The Wall Street Journal-20080213-Ask Personal Journal

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Ask Personal Journal

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Q: Are there banks that would allow minors to open accounts?

-- Po-Chuan Lin, Grapevine, Texas

A: Many banks will open a savings account for minors if a parent or guardian sponsors the account. If the account is in the child's name, it's considered a custodial, or trust, account, says Mark Kantrowitz, publisher of FinAid.org. Young Americans Bank of Denver, for example, issues banking products to customers 21 and younger, and kids can even apply for a credit card, though the limit is$100. Some accounts let kids obtain debit or ATM cards in their own name, receive bank statements and check balances online. While many banks will open accounts for minors at no cost, some charge monthly fees without a minimum balance.