Can my kids open checking or savings account?

[mandalynn]

I want to start putting about 10 or 20 dollars a week in some kind of an account for my 3 kids to help jump start there future. I want it to be in there names so they feel like they are contributing. They will also put allowances and b-day checks in it too. what is the best option? Ofcourse i will have to probally be on the account which is fine but do banks do this?

[Day Sleeper]

Yes, and it is tax free!

[xandermom99]

Yup..you have to be on their acct as a co-signer. Start with an interest earning savings acct. Wait for the checking acct until later, maybe teenagers?

[tootuncommon69]

Sure, just dont tell them about it or they will be nailing the account for whatever is in it. Kudos on thinking of you kids' futures.

[cool123456]

savings yes , checking no...well under your name yes but u have to be 17

[Lore]

You can open savings accounts for them....and have them run as kind of joint accounts. I'm pretty sure you can open attached checking accounts, but you should check with your bank on that. They may have some info on their website.

[Linda S]

the do it in michigan and when they are young that money is not taxed because of their age they do not have to claim it until they are 18. Of course it may be a differeent story if you put millions in their account.

happy day