You may be able to open a current account online or through video banking, or you may need to apply online and then go into a branch to complete the application. To open a children’s current account, you’ll need: proof of ID for your child (their passport, birth certificate or provisional driving licence, for example)

Can I open an account for my child?

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. And just as with your money, make sure your child’s account is FDIC-protected.

What is the best way to invest money for a child?

Fortunately, savvy parents can invest in their child’s future through a custodial IRA. Custodial IRAs come in two flavors: traditional and Roth IRA. The options almost mirror one another, allowing you and your child to put money in an investment account composed of stocks, bonds, and other securities.

How old do you have to be to open a Wells Fargo savings account?

A Wells Fargo Way2Save® Savings account requires a $25 minimum opening deposit and has no monthly service fees for account holders under 18 (19 in Alabama). There are several options on how to set up savings accounts for kids: Joint ownership. This option gives your child the ability to use the savings account…

What’s the minimum deposit for a Wells Fargo savings account?

A Wells Fargo savings account is a good way to start your children on the road to financial success. Help your kids achieve their financial goals with a Wells Fargo savings account. A Wells Fargo Way2Save ® Savings account requires a $25 minimum opening deposit and has no monthly service fees for account holders under 18 (19 in Alabama).

How much does it cost to open a Wells Fargo account?

Minimum opening deposit is $25. Monthly service fee for the Everyday Checking account is $10 and can be avoided if the primary account owner is 17 through 24 years old. Monthly service fee for the Clear Access Banking account is $5 and can be avoided if the primary account owner is 13 through 24 years old.

What can Wells Fargo Bank do for You?

Wells Fargo monitors your account and alerts you to certain activity we find suspicious. If it’s not your purchase, we will help you resolve it. With Zero Liability protection, you will be reimbursed for any promptly reported unauthorized card transactions. Send money to friends and family — without sharing account numbers.