how do you open OL accounts for minors?

[crabbypatty]

I have custodial accounts for my children and was hoping to make deposits at a local bank, transfer them to an OL bank for a better rate and when enough is saved, transfer that to MF's.

But the bank just told me that you can't get a checking account until you are 18. (which doesn't make sense to me since I had one way before I was eighteen) It is my understanding that you need a checking account rather thana savings account to transfer money into OL accounts.

So how do you do it for someone under 18?

[JanH]

Re: how do you open OL accounts for minors?

I don't know about online accounts. But one of our credit unions in this area let us open an account for DD about 15 or 16. You might call around and see if a local credit union has different rules. Our usual credit union wouldn't let her have a checking account, just a savings one. But this other one let her have a checking account.

[tinapbeana]

Re: how do you open OL accounts for minors?

i had a checking account at 16 with wachovia b/c i lived away from home. only way to do it at the time was to have a parent/guardian listed as a joint account holder.

in all honesty, though, why not just setup the online savings accounts for the kids, and use your existing checking account to deposit money?

[crabbypatty]

Re: how do you open OL accounts for minors?

i had a checking account at 16 with wachovia b/c i lived away from home. only way to do it at the time was to have a parent/guardian listed as a joint account holder.

in all honesty, though, why not just setup the online savings accounts for the kids, and use your existing checking account to deposit money?

I guess I can do that. It just adds steps. Whenever I get money for them I'll have to deposit it in their account and a few days later go back and withdraw it then deposit it in my account.

I guess I also don't like the way that looks. I want any "paper trail" to clearly indicate what I did with their money.