Open Savings Account For Child Bank Of America

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.

Open savings account for child bank of america.

The parent and minor child both own 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. 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. Or sat sun 8 a m 8 p m all times et.

These accounts usually have. The account is in your name as well as your child s because the law generally prevents minors from opening bank accounts. Simply schedule an appointment visit a financial center or call to speak to a customer service representative. Choose bank of america and get checking mobile banking atms security notifications and more today.

What is a bank of america child 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. 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. Youth savings accounts are like savings accounts but they are designed for the more modest needs of young savers.

The bank of america kid s account can be opened for children younger than 18 at a branch with a 25 minimum deposit. Bank of america minor savings account. Enjoy a bank account with the flexibility you need for your busy schedule. The 0 03 apy is lower than the already dismal national.

It s easy to open a checking account for your child who is going to college. For people under the age of 18 opening a bank account is hard. A bank of america child savings account is specifically offered for children under the age of 18. You can reach a bank of america representative at 800 432 1000 mon fri 8 a m 11 p m.

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