You can't open a checking account for a 7 year old. You can open a savings account though for someone under 18 years old but requires the parent to setup the account. According to [US Bank](https://www.usbank.com/financialiq/manage-your-household/personal-finance/tips-for-parents-opening-bank-account-for-kids.html):
>Minor children by law can’t open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18. With a joint account, parent and child both have access, but the adult can supervise or limit activity, say, putting a cap on the amount the child can withdraw the account by actively monitoring the activity. Both types can later be converted to their own accounts.
I have savings accounts for my kids at Old National Bank. They can take direct deposit, but when they want to spend money I usually just transfer it into my account via the app. I’ve seen some debit cards geared towards kids, but I’m not sure if there are fees involved.
Maybe it’s just ONB but double check the routing number on their deposit slips with the bank if you open savings accounts. In our case the routing number was different and the one I needed to use was the one used on my checking account.
Greenlight seems like the perfect solution for you! There’s no minimum age requirement for kids and your son can have his own debit card. There’s a parent version of the app where you can control everything, set spend limits, etc. It’s a great way to teach money skills as well.
We work with them at my credit union for some of our youth products and they are fantastic. Highly recommend them.
I agree with this answer. If he wants to watch his money grow, an investment account is way better than a high-yield savings account, and Fidelity offers direct deposit. Fidelity also has cash management accounts that come with debit cards and checks. I have mine set up so that I have my debit card pull from my Fidelity cash management account that holds a $0 balance, and I use self-funded overdraft protection to then pull from my individual brokerage account with Fidelity since the individual account automatically invests money into SPAXX money market fund and auto-liquidates instantly when used for expenses, functioning exactly like a high-yield checking account. That's my set-up, and I love the idea of a 7-year-old replicating this and getting really into investing at such a young age <3
Capital One does "Teen Checking," but it's available for kids ages 8 and up. They accept direct deposit. The adult is the primary, but the child has their own debit card. I opened one for my daughter recently with zero issues so far.
They won't be able to get an account on their own. But they can with a parents help.
Most banks will do joint accounts and/or custodial accounts. I recommend you talk to the bank you are already using.
Yeah, in many circumstances, under age 10 they are not allowed to withdraw from the account, but they can deposit. At 10, my credit union allows a checking account and debit card with a co-signing parent.
A checking account for a 7 year old? No way!
You can't open a checking account for a 7 year old. You can open a savings account though for someone under 18 years old but requires the parent to setup the account. According to [US Bank](https://www.usbank.com/financialiq/manage-your-household/personal-finance/tips-for-parents-opening-bank-account-for-kids.html): >Minor children by law can’t open a savings account. They need a parent or guardian to set up a custodial or joint account. A custodial account is the property of the child, but managed by the parent until the child turns 18. With a joint account, parent and child both have access, but the adult can supervise or limit activity, say, putting a cap on the amount the child can withdraw the account by actively monitoring the activity. Both types can later be converted to their own accounts.
I have savings accounts for my kids at Old National Bank. They can take direct deposit, but when they want to spend money I usually just transfer it into my account via the app. I’ve seen some debit cards geared towards kids, but I’m not sure if there are fees involved. Maybe it’s just ONB but double check the routing number on their deposit slips with the bank if you open savings accounts. In our case the routing number was different and the one I needed to use was the one used on my checking account.
Greenlight seems like the perfect solution for you! There’s no minimum age requirement for kids and your son can have his own debit card. There’s a parent version of the app where you can control everything, set spend limits, etc. It’s a great way to teach money skills as well. We work with them at my credit union for some of our youth products and they are fantastic. Highly recommend them.
This is the only correct answer.
13 for transaction authority across the board. Get a Green Dot or whatever…
Not sure about a checking account but my brother opened a “ custodial account “ for my niece with Fidelity. He puts money in the s&p 500
I agree with this answer. If he wants to watch his money grow, an investment account is way better than a high-yield savings account, and Fidelity offers direct deposit. Fidelity also has cash management accounts that come with debit cards and checks. I have mine set up so that I have my debit card pull from my Fidelity cash management account that holds a $0 balance, and I use self-funded overdraft protection to then pull from my individual brokerage account with Fidelity since the individual account automatically invests money into SPAXX money market fund and auto-liquidates instantly when used for expenses, functioning exactly like a high-yield checking account. That's my set-up, and I love the idea of a 7-year-old replicating this and getting really into investing at such a young age <3
Capital One does "Teen Checking," but it's available for kids ages 8 and up. They accept direct deposit. The adult is the primary, but the child has their own debit card. I opened one for my daughter recently with zero issues so far.
They won't be able to get an account on their own. But they can with a parents help. Most banks will do joint accounts and/or custodial accounts. I recommend you talk to the bank you are already using.
There is an app called step it’s supposed to be banking for kids I used to always end my brothers money on there
Savings accounts my bank does at 13 they can be a signer, but there might be some out there that let you open earlier.
Yeah, in many circumstances, under age 10 they are not allowed to withdraw from the account, but they can deposit. At 10, my credit union allows a checking account and debit card with a co-signing parent.