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Opening An Account for Your Minor Child


As a parent, you want the best for your children, and educating them about finance greatly impacts their future success and security. Like so many other things in life, hands-on experience is usually the best way for kids to understand and absorb new knowledge. 

That’s why opening a checking or savings account for your child can be a great step in teaching financial wellness.

Opening a bank account for a minor differs from opening one for an adult. So, let’s dive into the particulars so you’ll know what to expect when opening an account for a minor.

Age Requirements?

You must be at least 18 years old to open a checking or savings account. To get around this, most financial institutions require that you open a joint account with your minor child. This means that both the adult and the minor will share account access. 

Different financial institutions, such as banks and credit unions, may have their own rules for minimum age requirements for the minor to join the account. For example, some may require that a child be at least 13 years old before being added to a joint account, while other financial institutions have another age requirement or no age requirement at all. 

What Type of Account?

Checking accounts are a great choice for minors since they are more versatile and come with a debit card. Still, a savings account is also a great choice because it can be helpful for working towards a specific goal while earning dividends or interest. 

What do you need to provide? 

Once you decide what type of account(s) you’d like to open for your minor child, you’ll need to prepare the necessary information and documents to open the account(s). Typically, you’ll need the following: 

  • Your child’s name
  • Your government-issued ID
  • Your social security number
  • Your child’s social security number
  • Your date of birth
  • Your child’s date of birth
  • Your full address and perhaps proof of address, such as a recent utility bill

Depending on the bank or credit union, you may need to provide more information or documents, but the above list will usually be the minimum required. 

What happens to the account when the child reaches 18 years old? 

While each bank and credit union will have its own account process when a child turns 18, usually, the parent will need to remove themselves from the account, or the child will need to open a new account that they own and transfer the funds into that account if they wish to no longer have a joint account with a parent or guardian. 

In Summary

Opening an account for your child allows you to teach them about money management and personal responsibility and helps give them a strong foundation for future financial success. Are you ready to get started? Reach out to your local Arkansas Federal Credit Union branch to open an account for your child today.

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Call us at 800.456.3000 or visit your local branch.