Banking Help..?

Question

Can a 14 year old open a CHECKING account. It is for someone i know but he is only 14 years olds. ok. he is a one of my friends son. is there any bank that can open up a checking account for a 14 year old kid. he does not care what bank it is. and what is the diffence between a checking acount and a savings account. PLZZZZ HELP ME.

He lives in the usa..

Answer 1

You didn't say what country you're in. When I was that age, I had a checking account at the Young Americans bank, which is specifically for people under 18. In general, if someone underage wants to open an account, there has to be an adult's name on the account as well.

The difference is that a checking account lets you write checks, while a savings account doesn't. Also, most checking accounts don't pay interest.

Answer 2

I am a new account representative at a bank, and a 14 year old can open an account as long an adult signs with the child. Often accounts are opened under UTMA( Universal Transfer to Minors Act) which allows limited access to the child until a certain age. Go to your local bank for more details.

Answer 3

the difference between the two accounts is that in the checking account u can make as many transactions as u can but in the saving account there is some ceiling limit and the advantage is u can get some interest on the saving account

the 14 year old can open the account but his/her account will be operated by his fater or mother only

this is a brief answer for further details plz email me on
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Answer 4

Hi,

I dont think he is able to open the Checking account at the age of 14.

In singapore, we are allowed to open the "Checking" account (its also called "current" account) at the age of 21 years old.

For what I know, difference between them is that we are given a cheque book tied to the checking account, whereas saving account is for basic deposit and withdrawing usage.