How do i set up a bank account for my child

Tips for opening a bank account for kids

It’s common for children to observe and model their parents’ behaviors. Smart money management is no different. Here are some helpful tips to jumpstart your children on the path to financial success.

These days, we’re all spending more time at home—especially our kids. This makes it an ideal time to start giving children a financial literacy foundation that can help keep them stable and successful for the rest of their lives. Teaching good financial habits can start sooner than you think.

Children start to grasp the concept of saving when they’re old enough to slide coins into a piggy bank. Around kindergarten, they have a sense that money is important. When they ask for allowance or want to buy a coveted toy, it makes sense to open a bank account and start teaching them money management basics – and values around spending and saving.

Minor children by law can’t open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18. With a joint account, parent and child both have access, but the adult can supervise or limit activity, say, putting a cap on the amount the child can withdraw the account by actively monitoring the activity. Both types can later be converted to their own accounts.

As you shop around, look for a bank that encourages young savers with low (or no) fees and balance requirements. And just as with your money, make sure your child’s account is FDIC-protected.

Beyond those basics, here are five tips for getting your child excited about banking – and starting on a lifetime of sound financial habits.

1. Teach children why it’s important to save money.

Tie the concept of saving in a bank account to waiting for something that’s worthwhile. If you’re in line for an ice cream cone, remind them the result is a treat they really want. Saving is similar; you save for something you’ll want or need later on. With older kids, help them think of savings in terms of goals, achieved over time. For instance, they may want to plan for purchasing their own car, or be prepared to help with college costs.

2. Make opening a bank account a concrete, fun experience.

It’s tempting to look for online banking or to manage your child’s money yourself. But help kids participate in setting up an account. Call your bank in advance for an appointment, and have your child carry in necessary information (see Items to bring to the bank). Some kids are thrilled to participate in a business meeting where they’re center stage, but help out a shy child.

Also, ask if it’s possible to tour the bank; some allow kids a peek at their vault or room of safe deposit boxes, aka treasure chests. It never hurts, either, if tellers offer a lollipop after transactions, or if children can run the family’s change through a coin-sorting machine. These experiences make the bank feel welcoming and enjoyable, which helps a banking habit stick in future.

3. Add bank stops into your shared routine.

Incorporate a stop at the bank to deposit allowances, earnings and gifts part of your family’s regular routine. More broadly, remember you’re modeling financial behavior all the time, whether you intend to or not. Talk out loud about your spending and saving decisions, for instance, when you add money to a family vacation fund. Identify ways you save at the grocery store, and point out when something is a splurge. All this helps children learn the value and uses of money.

4. Give incentives.

Nothing motivates financial awareness and a solid savings habit like interest or matching funds. Show your child how earning interest works: for simply leaving her money in the bank, she earns a bit more of it. If you want to reinforce saving even more, consider matching your child’s savings when, say he’s saving for a particular goal. “If you save $50 toward your ice skates this month, I will match that amount. ”

5. Add complexity as children grow.

A six-year-old may not be ready to read her bank statement and reconcile her account, but by the time she’s 10, she could give it a try. By the time children get their first jobs, they will be learning about taxes. And by the time they have their first email accounts, they should be aware of financial scams and schemes that seem too good to be true. By starting their financial education when they’re young, they’ll gain both confidence and savvy when it comes to making sound decisions.

Items to bring to the bank

What you need to have to open a joint account with your child:

Your child’s name, birthdate and social security number
Your picture identification, such as a driver’s license or passport
Your social security number
Personal information such as address, phone number, email address
An initial deposit (cash, checks) as required by the bank

Interested in opening a checking account for your children? Explore U. S. Bank options.

How to open a bank account for a minor

It’s easy. Most accounts can be opened in five minutes or less. Here’s what you’ll need.

For all bank accounts:

Both you and the minor must provide a valid primary ID, such as a state ID card, driver’s license, or passport. It must have a photo and cannot be altered or expired.
You may both be asked to provide a secondary form of ID, such as a student ID or a major credit card.
You must provide proof of address, such as a utility bill or financial statement.

For joint checking accounts:

The minor must be at least 13 years of age.
The account can be opened online or in a branch.
If you open it in a branch, you must both be present.

For joint savings accounts:

The minor can be any age.
The account can only be opened in a branch.
You must both be present to open the account.

Access Smart Rewards™

Open a U.S. Bank Smartly™ checking account with your child and you’ll be auto enrolled in the U.S. Bank Smart Rewards™ program.

These are just some of the benefits:

$0 monthly maintenance fees: Multiple ways to get them waived¹
$0 ATM transaction fees at U.S. Bank and MoneyPass^® Network ATMs and on first four Non-U.S. Bank ATM transactions per statement period (Non-U.S. Bank ATM transaction fees apply after four)^{2, 3}
$0 overdraft protection transfers made from an eligible linked U.S. Bank deposit account ⁴
$0 overdraft fees when overdrawn $50 or less ⁵
Overdraft Fee Forgiven⁶program
A campus banking program at participating colleges and universities

Apply as an adult with a minor Learn more about U. S. Bank Smart Rewards™

No need to write checks?

Consider a Safe Debit Account, a “checkless” no overdraft fee option that is not part of the U.S. Bank Smart Rewards program. Open an account in minutes with a minimum balance of $25 and you’ll enjoy these and other benefits:

The U.S. Bank Visa^® Debit Card
No overdraft fees
$0 ATM transaction fees at U.S. Bank and MoneyPass^® Network ATMs. Non-U.S. Bank ATM transaction fees apply^2,3
24/7 customer service
The U.S. Bank Mobile App

Note: The $4.95 monthly maintenance fee cannot be waived.

Apply as an adult with a minor Learn more about Safe Debit

It’s never too early to start saving.

Teach your child the value of saving. Open a joint Standard Savings account at a branch with a $25 minimum opening deposit. The benefits include:

Ability to earn interest ⁷
An automated savings option
$0 monthly maintenance fee for six months. The $4 fee after six months can be waived with a $300 minimum daily balance⁸, $1,000 average monthly collected balance⁹, or if the account holder is age 17 or younger ¹⁰

Learn more about Standard Savings

The verdict is in…. Our app is #1.

More than one million customers have given the U.S. Bank Mobile App an overall rating of five stars. Industry experts ranked us #1 for:

Best mobile app¹¹
Best digital mortgage tools ¹²
Best customer service features¹³
Best mobile check deposit¹⁴

Grow your financial knowledge.

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.

Allowance basics for parents and kids

Teach your kids how to save and spend wisely.

Read the article

How to become financially independent

It’s easier than you think.

Review the checklist

Get started

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Disclosures

Members of the military (requires self disclosure) and customers ages 24 and under and those 65 and over pay no monthly maintenance fee. All others can have it waived by meeting any one of the following criteria: Have combined monthly direct deposits totaling $1,000 or more; or keep a minimum average account balance of $1,500 or more; or hold an eligible U.S. Bank credit card; or qualify for one of the four Smart Rewards^™ tiers (Primary, Plus, Premium or Pinnacle).
The average account balance is calculated by adding the balance at the end of each calendar day in the statement period and dividing that sum by the total number of calendar days within the statement period. Other fees may apply.
Please refer to the Consumer Pricing Information disclosure for more details.
ATM Transaction Fee. U.S. Bank will assess this fee for each ATM Transaction conducted at the Non-U. S. Bank ATM. Non-U.S. Bank ATMs are defined as any ATM that does not display the U.S. Bank logo in any manner, physically on the ATM or digitally on the screen.
ATM Surcharge. Non-U.S. Bank ATM owners may apply a surcharge fee on ATM transactions at their ATMs.
U.S. Bank participates in MoneyPass^®, an ATM surcharge free network. To find MoneyPass ATM locations, select “Show MoneyPass^® ATM Network locations” in the ATM locator. If you use an ATM that uses the MoneyPass^® Network and are charged a surcharge fee, please contact us at 800-USBANKS (872-2657) for a refund of the surcharge fee.
Please refer to the Consumer Pricing Information disclosure section titled Miscellaneous Checking, Savings or Money Market Fees for a summary of ATM transaction fees.
When changing checking account types, corresponding Non-U. S. Bank ATM transaction fee waivers will become available on the first day of the next statement cycle. ATM transaction fee waivers are only applicable for your U.S. Bank Smartly^TM Checking accounts.
If you have linked eligible accounts and the negative Available Balance in your checking account is $5.01 or more, the advance amount will transfer in multiples of $50. If, however, the negative Available Balance is $5 or less, the amount advanced will be $5. The Overdraft Protection Transfer Fee is waived if the negative Available Balance in your checking account is $50 or less.
Note: If you have Overdraft Protection and your account becomes overdrawn, Overdraft Protection funds will be accessed before the account is eligible for U. S. Bank Overdraft Fee Forgiven.
Refer to Your Deposit Account Agreement section titled Overdraft Protection Plans for additional information.
In the event the Available Balance at the end of the business day is or would be overdrawn $50.01 or more and the transaction paid is $5.01 or more, an Overdraft Paid Fee may be assessed for each item. In the event the Available Balance at the end of the business day is or would be overdrawn $50.00 or less, a fee will not be assessed. U.S. Bank limits the number of charges to a daily maximum of four Overdraft Paid Fees per day, no matter how many items we pay on your behalf.
Consumer checking accounts (excluding Safe Debit accounts) assessed an Overdraft Paid Fee may qualify for a fee waiver. The Overdraft Fee Forgiven period starts the first day your Available Balance becomes negative and you were charged an Overdraft Paid Fee(s). U.S. Bank will review your account at the end of the Overdraft Fee Forgiven period (11 p.m. ET) and if your Available Balance (excluding the Overdraft Paid Fees and including immediate and same day deposits), is at least $0 we will waive Overdraft Paid Fee(s) charged. Deposits that generally will qualify for Overdraft Fee Forgiven include: ACH and electronic deposits, cash deposits, wire transfers, ATMs deposits at U.S. Bank ATMs, check deposits in branch and internal transfers from another U.S. Bank account. Deposits that generally will not qualify for Overdraft Fee Forgiven include: Mobile check deposit, extended hold placed on a deposit and deposits into new accounts opened less than 30 days where funds are generally made available the fifth business day after the day of your deposit. Refer to the Determining the Availability of a Deposit – All Accounts section of Your Deposit Account Agreement for full funds availability details.
Variable rate account – Interest rates are determined at the bank’s discretion and may change at any time. Speak to a banker for current deposit rates, disclosures on rates, compounding and crediting and other balance information.
The daily balance is the balance at the end of each business day, equal to the beginning balance for that day plus the current business day credits, minus the current business day debits. Business days are Monday through Friday; federal holidays are not included.
Average monthly collected balance – The average monthly collected balance is calculated by adding the principal in the account for each calendar day in the statement period and dividing that figure by the total number of calendar days in the statement period.
Account will be assessed the monthly maintenance fee when the youth reaches 18 years of age. In the event the youth is not currently a signer on the account, the youth must visit a branch with the custodian/guardian on the account to gain authority to access account funds.
In its Q3 2021 Mobile Banker Scorecard, the industry benchmarking firm Keynova Group ranked U.S. Bank #1 overall in mobile banking, including #1 for mobile app.
The 2021 Kiplinger Best Financial Customer Service rankings gave U.S. Bank the highest score among mortgage lenders in its survey for best mortgage digital capabilities.
In Business Insider Intelligence's fourth annual US Mobile Banking Competitive Edge Study in 2020, the U. S. Bank Mobile App was ranked No. 1 in customer service features.
In its 2021 Mobile Deposit Benchmark report, Cornerstone Advisors rated the U.S. Bank Mobile App check deposit feature as number one in the industry for customer experience based on factors including deposit limits, error prevention, real-time status updates, auto-capture functionality and more.

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Deposit products are offered by U.S. Bank National Association. Member FDIC.

The U.S. Bank Visa^® Debit Card is issued by U.S. Bank National Association, pursuant to a license from Visa U.S.A. Inc.

Refer to Your Deposit Account Agreement and the Consumer Pricing Information (PDF) disclosure for a summary of fees, terms and conditions that apply.

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At what age can a bank deposit be opened: deposits for minors

For life

Small business

Parents, caring about the future of their children, start saving money in advance for education, buying real estate, a car. For such cases, banks offer to open special children's accounts and deposits.

Become a client

Can a child open a bank deposit

Art. 26, 28 of the Civil Code of the Russian Federation provide for 3 categories of minors and assign to them a different scope of actions in terms of financial relations:

Minors under 6 years of age. Deprived of legal capacity, transactions on their behalf are carried out by legal representatives - parents, adoptive parents, guardians.
Minor citizens from 6 to 14 years old. Independently perform simple operations to pay for goods and services. But contracts in their interests are concluded only by legal representatives.
Minor citizens from 14 to 18 years old. The right to open accounts, deposits and partially dispose of funds on them.

Thus, only representatives can open a deposit for a child under 14 years old, from 14 to 18 years old - they, or the child does it on his own.

Account for children under 14 years old

Bank deposits and accounts for citizens under 14 years old have their own characteristics in terms of processing and using money. In some cases, to open and use an account, you may need permission from the guardianship and guardianship authorities.

Raiffeisen Bank does not currently open accounts for persons under 14 years of age.

Decoration.

Savings accounts or deposits are opened for children of this age.
The parent provides the bank with his passport, TIN, birth certificate of the child. If the representative is a foreigner or stateless person, a migration card will be required. Adoptive parents bring an agreement on the adoption of a child. The trustee attaches an act of the guardianship body confirming his status.
A deposit is opened in a bank office, as a rule, online registration is not provided. The deposit is subject to insurance in the DIA separately from the accounts of the parents, in case of revocation of the license from the bank, compensation is paid on it.

Can a child under 14 manage a deposit

A minor is listed as the owner of a deposit, which can be replenished without restrictions by any person: parents, grandparents, acquaintances. A child, having reached the age of 14, has the right to independently deposit money and withdraw interest. When he turns 18, he can fully cash out the account. Statements on the movement of funds are issued by the bank to legal representatives.

Since such deposits are intended for children, debit transactions, even for representatives, are limited. To withdraw funds, you will need the written permission of the guardianship and guardianship authority.

Early closing of the deposit

If the parents want to withdraw all the money from the bank deposit ahead of schedule, the approval of the guardianship authority will also be required. In this case, accrued interest will be recalculated at the demand rate. If interest has not been withdrawn, the body of the deposit will not change. If the income was previously withdrawn, then the deposit will be reduced by the amount spent.

To close an account, you must provide the bank with the parent's passport, depositor's passbook, and written permission from the guardianship authority. If the child has reached the age of 14, money can be withdrawn only in his presence.

Account for children aged 14-18

A savings account or deposit for persons aged 14-18 has more permitted activities.

Registration

The set of documents is similar to the above, but instead of a birth certificate, a minor's passport is presented. In general, the procedure does not differ from the standard one.

Can a child over the age of 14 manage a deposit

A minor has the right to replenish and withdraw money from the deposit. If the account holder issues an order to a third party at a financial institution or a notary, that person will also be able to withdraw funds. However, parental and guardian consent is required.

If a minor plans to withdraw a salary, scholarship, financial assistance, unemployment benefit, bonus for participating in competitions, accrued interest or money deposited by him into the account, permission from the parents and guardianship authority is not required.

When it comes to issuing pensions, alimony, inheritance, insurance payments or funds contributed by others, the bank needs the written approval of the guardianship authority and one of the parents.

Account statements are issued to both parents and the depositor. When the child reaches the age of 18, the restrictions on withdrawing money from the deposit are removed.

Early closing of the deposit

The owner or his legal representatives can close the deposit ahead of schedule. It is necessary to present a passport, a deposit agreement, a passbook, the consent of the guardianship authority and one of the parents. Accrued interest will be recalculated by the bank at a nominal rate and issued minus previous withdrawals.

Basic terms and conditions for child accounts and deposits

As of March 2021, credit institutions offer the following terms and conditions for savings accounts for minors:

rates — up to 6%;
minimum amount — 1 ₽;
terms - from 1 to 2160 days, prolongation is acceptable;
monthly capitalization;
can be replenished and partially withdrawn.

Open accounts mainly in rubles.

The following options are provided for popular deposits:

rates — up to 6.5%;
minimum amount — 10,000 ₽;
terms - from 90 to 1095 days, prolongation is rarely used;
monthly capitalization;
replenishment, withdrawal depending on the conditions.

Children's deposit is issued in rubles and dollars.

Raiffeisen Bank offers unique savings programs that include financial protection. You can open a child deposit for 25 years and enjoy the following privileges:

index investments to protect against inflation; diversify risks by opening accounts in different currencies; at the end of the term, receive the sum insured in the 100% volume and additional investment income.

If your goal is to receive a regular income from the deposit to increase the child's capital, you can consider the conditions for deposits for citizens over 18 years old. According to them, you have the right to transfer interest to another account or add it to the body of the deposit. The rates of many deposits are fixed for the entire term of the contract.

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+7 495 777-17-17

For calls within Moscow

8 800 700-91-00

For calls from other regions of Russia

General license of the Bank of Russia No. 3292 dated February 17, 2015.

Information on interest rates under bank deposit agreements with individuals.

RBI Group Code of Conduct.

Corporate Information Disclosure Center.

Disclosure of information in accordance with Bank of Russia Directive No. 3921-U dated December 28, 2015.

By continuing to use the site, I agree to the processing of my personal data.

Open a bank account abroad, relevant for today / Habr

Let's admit that now all people in Russia will live in a new reality, where a bank account abroad is not a whim, but a necessity. Not only for accepting payments from abroad, but also for things familiar to everyone: paying for goods online, buying tickets (on airline websites), paying in stores, hassle-free transfers, etc. Even if today all sanctions are lifted, the visa with the mastercard is returned, the Central Bank will allow everything - the inertia of these processes, and even more so the risks that counterparties from Russia bear - for many years.

Disclaimer: I'm not a consultant on this topic, I just have my own experience of 10+ years of nomadism, which combined with a small survey and current perspectives, and I want to share. I will be glad to any clarifications, opportunities, stories about experience in the comments. In ordinary life, I am a co-founder of a YC startup.

Systems approach

First , it is important to understand the possible difficulties that may arise when using a foreign bank account:

Imposition of restrictions by banks on customer accounts after the fact - possible in very unfriendly countries, especially neighboring ones.
The imposition of restrictions due to the Central Bank of the Russian Federation is possible in, on the contrary, very friendly countries (🇦🇲 Armenia, 🇰🇿 Kazakhstan, etc.)

Secondly, , in the current conditions, no one will ever tell you for sure in the style of "come there, open it, everything is ok. " Just because there were no precedents for such situations in the world, everything changes with lightning speed.

Thirdly, , any residence permit allows you to open a bank account, so these opportunities for emigration (without emigration) sparkled with new colors.

Fourth, , you need to think through questions like "how to get an issued card?", "What should I do if I lose my SIM card for my account?", "How to communicate with the bank?", "What can I do online?" etc.

Fifth , even if all laws and regulations are observed, they may refuse to open. And vice versa, open an account contrary to prohibitions. It is important to walk around several banks, and often branches of the same bank two blocks from each other can act differently. Human factor.

I asked my friends, including the founders (transport employees), googled, asked in the Facebook group "YC in Russian" (there were a lot of useful things in the comments). There is also a lot of useful information in the comments to this post in the telegram.

Here is the result:

Remotely there are options: Sable (🇺🇸 USA), CIM Banque and Dukascopy (🇨🇭 Switzerland), Gemba (🇬🇧 Britain), Blackcat (🇲🇹 Malta) and others. There are plugs, you need to look individually.
The tried and tested life hack I wrote about earlier works: the magic phrase “ I want to buy an apartment, for this you need an account in your excellent bank ”helps to open accounts for non-residents. You can even estimate the odds: there is an obvious correlation between the real estate market for non-residents and the ease of opening an account for non-residents.
Countries where thousands of Russians abruptly moved, like 🇬🇪 Georgia and 🇦🇲 Armenia, often slow down processes - how it will work in the coming months, and whether it is possible to open an account there in the near future - is unknown (rather no than yes ).
Transport available options, and quite politically neutral - 🇹🇷 Turkey (can be opened easily and quickly), 🇦🇪 UAE (longer, more expensive, but has its own chips).

If you need to open an account urgently, then I would stop at 🇹🇷 Turkey. People write that they open accounts without any problems (generally).
I already wrote about friendly ones, 🇺🇿 Uzbekistan, 🇰🇬 Kyrgyzstan and others - be careful.
Many countries in Asia are neutral, open an account and/or get a residence permit easily. For example 🇹🇭 Thailand, he opened an account there without any problems almost 10 years ago, he lived in Thailand for a year. 🇵🇭 Philippines also suggested, but this is probably not a problem for many countries.
For long-term plans, I would definitely choose 🇪🇺 EU. You can try in the way described above, in 🇵🇹 Portugal and some other countries, without a residence permit. Tour. By the way, Schengen is issued by some countries, including 🇮🇹 Italy.

Although the facts reached me that in Europe there are already cases of denial of service to long-term clients, with long-term residence permits and all the cases. But you need to look for other precedents.
If it is supposed to work with foreign clients/employers, even for small amounts, then I would seriously consider opening a legal entity - it's not as scary as it seems. It's very simple in 🇺🇸 Delaware - reliable, inexpensive, convenient, prestigious and understandable to everyone. The first world, after all.

Last week, the Stripe Atlas (open a company) + Brex (bank) worked for Russians.

There are many other options, including tax-friendly ones. Once I closely studied the issue, I can also tell you about it.

Perhaps it will be useful: I recently wrote on Habré about startup and nomad visas (I myself received them in three (!) Countries - Italy, France and Spain), as well as a much more useful memo about these processes, which will help to add systematic approach.