When Should Kids Get Their First Bank Account?
The right age isn't about a number—it's about readiness. Here's how to know when your child is ready.
The Readiness Checklist
Your child is ready for a bank account when they can:
- Count money: They know the difference between $1 and $10.
- Understand saving: They've successfully saved for a small goal.
- Ask questions: "Where does money go when we deposit it?"
Typical age range: 8-10 years old, but some kids are ready at 6, others at 12.
Types of Accounts for Kids
Parent and child co-own. Teaches banking basics. Usually requires in-person visits.
Parent-controlled virtual account. Real-time tracking. Instant transfers. Perfect for learning before "real" banking.
Comes with a debit card. More independence. Best for responsible teens.
The First Deposit Ritual
Make opening the account memorable:
- Let them bring their savings: Physical cash makes it real.
- Explain what happens: "The bank keeps your money safe and even pays you a little extra (interest)."
- Set a goal together: "Let's save $100 by your birthday."
- Celebrate: Take a photo. Frame it. This is a milestone!
Start Digital, Go Physical Later
Our Recommendation
Ages 6-9: Start with PocketJr (digital practice account). No risk, full control, instant feedback.
Ages 10-12: Open a custodial savings account at a bank. They've proven they can manage money digitally.
Ages 13+: Upgrade to a teen checking account with a debit card.
Think of it like learning to drive: You start with a simulator (PocketJr), then a parking lot (savings account), then the highway (checking account).
Start with a Safe Practice Account
PocketJr is the perfect "first bank account" for kids—zero risk, full learning.
Open a Practice Account