Minimum Money Market Age

A Twitter listener says he is 14 and wonders if there’s a minimum age to open a money market account. Dave explains.

QUESTION: A Twitter listener says he is 14 and wonders if there’s a minimum age to open a money market account. Dave explains.

ANSWER: You have to have a parent’s signature on any kind of bank account, mutual fund or anything that requires a custodian until you’re 18. This is true of a money market account as well. Different money markets have different minimums. Some of them can be opened for as little as $250 all the way up to $2,500.