How to open a bank account for a minor


It is quite commonplace to open a bank account in the name of a minor, perhaps a child or grandchild. In fact, some banks offer current and savings accounts aimed specifically at children, typically free of charge, with zero or reduced fees, and even allowing cards to be used after a certain age.

Minors are not legally authorised to enter into contracts unless they are over 16 and are emancipated. Therefore, a legal representative (usually a parent) will have be present when the account is opened.

If the legal representative is not one of the parents, their legal capacity to represent the minor must be established by a court.

Although the minor has ownership of the deposited funds, the representatives can effect deposits, withdrawals and other operations in the account. Once they reach majority age, the minor will be able to operate the account on their own as normal. Of course, the legal representative could also register as account holder, meaning they would have co-ownership over the funds, with all the attendant legal and fiscal implications.

Having a bank account at an early age can contribute towards young people’s financial education, introducing them to responsible management of personal finances and helping to shape good habits in terms of saving and organising their spending.


For more information, visit our section on Bank accounts and deposits

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