In many communities, banks and credit unions offer special checking/savings accounts for young people. Most youth accounts are “custodial”—meaning that an adult must open the account on behalf of the minor and the adult is responsible for the account. Special accounts for youth usually require a low minimum balance ($1 to $5). Another option is a savings account. Many credit unions will provide a check from funds withdrawn from the account. This will alleviate the need for a checking account and allow you to continue to save. We would like your feedback on this Personal Finance Frequently Asked Question.

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