Age Allowed to Open a Bank Account
Opening a bank account is an important step in managing personal finances, and the age allowed to open a bank account may vary depending on the regulations of each country as well as each bank. In Vietnam, the minimum age to open a bank account is usually 18 years old. However, some banks allow people who are 15 years old, have valid identification documents and have the consent of a parent or guardian, to open an account under certain conditions.
Clause 6, Article 1 of Circular 32/2016/TT-NHNN stipulates the subjects of opening payment accounts as follows:
- Individuals opening payment accounts at banks and foreign bank branches include:
+ People aged 18 years or older with full civil act capacity according to the provisions of Vietnamese law;
+ Persons from 15 years old to under 18 years old who do not lose or have limited civil act capacity;
+ Persons under 15 years old, persons with limited civil act capacity, persons who have lost civil act capacity according to the provisions of Vietnamese law open payment accounts through legal representatives;
+ Persons with difficulties in cognition and behavior control according to the provisions of Vietnamese law open payment accounts through guardians.
- Organizations are legal entities that open payment accounts at banks or foreign bank branches.
Banks That Allow 15-Year-Olds to Open Accounts
Here is a list of banks in Vietnam that allow people aged 15 and over to open accounts, along with a brief introduction to each bank:
1. ACB (Asia Commercial Joint Stock Bank)
- Introduction: ACB is one of the largest joint stock commercial banks in Vietnam, established in 1993. ACB provides a variety of financial services such as deposits, loans, credit cards, and e-banking services.
- Conditions for opening an account: ACB allows people aged 15 and over to open an account with the consent of their parents or guardians, without losing or having limited civil capacity
2. BaoVietBank (Bao Viet Joint Stock Commercial Bank)
- Introduction: BaoVietBank was established in 2009, a member of Bao Viet Group. The bank provides financial services such as deposits, loans, insurance, and asset management.
- Account opening conditions: BaoVietBank accepts people from 15 years old to open an account with the consent of their parents or guardians, and without loss or limitation of civil capacity.
3. DongABank (Dong A Commercial Joint Stock Bank)
- Introduction: DongABank was established in 1992, is one of the pioneering banks in applying modern technology to banking services in Vietnam. The bank provides services such as deposits, loans, money transfer services, and ATM cards.
- Conditions for opening an account: DongABank allows people from 15 years old to open an account with the consent of a guardian, not losing or having limited civil capacity
4. MSB (Vietnam Maritime Joint – Stock Commercial Bank)
- Introduction: MSB, also known as Maritime Bank, was established in 1991. The bank provides a range of financial products and services, from deposits, loans to card services and e-banking.
- Conditions for opening an account: MSB allows people from 15 years old to open an account with the supervision and consent of their parents, without losing or having limited civil capacity
5. Techcombank (VietNam Technological and Commercial Joint Stock Bank)
- Introduction: Techcombank is one of the leading joint stock commercial banks in Vietnam, established in 1993. The bank is famous for its diverse electronic banking products and financial services.
- Conditions for opening an account: Techcombank accepts people from 15 years old to open an account with the consent of their parents or guardians, without losing or having limited civil capacity
6. VIB (Vietnam International and Commercial Joint Stock Bank)
- Introduction: VIB was established in 1996 and is one of the fastest growing banks in Vietnam. The bank provides services such as deposits, loans, credit cards, and digital banking services.
- Account opening conditions: VIB allows people from 15 years old to open an account with the consent of a parent or guardian, without losing or having limited civil act capacity
7. BVBank (Vietcapital Commercial Joint Stock Bank)
- Introduction: BVBank, formerly Viet Capital Bank, is a young, dynamic bank, providing advanced financial services suitable to the needs of young customers.
- Account opening conditions: BVBank allows people from 15 years old to open an account with the supervision of a guardian, without losing or having limited civil act capacity
8. VPBank (Vietnam Prosperity Joint Stock Commercial Bank)
- Introduction: VPBank was established in 1993, is one of the leading joint stock commercial banks in Vietnam. The bank stands out with its diverse financial products and advanced digital banking services.
- Account opening conditions: VPBank accepts people from 15 years old to open an account with the consent of their parents or guardians, without losing or having limited civil capacity
Conclusion
Opening a bank account at the age of 15 in Vietnam is completely possible at certain banks. However, to ensure safety and compliance with the law, people from 15 years old need the consent and supervision of parents or guardians, and do not lose or have limited civil capacity when carrying out this procedure. This not only helps them start learning how to manage their finances, but also ensures that financial activities are strictly controlled and safe.
