Youth Bank account- which bank is best?

amother

Mon, Dec 25 2023, 2:33 pm

Hi,
I'd like to open bank accounts for my children. What's the minimum age? Which bank is recommended? Ty

amother

Dill

Mon, Dec 25 2023, 2:35 pm

I open accounts for my babies as soon as their SS cards come in so I don’t think there’s a minimum age.

amother

Mistyrose

Mon, Dec 25 2023, 2:43 pm

You can open a trustee account for your child as soon as they have a ss#, it's basically a low interest savings account. I know for Chase Bank the minimum age for a checking account is 13 years. They have something called a 'High School Checking Account ' for ages 13-17 that has parental oversight. At 18 they can get a regular bank account.

Probably depends on the bank, but you most likely will need to have an account wherever you open one for your kids.

amother

Ghostwhite

Mon, Dec 25 2023, 2:53 pm

amother Mistyrose wrote:

My kids have chase accounts, I was able to open online once they turned 6.

amother

Dill

Mon, Dec 25 2023, 2:55 pm

amother Ghostwhite wrote:

My kids have chase accounts, I was able to open online once they turned 6.

Mine have chase too. As infants I had to go to a branch

amother

Purple

Mon, Dec 25 2023, 2:57 pm

If you are in NY, Apple Bank is great. Its for ages 6 thtough 17, and it has a 6%APY up to 10k.
Edited to add, the Youth Savings Account in Apple Bank does not need to be linked to a parent's account or parent's ssn. Child is the sole owner of the account.

amother

Mimosa

Mon, Dec 25 2023, 3:12 pm

amother Purple wrote:

Can the kids account all be under one login or each one needs to be separate?

amother

Amber

Mon, Dec 25 2023, 3:15 pm

Apple bank has a youth account for kids ages 6-17 and they are currently offering 6% interest up to 10k. Min deposit is $1 and there is no monthly fee.

amother

Purple

Mon, Dec 25 2023, 3:30 pm

amother Mimosa wrote:

Can the kids account all be under one login or each one needs to be separate?

I don't know. We opened the accounts in person on Chanukah vacation. I didn't ask them about online banking- I'm not sure if it's an option.

amother

Purple

Mon, Dec 25 2023, 3:32 pm

amother Amber wrote:

Apple bank has a youth account for kids ages 6-17 and they are currently offering 6% interest up to 10k. Min deposit is $1 and there is no monthly fee.

6% APY. 5.8%interest

amother

Amber

Mon, Dec 25 2023, 3:47 pm

amother Purple wrote:

6% APY. 5.8%interest

Yes, you are correct. Sry about that. can you explain the difference?

amother

Purple

Mon, Dec 25 2023, 4:40 pm

amother Amber wrote:

Yes, you are correct. Sry about that. can you explain the difference?

Lets say you have $100 in the bank and don't touch it. The interest slightly increases the account balance monthly, so about 48/49 cents that first month. Considering that the next month you build interest on the already slightly increased balance, over the year you will get $6 on that 100. It's called compounding interest.

amother

Molasses

Mon, Dec 25 2023, 4:54 pm

amother Purple wrote:

This! I have for my kids. Under age 6 they can have an account but it’s not youth savings with high interest rate. Once they turn 6 it can be converted.

amother

Amber

Thu, Jan 25 2024, 9:42 pm

Just following up here to say that I had an Apple youth bank account for years for one of kids, and it recently came up that Apple Bank is owned by a frei yid and they do not have a good heter iska. My rav advised us to close our accounts there.

kfikosher.com is a great resource for which banks are ok to use....

amother

Scarlet

Thu, Jan 25 2024, 10:22 pm

I have UTMA accounts for my kids at Fidelity. You can open these at any online brokerage or bank. Checks can be deposited on my phone and if they ever have cash to deposit I transfer from my account, same with withdrawals. You can invest the money or keep it in cash.

amother

Yolk

Thu, Jan 25 2024, 10:40 pm

I recently opened for my kids online at capital 1. Was very easy. Pretty sure I can access all with one login.