Setting up a bank account for a child is a good way to teach him about saving and investing money. The American Bankers Association considers this so important they created a "National Teach Kids to Save Day," and once each year during the month of April, association members and participating banks visit schools and educate children on the importance of saving money. If your child is old enough, getting her involved in the process of opening a bank account can be both an educational and fun experience.
Step 1
Speak with a banking representative and get information on the types of bank accounts available for your child, opening deposit requirements, and procedures for opening the account.
Step 2
Choose an account based on the degree of parental control you wish to maintain and then make an appointment to come back with your child to open the account.
Step 3
Collect documentation you will need to open the account. Documentation can include your bank account information or your child's driving license, if he has one, and one additional form of identification, such as your child's social security card, birth certificate, shot records, school ID or passport.
Step 4
Visit the bank and have a personal banker speak with your child to describe the account you chose and explain how it works. Fill out the application and let your child make the opening deposit.
Tips and Warnings
- Start your search at the bank where you currently do business. At some banks, an open, adult account is a prerequisite to opening an account for your child. Account types for children vary in the degree of parental control they provide. Common account types include joint ownership, minor by, and sole ownership. In a joint ownership account, both you and your child have full, unrestricted access to the account. In a minor by account, you have full access and your child can make deposits. A sole ownership account allows only your child to access the account.
Things You'll Need
- Identification
- Account application
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