I have a question someone may know. I live in the Memphis, TN area and we bank at First TN. My 16 year old son, very responsible, has a job and almost $1,000 saved. We went to open him up a savings account, with me as joint signer, since he is a minor. He wanted a teller card that debit or credit since he wanted to be able to get things if he wanted.

We were told most banks will not give minors a card, Ok I can understand that. But I was also told he could ONLY put money into a savings acct with me as joint, and no card would be given to withdraw money from savings account in his name. He would have to come in the bank and take a min. amount out.

Is there any banks that let 16 year olds that work have a savings acct with atm card to withdraw funds or have a card to use to buy things? Just wondering.

I prefer savings vs checking but would checking changed things?

Thanks...

Tina, you can probably set the account up as joint with you & him, but you as primary and they'll give you the cards. You still are responsible for the account, but you are for any joint account.

There's not a lot of difference in savings and checking accounts these days! LOL--the interest is so low & you can usually get free checking accounts anywhere now, so it doesn't amount to much.

Or, you could set up the savings account like they said and then a separate checking account for him (joint, of course) and you could transfer money online from one to the other.

I think the biggest issue is they can't "collect" (sue) from minors when they run up hundreds in bounced transaction fees like my son's friend did -- he'd use his debit card to buy a soda from a machine & end up having to pay $20 in fees for it. It's over $30 now, I think for one "insufficient fee" transaction.

I think my kids had joint accounts until they were 18, but I'm pretty sure my son had a debit card -- he's the one who told me you could use them at fast food joints and that seems like more than four years ago. So, Suntrust may be more lenient than 1st TN.

Both my kids were writing checks--with their names on the checks-- way before they were 18--they started jobs at 15, and I don't see why the card makes it so different.

My daughter opened a checking and savings account as a minor. Since she is a minor my name had to be on the accounts. She was given a bank card and they gave her the option of attaching her savings account to it so that she could withdraw money from both. Fortunately she gave the correct answer - no. But she was also able to go on line and transfer money from her savings to her checking and withdraw the money - thereby, defeating the purpose of having the savings not attached to the atm card.

Thanks for the comments. I guess I'll call around and see what is available for teens in this area. I hate to see his money build up and nowhere to really put it.

Tina