How to Open a Bank Account if You’re Under 18: A Step-by-Step Guide for Minors

Opening a bank account as a minor under 18 years old can seem challenging, but it’s a crucial step in managing your finances and building a financial future. Here’s a comprehensive guide to help you understand the process and find the right account for you.

Step 1: Choose the Right Type of Account

Look for accounts designed specifically for minors, often called custodial accounts or youth accounts. These accounts usually come with lower fees and no minimum balance requirements, making them more affordable and accessible.

Step 2: Find a Bank or Credit Union

Research local banks or credit unions that offer accounts for minors. Compare the features, fees, and requirements of different institutions to find the best fit for your needs.

Step 3: Gather Required Documents

You’ll typically need the following documents:

A valid form of identification like a passport or school ID Proof of Social Security Number, if required Proof of address like a utility bill or rental agreement If required, a parent or guardian’s identification and their Social Security number

Step 4: Visit the Bank with a Parent or Guardian

Most banks require a parent or guardian to co-sign the account. Both you and your co-signer will need to be present to open the account. Be prepared to provide all the necessary documents and wait in line.

Step 5: Complete the Application

Fill out the application form provided by the bank. Your parent or guardian will likely need to provide their information as well. Make sure to answer all questions accurately and completely.

Step 6: Initial Deposit

Some accounts require an initial deposit to open. Make sure you know how much that is and have the funds ready. You can also think of this as a great way to start saving from an early age.

Step 7: Review Account Terms

Before finalizing the account, make sure you understand the account’s fees, withdrawal limits, and any other important terms. This will help you avoid surprises later on.

Step 8: Accessing Your Account

Once the account is open, you’ll receive information on how to manage it, including online banking options and debit card access if applicable. Make sure you know how to use these tools.

Alternative Options for Minors

Minors who are under the control of their parents until they are 18 cannot legally sign anything contractually. However, they can have a guardian open and operate an account for them. As soon as the minor turns 18, they can take over the account.

Enter the World of NEO Banking with Akudo

AKUDO is a new player in the neo-banking space, offering innovative solutions for financial management. Join the AKUDO app today to get started with online banking and instill good financial habits in your children.

Why Choose AKUDO?

AKUDO was founded with the mission to educate the next generation on financial literacy. Here’s how it works:

Anyone between the ages of 11 and 18 is welcome to join the AKUDO app. The app is partnered with RBL Bank and Visa, ensuring a safe and secure banking experience. The AKUDO prepaid card is free, with no additional fees or hidden costs.

How to Get Started with Akudo

Download the AKUDO app from the Apple App Store or Google Play Store. Choose your preferred option on the app: Parent or Teenager. Click Continue. Enter the mobile number of either yourself or your parent, and select Confirm. You will receive a One-Time Password (OTP) for verification. Enter the OTP on the AKUDO app and proceed to the next page. Both parents and teenagers must input the person’s full name and gender for the choice they have selected before selecting the Akudo Me option. After completing the registration procedure, your smartphone will launch the AKUDO app’s primary screen. Select the Get your child started option, and the AKUDO app will add your child’s account. Enter your child’s mobile number, and select Proceed. Parents need to provide KYC details such as their name, phone number, DOB, and PAN details. Your AKUDO account will be created after this step. This step makes it simple to obtain your AKUDO card, which entitles you to a free Visa card and 7% cashback on offline purchases.

Join AKUDO today and start building a secure and prosperous financial future!