How to open a student bank account for your child
Minors cannot sign binding contracts. To open bank accounts, they must get proof of parental permission. Parents can travel to their preferred banking branch with their children to open student accounts for minors as young as 13 and as old as 17.
Read on for a brief guide to opening your minor's account, an overview of what documents you'll need, and which banks offer top-tier student accounts for kids.
1. Choose a bank for your teen
Not all banks offer student accounts for minors. Your choices will be limited. Furthermore, you may want to stick with top-rated banks. The best checking accounts for teens can help minors learn how to manage personal finances, and they're more affordable than alternatives.
To pick a bank with confidence, consider what you want most for your teen. Do you want a safe environment to manage money -- one you have ultimate control over? Do you want access to a physical branch near you, where you can speak to representatives in person?
Shop around a bit. Keep in mind brick-and-mortar banks typically guide you through the process of opening a student account. Online banks offer less hand holding. But you may prefer to open a bank account online for convenience.
2. Check account requirements
By now, you've narrowed your options to one, and you like what you see. Great! Double-check that you and your minor meet the bank's student account eligibility requirements. That way, you're less likely to waste time.
Typical requirements include age minimums/maximums and proof that your child is enrolled in a qualified educational institution. You can search the website or contact a bank representative via phone, email, or messaging service to check.
3. Gather necessary IDs and documents for yourself and your minor
To apply for an account, you'll need proper documentation. You'll probably need to prepare the following:
- Government-issued IDs and Social Security numbers
- Proof of address
- Proof of student status
Parents may need a driver's license or passport. Students may need a copy of their birth certificate. Banks consider this proof you and your teen are who you claim to be.
Some banks require proof of address. Banks may accept a utility bill or lease agreement.
Students should bring proof of student status. Banks may want to see a student ID, enrollment letter, or report card. Not all banks require these, but it pays to be safe.
4. Apply online or in person
Once you have the necessary documents, you can apply for a student account on your teen's behalf. You must bring your documents to a bank branch or apply online to do so.
To apply in person, travel to the nearest branch and speak to a representative. They'll direct you to staff, who will help you fill out application forms and answer any questions. Since you're opening a joint bank account, you'll need your teenager with you.
To apply online, have scanned copies of the necessary documents. Your bank will link you to the appropriate application website. You'll complete application forms online and submit your IDs as image attachments. You may be able to contact the bank remotely with questions.
5. Make initial deposit
Some student accounts require an initial deposit of between $25 and $100. The best student accounts typically don't need these, but they're worth keeping in mind. Regardless, you want to have the money on hand when applying so you can fund the account immediately.
How to open a student bank account for college students
College students can open accounts for themselves, no problem -- assuming you're a legal adult. (Minors must open teen accounts with parental permission.)
Here's the thing. Some of the best bank accounts aren't student-specific. In other words, you may want to apply for general checking and savings accounts.
1. Choose a bank that meets your needs
Students typically want low fees, zero minimum balance requirements, and easy online access. They may also want an extensive ATM network, giving them access to cash on the go.
College students get to open checking and saving accounts. That means more choice and more flexibility. Savings accounts let students earn interest on balances. And some bank accounts for college students offer signing bonuses up to hundreds of dollars, enough to pay for textbooks.
The best banks for college students check all the boxes. See some of our top picks below.