It is time to open a savings account for the kids (8 and 9 years old). I went to the Lexington main branch of Bank of America. I needed to bring IDs for the kids that prove their birth dates. I brought their passports. Birth certificates will also do. I also need to have their SSN ready. Then I need an ID and my bank card to identify myself. In less than 30 minutes both kids walked away with their own savings account.
What do I look for in setting up their savings account?
- No fees
- Full feature - a banking experience that is educational for the kids
- I have access and control to the accounts
The Bank of America setup fits all of these requirements.
Features and Fees
Because they are minor, their savings account has to be a co-owned account with an adult — me. I am already a Bank of America customer. So we open two additional shared accounts under the kids and my name. Because I have a premier level account already, the kids get to have a money market savings account, with slightly higher interest rates. They also gets their own ATM cards with their own PIN. Because they are minor, the accounts carry no fees. Because they are under 13, they cannot have web access to their accounts. However since the accounts are jointly owned by me, I can see their accounts under my web access. In fact, the minute the accounts are opened, I can see their balances on the BofA mobile app on my iPhone.
The very helpful bank rep (thanks Wayne D.) also reminded me that, since they now have a bank account, it is easy for me to give them their allowances via a bank transfer. For their initial deposit, the rep helped them filled in their own deposit slips, and a very friendly teller congratulated them while taking on their first deposits, even when our slightly height challenged M can barely reached the counter!