The bank of america kid s account can be opened for children younger than 18 at a branch with a 25 minimum deposit.
Open savings account for child bank of america.
The problem is that you need to sign a contract to open an account and contracts signed by minors are complicated.
The 0 03 apy is lower than the already dismal national.
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Youth savings accounts are like savings accounts but they are designed for the more modest needs of young savers.
If your savings account enrolled in keep the change is converted to a checking account keep the change transfers will continue to be made into that account.
For people under the age of 18 opening a bank account is hard.
These accounts usually have.
Enjoy a bank account with the flexibility you need for your busy schedule.
Simply schedule an appointment visit a financial center or call to speak to a customer service representative.
A bank of america child savings account is specifically offered for children under the age of 18.
Upon enrollment we will round up your mastercard or visa debit card purchases to the nearest dollar and transfer the difference from your checking account to your bank of america savings account.
However once the child turns 18 years old the account is automatically converted into a rewards savings account in the child s name.
The deposit agreement and disclosures limits the number of the following types of withdrawals and transfers from a savings account to a total of six 6 each monthly statement cycle or each month for savings accounts with a quarterly statement cycle including online and mobile banking transfers or payments.
State laws and corporate policies vary but most banks aren t going to open accounts for anybody under 18 unless there s also an adult on the account.
Upon enrollment we will round up your mastercard or visa debit card purchases to the nearest dollar and transfer the difference from your checking account to your bank of america savings account.
There is no monthly fee and no minimum daily balance required but it needs to be jointly owned by the minor and a parent guardian.
It s easy to open a checking account for your child who is going to college.
You can reach a bank of america representative at 800 432 1000 mon fri 8 a m 11 p m.
If your savings account enrolled in keep the change is converted to a checking account keep the change transfers will continue to be made into that account.
Or sat sun 8 a m 8 p m all times et.
If that s the case bank of america s savings account for minors is a good option as the bank has about 4 300 branches across the u s.
The account is in your name as well as your child s because the law generally prevents minors from opening bank accounts.
What is a bank of america child savings account.
