Open Savings Account For Child Bank Of America

The account is in your name as well as your child s because the law generally prevents minors from opening bank accounts.

Open savings account for child bank of america.

However once the child turns 18 years old the account is automatically converted into a rewards savings account in the child s name. 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. Bank of america minor savings account. The parent and minor child both own the account.

Easily open a bank account in minutes and make money management simple. The bank of america kid s account can be opened for children younger than 18 at a branch with a 25 minimum deposit. 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. 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.

You can reach a bank of america representative at 800 432 1000 mon fri 8 a m 11 p m. 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. It s easy to open a checking account for your child who is going to college. Simply schedule an appointment visit a financial center or call to speak to a customer service representative.

For people under the age of 18 opening a bank account is hard. What is a bank of america child savings account. 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. Enjoy a bank account with the flexibility you need for your busy schedule.

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. 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. The 0 03 apy is lower than the already dismal national. Choose bank of america and get checking mobile banking atms security notifications and more today.

These accounts usually have. The problem is that you need to sign a contract to open an account and contracts signed by minors are complicated. 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.