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Anyone have checking account for their kids?

Posted by on Mar. 4, 2013 at 11:37 AM
  • 9 Replies

We started looking at "allowance products" last year, but very quickly learned that dd had to be at least 13. So...here we are again trying to figure out a good product. 

Im not in love with the pre-paid allowance cards, they have high fees and high minimum transfers. 

Td has a student checking account which can have a debit card, but I haven't heard back whether 13 is too young.

what other options?

by on Mar. 4, 2013 at 11:37 AM
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Replies (1-9):
jennient3
by Jennie on Mar. 4, 2013 at 12:06 PM

I think they have to be 16

and you will also b on the account


lillucky8
by Jen on Mar. 4, 2013 at 12:22 PM
We have savings accts and cds for my kids, but they are two yrs and seven months so no chance of allowance anytime soon
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AmesCSki
by Amy on Mar. 4, 2013 at 6:25 PM
Nope just a savings account for our DD but she's only 10 months old.
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rosemagic01
by Holli on Mar. 4, 2013 at 6:45 PM

He's only 7 so this isn't an issue but when he's old enough we will only only deal with savings accounts and cash. I'm not sure how I feel about allowances though why he doesn't get paid for the chores he does now. I rather him learn that cleaning is just apart of life and we don't get paid to clean up our own messes and such. 

143myboys9496
by Suzzanne on Mar. 5, 2013 at 5:31 AM

 My 16yo has a "young savers" account thru TD Bank. Which he can only have an ATM card, not a debit card. This one I think she can have at 13.

My eldest has a 'student checking' which I only got him when he graduated and was leaving for college. This account can have a debit card. Also with TD Bank. This one I recall the minimum age being 18 and I believe it has to be changed to a convienence checking when he's 22.

Along with their names my name is also on their individual accounts.

 

Macksmom2006
by Bronze Member on Mar. 5, 2013 at 7:33 AM

 service credit union has accounts for kids as young as 4. Not sure they have debit cards though

Crissy2424
by on Mar. 5, 2013 at 10:05 AM

I say when they are old enough to work they are old enough for their own checking account. My daughter is almost 4 and has a savings account. I have plenty of time to think about a checking account for her lol

lasombrs
by Sara on Mar. 6, 2013 at 11:30 AM

no idea. my kids dont have accounts. I had a pass book saving as a kid but my bank was within walking distance of the school

chicken13
by Group Admin on Mar. 6, 2013 at 2:33 PM

Freshly back from TD, doing household stuff, and asked about the student checking account.  13 is the minimum age, as federally mandated, which I've heard before for other related things.  

She has to have a co-signer, which I assumed cause she's not 18 and therefore not liable, and it comes with a debit card.  

No monthly fee, no minimum balance...and dh and I can monitor all we want.  

I'm totally psyched. 

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