Am i qualified to have a bank account?
My son is 12 years of age, he has been saving his money since he was 9 years old. Now he is planning to open an account to our local bank. We taught him that if he saves money, he can use his money for later situations, at the same time his money is growing little by little. We are no curious if he is qualified to open for his own.
It is a good idea to open an account for a young person, but there is a law that requires the kid to be above 18 years of age to open a deposit and savings account on their own. 15-18 year olds, you can open a savings account – your parents or guardians can also open an account on your behalf for security purposes.