| Annie7676 |
| (old hand) |
| 06/05/12 04:23 PM |
Re: Bank Accounts for Children
|
Depends on their age I would think. And how much money the account will have. In about 4th grade, my family set up an account for me and monies I recieved from gifts, etc went into it. I believe a parents name was on it but when I turned about 13 it was turned over to me and I controlled it as much as a 13 was allowed. I believe I even had a checking account. I guess it all depends on what the banking rules are for minors having an account, how much money and how the young person approaches money handling.
The reason I say this is that a friend of mine got an account with about $5000 in it, and spent the money in less than 3 months, all gone on nothing.