Applying for Bank Accounts FAQs
Select Your State
Please tell us where you bank so we can give you accurate rate and fee information for your location.
How can I open an account?
You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps.
What do I need to apply?
For a faster application process, please have the following information on hand when you begin your application:
- Your Social Security number
- Your current residential address
- Your email address
- Your account number or debit card number to make your opening deposit into your new Bank of America account
- Co-applicant’s personal information (if applicable)
If you’re missing one of these pieces of information, you can also schedule an appointment with an associate at your local financial center for a day and time that works best for you.
What information do I need to open a joint account?
You’ll need the same information that’s needed when opening an individual account, but you’ll need it for both applicants. For details, please see the preceding question and answer. Please note that each co-applicant has to sign the signature form.
How do I make an initial deposit for an account that I just opened?
To make your initial deposit, you can transfer money from your account at another bank. If you are already a Bank of America customer, you can transfer money from your existing account. You can also use a debit card, check or money order for your initial deposit.
The transfer will not take place until your account is approved. Please ensure that you have sufficient funds available to be transferred.
Is my online application secure?
We use Secure Socket Layer (SSL) technology to ensure your online information is passed to us securely. This technology allows users to establish sessions with internet sites that are secure, meaning they have minimal risk of external violation. Once inside the Online Banking site, you are secure through our use of SSL technology.
How long will it take to open an account when I apply?
Your application will be processed in 1 to 2 business days. We’ll send you either an email or letter letting you know if you are approved for your account. You will receive your account documents via U.S. Mail within 7-10 business days.
Processing times may be slower due to high volume of applications
What’s an offer code?
An offer code is a series of numbers and letters that you may have received from Bank of America in conjunction with a promotion or offer. Your offer code is indicated on the communication material you may have received from us. Examples of communications are a brochure that you received in the mail or from a web page ad. You can provide this offer code with your application.
How do I get my account opening documents?
As part of your online application, you will be asked to give consent to receive certain account opening documents and notices from us electronically. Other account opening documents will be sent through U.S. Mail within 7-10 days of account opening. If you do not wish to consent to receiving documents electronically, you may visit any Bank of America banking center to apply in person.
What’s a signature form? Why do I need to send it back to you?
A signature form allows Bank of America to service your account. It is important to sign and mail your signature form to us as soon as possible (and have any co-applicants sign the signature form too) so that we can service your account, which includes verifying your identity and reporting tax information.
Can I save my application and complete it later?
Yes, if you need more time, you can save what you’ve already entered for up to 30 days and complete the application later.
To save your application, you’ll need to provide some personal information such as your date of birth and Social Security number so we can identify you when you return.
When you’re ready to complete your application, either follow the link in the confirmation email or access your saved application now.
Can I open a U.S. bank account if I’m a nonpermanent resident?
Yes. U.S. visa holders currently living in the U.S. may open an account in person at one of our financial centers. You must be able to provide both your permanent (foreign) and local address, as well as your ITIN (Individual Tax Identification Number).
What to bring to your appointment:
1. Proof of U.S. residency
For example: U.S. government-issued photo ID, student/employer photo ID, current utility bill or rental agreement (documents must show your name and U.S. physical address).
2. One primary photo ID
For example: Foreign passport (with or without passport visa), U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, Canadian Citizenship card (with photo), Mexican, Guatemalan, Dominican or Colombian Consular ID (with photo).
3. One secondary ID
For example: Foreign or U.S. driver’s license (with photo), student/employer ID (with photo), major debit or credit card with Visa® or Mastercard® logo, major retail credit card from a nationally well-known company, U.S. Department of State Diplomat ID.
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Can you open a joint bank account with Bank of America?
Bank of America joint account Bank of America’s checking and savings accounts are all eligible for co-ownership. Each applicant must provide a form of identification and additional customer information such as their name, address, employer information, date of birth, taxpayer identification and more
What do you need to open a joint checking account at Bank of America?
Your Social Security number. Your current residential address. Your email address. Your account number or debit card number to make your opening deposit into your new Bank of America account….Want us to walk you through enrolling?
- Proof of U.S. residency. …
- One primary photo ID. …
- One secondary ID.
How do I make my Bank of America account a joint account?
When adding an owner, all account owners will need to be present at the appointment and bring a valid government-issued photo ID. During your appointment, you may want to ask the bank associate about the advantages of bringing the added owner’s other bank relationships to Bank of America.
Can I open a joint checking account online?
You can often open a joint account online, and the process is similar to opening an individual account. You choose a bank, select the account to open and provide some personal information
Can you open a joint bank account without the other person present?
One person cannot open a joint checking account without the other person present, if the account is opened at a branch. If you open the account online, one person alone can do this. However, they will need to provide personal information, such as social security number and ID, for both account owners.
Can unmarried couples have joint bank account?
Civil partners, unmarried couples who live together, roommates, senior citizens and their caregivers and parents and their children can also open joint bank accounts. A joint bank account is a good way to deal with shared expenses, as with married couples or roommates.
Can an unmarried couple open a joint bank account?
TNM reached out to multiple banks asking if they had a policy on joint bank accounts for unmarried couples. “There is no restriction of opening joint account by unrelated parties,? said Sanjay Silas, president and head branch banking of Axis Bank.
Which bank allows online joint account opening?
Best Overall Ally Bank
Reestablished in 2009 as an internet-only bank, Ally also offers savings, money market, and CD accounts, as well as mortgages, auto and personal loans, and investment accounts. Opening a joint bank account with Ally is quick and simple and is handled almost entirely online.
What documents do you need for a joint bank account?
To open a joint account, you’ll need:
Identification for both account owners, like a driver’s license, state ID or passport. Personal information for both account owners, including your date of birth, Social Security number and current address.
What are the rules for joint bank accounts?
All joint bank accounts have two or more owners. Each owner has the full right to withdraw, deposit, and otherwise manage the account’s funds. While some banks may label one person as the primary account holder, that doesn’t change the fact everyone owns everything?together.
Do you have to live together to have a joint bank account?
Simply, joint accounts are regular bank accounts that can be accessed by more than one person. They tend to be shared by married couples, but you don’t have to tie the knot to open a joint account. Unmarried couples, civil partners, and flatmates are just a few examples of people who set up accounts together.
Bank Account Application FAQs: What Do You Need to Apply?
Bank Account Application FAQs: What Do You Need to Apply?Skip to main contentApplying for Bank Accounts FAQsSelect Your StatePlease tell us where you bank so we can give you accurate rate and fee information for your location. | How can I open an account? You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps. What do I need to apply? For a faster application process, please have the following information on hand when you begin your application:Your Social Security numberYour current residential addressYour email addressYour account number or debit card number to make your opening deposit into your new Bank of America accountCo-applicant’s personal information (if applicable)If you’re missing one of these pieces of information, you can also schedule an appointment with an associate at your local financial center for a day and time that works best for you. What information do I need to open a joint account? You’ll need the same information that’s needed when opening an individual account, but you’ll need it for both applicants. For details, please see the preceding question and answer. Please note that each co-applicant has to sign the signature form. How do I make an initial deposit for an account that I just opened? To make your initial deposit, you can transfer money from your account at another bank. If you are already a Bank of America customer, you can transfer money from your existing account. You can also use a debit card, check or money order for your initial deposit.The transfer will not take place until your account is approved. Please ensure that you have sufficient funds available to be transferred. Is my online application secure? We use Secure Socket Layer (SSL) technology to ensure your online information is passed to us securely. This technology allows users to establish sessions with internet sites that are secure, meaning they have minimal risk of external violation. Once inside the Online Banking site, you are secure through our use of SSL technology. How long will it take to open an account when I apply? Your application will be processed in 1 to 2 business days. We’ll send you either an email or letter letting you know if you are approved for your account. You will receive your account documents via U.S. Mail within 7-10 business days.Processing times may be slower due to high volume of applications What’s an offer code? An offer code is a series of numbers and letters that you may have received from Bank of America in conjunction with a promotion or offer. Your offer code is indicated on the communication material you may have received from us. Examples of communications are a brochure that you received in the mail or from a web page ad. You can provide this offer code with your application. How do I get my account opening documents? As part of your online application, you will be asked to give consent to receive certain account opening documents and notices from us electronically. Other account opening documents will be sent through U.S. Mail within 7-10 days of account opening. If you do not wish to consent to receiving documents electronically, you may visit any Bank of America banking center to apply in person. What’s a signature form? Why do I need to send it back to you? A signature form allows Bank of America to service your account. It is important to sign and mail your signature form to us as soon as possible (and have any co-applicants sign the signature form too) so that we can service your account, which includes verifying your identity and…
What Is a Joint Bank Account and Is It Right for You?
What Is a Joint Bank Account and Is It Right for You?Talking about money and managing finances can lead to stress in even the best relationship. Perhaps you and your partner are considering opening a joint bank account but worry it may get too complicated. Or you may be leaning toward separate accounts but worry that will make managing your joint expenses difficult. Understanding what a joint bank account is and how it works can help you make a smarter decision for your finances and relationship. A joint account functions just like a standard banking account, except that two or more people own the account. You can use a joint account to pool your money together. This is helpful with both saving—you can save toward shared goals, such as a new home or vacation—and spending. With a joint account, you and your partner can pay shared household expenses, such as mortgage, car payments, utilities and groceries, from the same place. Withdrawing cash, writing checks and making online payments from one account also allows both of you to see how money is being spent. That can help you budget together as a couple. With account activity visible to both of you, there may be less temptation to splurge on discretionary items or make purchases in secret. Opening a joint account can also help you take advantages of features that may not be available to you as an individual account holder. That’s because pooling your money may help you meet the minimum balance requirements that qualify you for features like waived maintenance fees, a higher interest rate or rewards. If you decide to go in this direction, opening a joint account is a similar process to opening an individual account. You and your partner will both need to provide information and identification. You may also be able to add one partner to another’s existing account. As co-owners, both of you will be able to access and withdraw funds without the other’s permission, and each of you will be able to talk to the bank about the account without the consent of the other. After you set up your account, you can decide how to manage and monitor it, including whether you want to sign up for online banking, which of you (or both) will receive account alerts, and if you’ll have shared or individual online banking profiles. Some couples feel more comfortable keeping their individual accounts. Keeping your separate accounts as they are grants each person the freedom to control the money he or she earns. This is helpful if partners have different spending habits; being able to manage money in one’s own way gives each person a stronger feeling of financial ownership. Separate accounts can also be helpful if you and your partner are in different places financially. For example, if one partner is carrying a lot of debt or has mismanaged money in the past, a degree of separation can provide a sense of security for the other person—at least until the debt is paid off. (Third parties may take funds from a joint account to cover debt owed by one of the individuals.) The challenge with separate accounts is how to manage shared expenses. Determining who pays for what can be a point of stress for couples. If you decide to maintain separate accounts, you and your partner should have clarity around this issue, and make sure each of you is comfortable with the arrangement. For some couples, linked accounts offer a happy middle ground between joint and individual options. A linked account is an account linked to another at the same financial institution so that funds can be transferred between them electronically. For example, many people link their checking and savings account so that funds can be easily transferred electronically between them. You can use the same feature to help you and your partner. You might consider opening a joint account but keeping your separate accounts, as well. If so, talk to your bank about linking both of your individual accounts to the joint account. Linking lets couples maintain independent control of their checking accounts while sharing a…
Open a Bank Account Online Today – Bank of America
Bank Accounts – Open a Bank Account Online TodayInvesting in securities involves risks, and there is always the potential of losing money when you invest in securities. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S”, or “Merrill”), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Trust and fiduciary services are provided by Bank of America, N.A. and U.S. Trust Company of Delaware. Both are indirect subsidiaries of Bank of America Corporation.Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products:”Get more rewards with your everyday banking” is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation.
How to Open Joint Account in Bank Of America
How to Open Joint Account in Bank Of America A joint account is a type of bank account which allows more than one person to own, operate and manage it. A joint account is a simple way to keep track of your and your family’s finances. With a joint account, all account holders are allowed to view transactions, carry out transactions, hold a debit card, and pay money in. Bank Of America offers the option to open joint account. It is very easy to open a Joint Account in Bank Of America Remember that if you want your independence and do not want to share your financial details with others, you should avoid opening joint account.Why to Open Joint Bank Account?Following are the main reasons of opening Joint Bank Account:To give a transparent view of the bank account to all the joint holdersIn order to check, control and manage your house hold expenses together in a better wayAll the joint holders can save in the joint bank account towards their shared goalsOpportunity to build emergency fund togetherTypes of Joint AccountFollowing Types of Joint Account are offered by a bank:TypeDescriptionJointThe account can be operated by the signs of all the account holders. If any of the account holders dies, the account cannot be continued further anymore and needs to be closed immediately. The proceeds of the account will be given to the surviving account holder/sJoint or SurvivorThe account can be operated by the signs of all the account holders. If any of the account holders dies, the account can be continued and operated further by the surviving account holder/sFirst holder or SurvivorAccount has to be operated only by the first holder till the time he/she is alive. The other holder/s can transact only after the death of the first holderEither or SurvivorThere are only two account holders in this type of account. Account can be operated by any of these two account holdersAnyone or SurvivorThere can be more than two account holders in this type of account. Account can be operated by any of these account holdersPros of Joint AccountEqual access to fundsEasy to manage shared transactionsHelps to manage daily expenses effectivelyMany banks offer additional benefits on joint accounts for example debit cards and cheque books to every account holderYou can achieve your financial goals togetherNo requirement of maintaining minimum average monthly balance required in two separate accountsIf you are away for a long time, the other account holder can take care of the accountCons of Joint AccountIf any account holder uses all the money, others have no chance to recover itFinancial condition of one holder has an impact on other holders in joint accountChances of confusion and disagreementIt is easy to access your money, in case the relationship with joint holders breaks downIf the joint account gets seized by law due to misconduct of a joint account holder, then other holders of joint account may be restricted to access their own moneyIf any of the joint account holders has a poor credit rating, others may suffer as a result of itEligibility Criteria for opening Joint Account in Bank Of AmericaIndividuals are allowed to open a joint account in Bank Of America.Generally, married couples, partners, roommates, senior citizens and parents with their children open a joint account.Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust and registered society cannot open joint account.Documents required for opening Joint Account in Bank Of AmericaFollowing Documents are required for opening a Joint Account (applicable to all the joint holders):PAN2 Passport size photographsProof of Identity such as PAN, Aadhaar card, passport or driving licenceAddress Proof such as passport, Aadhaar card, utility bill or other bank’s passbookProcedure to Open Joint Account in Bank Of AmericaNow, if you want to know as to how to open Joint Account in Bank Of America Account? Then you need to follow below mentioned step-by-step procedure:Step 1: Visit…
How To Open a Bank of America Checking Account
How To Open a Bank of America Account Ken Wolter / Shutterstock.com Whether you need a convenient way to pay bills, track your finances or provide proof of payment, having a checking account can come in handy. It also serves as a more secure method of payment than cash. Although there’s no shortage of financial institutions to choose from when you’re interested in opening an account, Bank of America is ranked as one of the best national banks of 2021. So it’s not by accident that the bank has several good checking account options for you to consider. Read on for the full details of the bank’s Advantage Banking checking account settings and what you’ll need to open an account. What Do You Need To Open an Account at Bank of America? To open a checking account with Bank of America, you’ll need to provide your personal information to complete the application, including: Current mailing address Social Security number Email address Account number (if you have an existing checking account) Same information for any joint account holder You’ll be required to show two forms of identification. Acceptable primary forms of ID include: Driver’s license State-issued ID with photo U.S. passport Military ID with photo Bank of America-branded debit or credit card with photo Your second form of ID verifies your primary ID. Types of acceptable secondary IDs include: Major credit card from another financial institution Major retail credit card from a national department store or retail company Debit card with Visa or Mastercard logo from another financial institution U.S. college or university ID U.S. Student ID card from a local high school U.S.-issued employment or work ID card or badge Decide Which Bank of America Account Is Best for You Once you’ve gathered your documents, you’ll need to choose the Bank of America checking account setting that best suits your needs. Bank of America currently offers three options: Bank of America Advantage Plus Banking®: This account setting is designed for individuals and Students who want an account with a low minimum balance requirement. The monthly service fee is $12, but Bank of America will waive the fee if you have a monthly $250 direct deposit, you maintain a $1,500 minimum daily balance, or you enroll in the Preferred Rewards program. Bank of America Advantage Relationship Banking®: This account setting is for individuals who maintain a high balance in their checking account. You’ll earn interest and receive perks such as no service fees, free incoming domestic wires and the option to open other checking or savings accounts with no monthly maintenance fees. If you don’t maintain a combined $10,000 in balances among all of your Bank of America accounts, and you’re not a member of the Preferred Rewards program, then you’ll have to pay a $25 monthly service fee for Advantage Relationship. Bank of America Advantage SafeBalance Banking®: The Advantage SafeBalance is a “checkless” checking account setting, which means there is no paper check writing for this account setting. It is more of a digital payment method with a $4.95 monthly service fee that is waived for Students under 25 and Preferred Rewards members. Now that you’ve reviewed what Bank of America’s Advantage Banking checking settings have to offer, you can make an informed decision as to whether one suits your needs. If you’re still not sure or want to read more before you decide, check out a review of the bank that covers its products, fees and how it compares to its competitors. Click through to learn more about Bank of America and decide whether it’s the right bank for you. This article has been updated with additional reporting since its original publication. Information is accurate as of June 27, 2022. Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article. Make Your Money Work For You About the Author Alicia Bodine is a New Jersey-based writer specializing in finance, travel, gardening and education. With more than 13 years of experience,…
Major National Banks That Offer Joint Accounts – NerdWallet
Major National Banks That Offer Joint Accounts – NerdWalletNot all banks offer joint accounts, but many do, including a number of major financial institutions in the United States. That list includes Chase, Bank of America, Wells Fargo and Capital One.Here are the ways to open a joint account as well as some of these banks’ standout features.Chase joint accountHow to get a joint account with ChaseChase’s consumer checking and savings accounts are all eligible to either be opened as a joint account or to have a co-owner added after account opening. To add someone to an account, the primary owner and the other person can visit a Chase branch together with two forms of identification. Alternatively, two applicants can both visit a Chase branch to apply in person for the joint account.Parents or guardians who want to open a joint account with their children also have a few options with Chase, such as the Chase First Banking account for kids ages 6-17 and the Chase High School Checking for students 13-17 years old.These accounts require co-ownership by parents or legal guardians and are designed to help minors learn how to manage money by giving parents control and oversight of their child’s account. For the Chase First Banking account, for example, parents can decide how much their child can spend and where, and kids are able to request money from their parents and set savings goals.Additional benefits of Chase bank accountsChase’s services are widespread, with more than 4,700 branches and 16,000 ATMs. Its interest rates on accounts are fairly low, but customers can potentially earn a sign-up bonus.Bank of America joint accountHow to get a joint account with Bank of AmericaBank of America’s checking and savings accounts are all eligible for co-ownership. Each applicant must provide a form of identification and additional customer information such as their name, address, employer information, date of birth, taxpayer identification and more.Bank of America has some accounts for minors as well — including its Minor Savings Account — which are co-owned with the child’s parent or legal guardian.The benefit of the Minor Savings Account, as opposed to a custodial account that a parent or guardian manages, is that minors are able to access the money in their account, which helps them learn money management firsthand. There also aren’t the same fees or minimum opening or daily balance requirements.Additional benefits of Bank of America bank accountsAs its name suggests, Bank of America has a large presence throughout the U.S. with around 4,100 branches and 16,000 ATMs. Though it has low interest rates, there’s the potential for customers to earn a sign-up bonus.Wells Fargo joint accountHow to get a joint account with Wells FargoAll of Wells Fargo’s consumer checking and savings accounts are able to be opened as joint bank accounts, with no special requirements except that both parties need to apply and sign the joint account application.Wells Fargo also offers special co-owned accounts for minors and their parents or legal guardians, such as its Kids Savings Account and Clear Access Banking account.The Kids Savings Account helps kids grow their savings and allows parents to transfer money for allowances and savings matches. The Clear Access Banking account is best for teens. It allows bill pay and online transfers, and it doesn’t charge overdraft or nonsufficient funds fees.Additional benefits of Wells Fargo bank accountsWells Fargo has broad ATM and branch access. Some of its checking and savings accounts have monthly fees, but they’re often easy to waive with recurring transfers or a daily minimum balance.Capital One 360 joint accountHow to get a joint account with Capital OneCapital One customers can add a joint account holder to a 360 Performance Savings account and/or a 360 Checking account. There are some limits for whether a new account holder can be added; an additional owner cannot be added if the account has a restriction, is held in a revocable…
Joint Bank Accounts: What They Are And How They Work
Joint Bank Accounts: What They Are And How They Work | Bankrate Bankrate Logo Why you can trust Bankrate Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate Logo Editorial Integrity Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here is a list of our banking partners. Key Principles We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate Logo How We Make Money You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate Logo Insurance Disclosure Coverage.com, LLC is a licensed insurance producer (NPN:…
Best Checking Accounts for Teens – Investopedia
Top 10 Checking Accounts for Teens Capital One Capital One Financial (COF) has an account geared specifically for teens. The Money account is a no-fee, no-minimum account. The account also pays a 0.10% annual percentage yield (APY). This account is also great for tech-savvy teens who don’t want the hassle of branch-based banking. Opening the account and doing routine transactions like check deposits and transfers can be done from a mobile device on the Capital One app. Parents interested in tracking account activity can elect to receive text notifications for every transaction. Chase Bank The Chase High School Checking is geared to students between 13 and 17 years of age. The account from JPMorgan Chase & Co. (JPM) offers a full suite of ways to track account activity and balances including mobile banking, online bill paying, and account alerts. The bank requires an adult to link an account to the teen’s checking account. If the account is later changed to a Chase College Checking account, the monthly service fee is waived for up to five years while in college or if there is at least one direct deposit into the account every month. Wells Fargo The Clear Access Banking account at Wells Fargo & Company (WFC) requires a $25 initial deposit and comes with no maintenance fees. Teens can benefit from the money management tools available through the account. The bank offers mobile access for routine banking and fraud monitoring. Union Bank The Teen Access Checking account at Union Bank (UNB) is designed for teens between ages 13 and 17. It requires $100 to open and does not charge a monthly maintenance fee. The key feature of the account is the ability for parents to set daily spending and withdrawal limits on the ATM or debit card that comes with the account. The account offers access through its mobile banking app, the online banking website, and through its bill-paying program. USAA The Youth Spending account offered by USAA Federal Savings Bank does not charge maintenance fees and has a $25 minimum deposit. The checking account offers adult account co-owners a variety of options to limit spending, withdrawals, and transfers, as well as overdraft protection with linked credit cards or accounts. The account includes mobile banking and online access. After turning 18, the account automatically converts to a free Classic Checking account which also has no monthly fees. Alliant Credit Union The teen checking account at Alliant Credit Union offers online and mobile access, as well as limits on spending and withdrawals. The key feature is its APY of 0.25% which is available for accounts with paperless statements and at least one direct deposit per month. Alliant refunds up to $20 per month in ATM fees if the teen uses out-of-network machines. The account also offers a P2P tool for mobile payments. Citizen’s Bank Opening a student account at Citizen’s Bank, which is a subsidiary of Citizen’s Financial (CFG), comes with no monthly fees until the age of 25. It also provides an account experience similar to joint checking accounts with online access and mobile banking. The advantage for teens is that, when a savings account is linked to the checking account, the bank provides extra tools to help set goals and track savings for the purchase of a car, travel, or college. Bank of America While Bank of America does not have a checking account dedicated to teens, its Advantage SafeBalance Banking account comes with no fees as long as your teen is a student. First National Bank and Trust First National Bank and Trust With a checking account focused on 16- and 17-year-olds, First National Bank and Trust Company has no monthly fees and a $25 minimum balance to open. Mobile banking, online access, and bill paying are included with the teen checking account. Your Local Community Bank Local community banks generally offer many of the same features as larger banks, but often have a more personal touch, with teen-centric websites, financial blog posts, and educational resources. The personal environment at smaller banks can be more conducive to the sharing of advice, knowledge, and experience from…
Open A Joint Bank Account, Checking & Savings – TD Bank