, you can open basically any account at any bank. Just a heads up, though—they’re probably going to try to push a checking account on you, since those are meant for regular stuff like paychecks or social security.
If you're over 16, you can go in with a parent, get your own debit card, and basically act like an "adult." Just kidding! 😁
Honestly, you might be better off opening a basic savings account because they usually don't charge monthly maintenance fees, and you can still get a debit card for it. Your parent will just be listed as your legal guardian in the bank's system until you actually hit 18.

electricpilot40 Newcomer

2 messages
joined Oct 2008

#18 · Oct 5, 2008

Alright
thanks 😉

Laura Bailey3 Newcomer

5 messages
joined Oct 2008

#19 · Oct 25, 2008

I have a quick question because I honestly don't understand how any of this works
so, I just turned 18, but I'm not currently working or receiving any kind of monthly income
is it actually possible for me to open my own checking account, and if so, what does the process look like? How long does it usually take to get everything set up?

hollowseal17 Newcomer

1 message
joined Oct 2008

#20 · Oct 25, 2008

Laura Bailey3 said:I have a quick question because I honestly don't understand how any of this works
so, I just turned 18, but I'm not currently working or receiving any kind of monthly income
is it actually possible for me to open my own checking account, and if so, what does the process look like? How long does it usually take to get everything set up?

Of course you can. There’s no waiting period; it’s handled on the spot. You just need to bring your state ID and something with your Social Security number. Just a word of advice before you commit: make sure you actually want a basic savings account rather than a standard checking account. A simple savings account doesn't come with a debit card, and the IRS can see everything moving through it. A checking account, however, offers more privacy from the tax man, comes with a debit card, and generally gives you more flexibility.

Opening a minor's checking and savings account

🔗 Similar threads