In many communities, banks and credit unions offer special accounts for young people. Most youth accounts are “custodial." This means that an adult must open the account on behalf of a minor child and the adult is responsible for the account. Special accounts for youth usually require a low minimum balance (e.g., $1 to $10). Look for youth accounts that have no minimum age requirement and no monthly service fees. If you choose one of these accounts, the cost of opening a bank account should be as little as the minimum deposit required.
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