<p>A bank account where one can put their own money and take it out when they want without anyone’s permission?</p>
<p>Does the age vary by bank, state, etc.?</p>
<p>In the US, I believe you now have to be 18 or older to have an account in your own name. That’s what I’ve overheard at the bank when I was there and a parent and her D were trying to open an account. </p>
<p>We opened accounts for our kids from the time they were born. Once they turned 18, we turned it over to them or held it jointly with them, whichever they preferred.</p>
<p>Decades ago, I opened an account at a Savings & Loan in my own name when I was about 12 years old. I never had any problems–it was literally a block away from our house. Not even sure what form of ID I used when I opened the accoutn.</p>
<p>Check the banks and credit unions near you for information about student accounts and other types of “junior accounts”.</p>
<p>If you don’t want your parents on your account, is there another adult who would do? Happykid’s grandmother was the second name on her account.</p>
<p>^^^ Or the parent of a friend??</p>
<p>We opened my daughter’s account at Chase when she was 16. They have what they call a “High School” account with no fees no matter what the balance. She gets a debit/ATM card and I can move money from my account to hers online or by phone.</p>
<p>My DS will open one in his name when he turns 18 next month. He could get one now but I would have to be listed on it.</p>
<p>I got my first independent account when I was 16, but I think regulations changed quite a bit in 09. </p>
<p>The only way you’re really going to know is by contacting your bank or credit union.</p>
<p>There’s no uniform answer; it’s a matter of state law. I believe all states allow 18-year-olds to open banks accounts as part of a general right to enter contracts. But some states set a lower age for opening bank accounts, or for opening certain kinds of bank accounts, or for opening certain kinds of bank accounts subject to certain conditions, or for opening certain kinds of bank accounts subject to parental override rights. Even in a state that doesn’t have such laws, a bank could allow a minor to open a bank account, but the minor’s contractual obligations (e.g., to pay fees and penalties and such) would be legally unenforceable, so the bank would be taking a risk.</p>
<p>Best advice: check with your bank.</p>
<p>A few years ago D1 had one at about age 16 (debit for gas,etc ) and D2 had one at a younger age- only one bank in town would do it. I had a debit with no overddraft allowed and limit cash for withdrawal per day was low. I think I was on the account and it was a high school account. They both did well with them and learned budgeting.</p>
<p>I believe many banks waive monthly fees for students - even college ones. I had to be on my children’s accounts until they were/are 18.</p>
<p>I’m listed on DD1’s account. Our credit union has super awesome free e-checking accounts for college students… On their own they have to be 18 from what we were told.</p>
<p>In our state you need to 18 to be the sole holder of bank account.</p>
<p>However, both my girls had bank accounts from very young age (10-11) with one of the parents as joint on the account. The minor child was the primary on the account and the debit card (needed to be 16 to get that), bank statements and all financial correspondence was addressed to the child. Each girl could put in and take out money without having joint (parental) approval from day the account went active.</p>
<p>I took my name off D1’s account when she turned 18. I remained joint on D2’s account until she graduated from college since she went OOS for college and it was convenient for her to have me able to deal with the credit union when issues arose. (I didn’t have her passcode and she had her statements delivered electronically so I never actually ever saw her account balances or transactions unless I went to the credit union and specifically asked to see them–which I didn’t.)</p>
<p>Sole accounts are state specific. Most states are age 18. Alabama is 19. I believe Nebraska and Mississippi may also have a requirement higher than 18 but that would need to be verified.</p>
<p>In our state, I believe our kids couldn’t get one until 18, and then we had to be on also, as they were college kids/no income. Wanted them to have accounts at National banks, as they were attending college out of state. Started out with BofA checking, no fees, useful as they went abroad and ATM came in handy. They handled/budgeted, etc., on their own and we stayed out of it.</p>
<p>Oldest now graduated and working in another city. In this era of trying to eke out the best deal/save every dollar…both of our kids have checking/savings accounts at our National bank and my SS# is tied to their accounts. There was a $100 incentive for them to open accounts. And then, because of our account level at bank, we can designate two additional accounts, which have our same level of benefits (no fees and free checking, higher CC limits, etc). So, yes, somewhat still tied to us…much like they are on our cell plan…all in an effort for them to save some $$.</p>
<p>What many banks do not tell you is that the bank account you are opening is actually an UTMA or an UGMA account. The adult is a custodian of the account. AND, by law, the money is only supposed to be used for “expenses of the child”. I think this is intended to keep the adult from abusing the situation and stealing the money. But it also makes it seem like the money is not the kid’s to spend freely as they like. Is taking out money for whatever they wish to spend it on that week really an “expense of the child”? The examples given certainly don’t include stuff like buying video games or a new iPod! We let our kids do as they wished with their money, and they just kept it in their accounts until they needed it for college. Our state is an “age 21” state, so until D1 turned 21, we were joint on the account together. But I feel like there are laws surrounding these accounts that are NOT made clear to parents when they come in and say they want to open a “savings account” with their child.</p>
<p>Our S&L when my kids were young had kid accounts to encourage them to save. My 4 year old would take the $20 I’d give him, get up on the little podium to reach the teller, and deposit his money, then proudly show me his passbook. There were T shirts, gifts for opening accounts. It was fun. And he knew that was his college account. </p>
<p>These days, switched to a credit union, my name is still on all the kids accounts. When they are abroad, I’ve sometimes needed to do have access to their account.</p>