Opening your first bank account is a big deal for many young people excited to be in control of their own money. Whether it's a child, preteen, or young adult, it is important and beneficial to teach them to be smart with their finances. Having a bank account can help them learn the value of money and the importance of saving, setting them up for a financially responsible future.
At What Age Can A Person Open An Account?
Accounts may be opened for a child at any age, but if the customer is under 18, they will need a joint owner on the account who is older than 18. As a minor cannot legally take responsibility for their account, the adult on the account will be signing that they will be the responsible party.
What Will A Minor Need To Open A Bank Account?
As a general rule, it is a good idea to contact the bank before you visit a branch to see what will be needed to open an account, but it is safe to say you will need at least the following:
- The minor's name, date of birth, and Social Security number
- The joint adult's Social Security number
- The joint adult's valid photo ID (e.g., driver's license or passport)
- The joint adult's contact information (e.g., phone number or email address)
What Type Of Account Is Best?
The type of account a minor would want to open is flexible and can be tailored to their specific needs. For example, a savings account is a great idea for a parent or guardian hoping to save some money for the teenage years. Or you may want to teach your preteen the importance of saving for something special. A teenager starting their first job might want an account to deposit money that can be accessed with a debit card; in this case, a checking account would work best. If you need help deciding what type of account to open, have a conversation with your local Bar Harbor Bank & Trust customer service representative to figure out what option is best for you.
If you would like to open a new account or have questions about your banking needs, our knowledgeable staff at your local Bar Harbor Bank & Trust is here to support you every step of the way.
Have questions or need assistance?
If you have questions about this topic or need assistance with your banking needs, please speak to one of our knowledgeable staff at your local Bar Harbor Bank & Trust branch. We’re here to help you build a solid financial future.
