Best Financial Advisors in Seattle, WA

In Part 1 we discussed the 'soft skills' behind financial success to teach your kids. In Part 2 we went over some tactical tips including building their credit score and saving for education. Welcome to the adult world of money! Opening a bank account for your minor child In the US, a person must be an adult (18+) to have a bank account in only their name. However, minor children can often have their parent or guardian open a joint account with them. (Check with your state, as this apparently depends on state regulations as well as what individual banks or credit unions offer.) Opening a bank account with your child's name on it is a great way to introduce your child to the concept of saving, interest, and later, investing. Plus, I think it helps make them feel like a responsible adult to be able to, say, walk into a bank and deposit a check from Grandma, write a check to pay for something. When they're high school-aged teens they can move on to direct depositing their part-time job earnings and using a debit or ATM card responsibly. So, what bank account to choose? Many banks offer accounts tailored for children and their parents. The first major decision you should make is whether you want them to open a bank that has physical branches or an online-only bank like the ones I recommend.