New! Parent-owned banking account Introducing SafeBalance® for Family Banking
Teaching your child about money can be an engaging and memorable experience that shapes their financial future. Bank of America Advantage SafeBalance Banking® for Family Banking is a new account designed to help your child learn how to manage money through hands-on experience using a debit card and having access to Online and Mobile Banking1.
Available exclusively for Bank of America checking and savings customers in select states beginning in July 2024.
No monthly maintenance fee
Enjoy banking without a monthly fee on this account until your child turns 25 years old2.
Flexible parental controls
Customize your child’s spending limit and the types of merchants they can purchase from.
Online and Mobile Banking1 access
Give your child their own log-in as early as six years old with a unique digital experience. Maintain your own separate log-in to view and manage the account.
No overdraft fees
Have peace of mind that the account helps keep them from spending more than they have, and no overdraft fees3.
Your child’s first debit card
A great way for your child to gain experience with managing money is giving them a debit card with a daily spending limit set by you. It’ll help them learn how to budget and learn the basics of using a debit card while empowering them to make purchases at stores and online.
Designed with kids in mind while parents stay in control
Adjust to your child’s growing needs with flexible features and safeguards.
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Protect your account by being able to temporarily lock and unlock4 your child’s debit card if they misplace it.
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With our $0 Liability Guarantee5, you’re not responsible for unauthorized debit transactions when reported promptly.
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View your child's transactions and transfer money6 right from where you manage your existing accounts.
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Stay in the know by setting up alerts7 for low balance, declined transactions and unusual activity.
Empower your child with access to only the features they need
Here’s a quick overview of what you and your child can do.
Debit card
Online and Mobile Banking1 Log in
Withdraw money using a debit card
Digital Wallet
Subject to carrier terms and conditions
Deposit money
Online transfers6
Direct deposit
Zelle®8
Child
Debit card
✓
Online and Mobile Banking1 Log in
✓Age 6+ with limitations
Withdraw money using a debit card
✓
Digital Wallet
Subject to carrier terms and conditions
✓
Deposit money
X
Online transfers6
X
Direct deposit
X
Zelle®8
X
Parent
Child
To open a SafeBalance® for Family Banking account, the parent or legal guardian must be at least 18 years old, own a Bank of America checking or savings account and have an Online Banking login. Your child must be under 18 years old at the time of account opening. Digital access for the child can begin at 6 years old with parental consent.
No, your child can only view the SafeBalance® for Family Banking account online when they log in with their Online ID. Parents can view and manage the account right alongside all their other Bank of America accounts.
Yes, SafeBalance® for Family Banking allows for one parent owner and one child on an account. If you have additional children, each child requires a separate application and separate account.
- There is no paper check writing with this account.
- The account is automatically set to Decline All overdrafts and cannot be changed3.
- This account cannot receive redemption of rewards, or cash advances, from a Bank of America credit card.
- External money transfers into the account, including direct deposits, wires6, ACH transactions and transfers from another bank6.
- Zelle®8.
Yes, this account comes with additional restrictions and protections to help parents guide their child as they begin using their first bank account.
Child restrictions include:
- Ability to deposit cash or paper checks — As the owner of the account, only the parent can deposit money.
- Money transfers out of the account — This includes wires6, ACH transactions and transfers to another bank6.
Additionally, parents can set controls around spend categories, spending and withdrawal limits. They can also temporarily lock and unlock4 their child’s debit card.
Once your child starts working and has a need to deposit paychecks or other money into the account, you can easily graduate your child to a standard Bank of America Advantage SafeBalance Banking® account and make them the owner or co-owner if approved. The account number and routing number will stay the same. Simply visit a financial center with your child to complete the application process.