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Wanted to get my 10-year old started with an account to learn how to manage their money.

Everything I see is to do a joint account, but it is requiring a DL# or a Matricula# (I'm sure that is misspelled).

Anybody else done this with success?

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Most banks have a no-fee youth account they set up for minors tied to your main account.  They can open a debit card account and even tie it to a savings account (separate from your accounts, but under your umbrella).  Just call or go into a local branch of your Credit Union or bank.

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Chase had no fee checking accounts when my kids were in high school. I think they called them college accounts or maybe student accounts.

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37 minutes ago, HouTex said:

Chase had no fee checking accounts when my kids were in high school. I think they called them college accounts or maybe student accounts.

Still the case with Chase.  My kid had a Chase High School Checking (debit card) for no fee, and it transitioned to a no-fee Chase College Checking when he graduated high school.

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If you happen to be a USAA member they have really good youth account setups that makes things really easy.

USAA for the win.

Most banks have a youth account. Just go get one. They usually don’t need any ID or anything. It’s super easy.

You could just type up a fake school ID if you had to.


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Chuck E. Cheese membership card, gun range membership card, top golf card, whatever. You can use anything if you have to. School report card, etc.




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One note about the USAA (et al.) youth accounts - once the child turns 18 they will reach out to the person and require that documentation or close the account.

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One note about the USAA (et al.) youth accounts - once the child turns 18 they will reach out to the person and require that documentation or close the account.

They pretty much all do.


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USAA Youth Accounts offer easy integration with your accounts. You can even setup a login for children 13 and older plus customize their access to view or to be able to transfer money. They also have a lot of different alerting options for low balances and whatnot.

What sucks is their lack of interest rates. I have a kid who’s saved up enough that it warrants getting an account that yields something.

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It used to be referred to “LUTMA” or some such, for you to create a child’s account with you signing on to it and also being able to credit/debit for them, as they might get funds to deposit as a youth.

I kept the same scenario when they left to go to college for the inevitable - Dad, I need some money! Good thing is having access in today’s world, you at least know where they are spending your money, with online banking.

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One of the better decisions we made was opening banking accounts for our two kids when they were in middle school.  We would deposit there allowance and any gift money into their accounts and it was up to them to spend it all or save it all.  It really it home to them, even in middle school, when they would ask if they could go to the donuts store every Saturday and Sunday.  My reply to them was usually, "Do you have money in your account?"  They also had to pay for any friends who stayed the night or have the friend bring their own money.  The trips to the store were drastically cut when dad wasn't paying anymore.   

My son made a mistake in middle school with in game purchases on an app.  He spent about $75 in a week buying crap for his "team"!  It was a valuable lesson to him when he saw on the screen how fast the money was spent and when we pointed out that he was the only one spending money for the "team".  We replaced half the money and told him that next time he would be on his own and broke.

Having a debit card also put us at ease when plans changed last minute and a kid would end up with another family.  We always told our kids to offer to pay for any meals, drink or activities and we would transfer money back into their account. 

They are both in college now and my daughter just lost her debit card for the first time.  My wife has lost one every year over that exact time period.  Also unlike their mother, they are both savers of money!!! 

We used a no fee account at Bank of America that is linked to our accounts.  We have full access to their accounts but they cannot access our accounts.  When I log into the app, I can see their balance and where they are spending money.  

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