PayPal used to offer a Student Account, which was great for teaching kids about money.
However, as of 2022, this account is no longer available. The age requirement to own a PayPal account is now 18.
Student PayPal Account
In 2016, PayPal decided to permanently shut down its PayPal Student Accounts feature, along with shutting down the PayPal Student Debit MasterCards.
These accounts were only available in the U.S., and now users must be 18 years old or older to create and own a PayPal account.
It was in 2009 when PayPal first introduced Student Accounts to its users who were 18 years old or younger.
How did Student PayPal Accounts Work?
A parent or guardian would create a PayPal Student Account for their minor.
The student then logs in to their account using the email address and password provided by the parent or guardian.
Once logged in, the student could use their account as normal, with all of the same features as a regular PayPal account.
The parent or guardian could also track the student’s account activity, including all of their transactions and payments.
They could also manage the student’s account settings.
These accounts allow youngsters to start handling money matters at an early age, in a safe and secure online environment.
They could buy and sell items, and receive and send money to others, all while under the watchful eye of a responsible adult.
Alternatives to PayPal Student Accounts
Here’s a list of alternative bank accounts –
- MyVanilla
- AMEX Bluebird
- BOA Student Banking
- Capital One Money Teen Checking Account
- Alliant
- Wells Fargo Clear Access Banking
- Chase High School Checking Account
- Greenlight
- Huntington Bank Student Account
These are some alternatives to PayPal Student Account if you are not 18 years old or if you are a parent looking to open a bank account for your child.
Each bank offers different features for minors, so it is important to read through the information and compare what each bank has to offer.
Some banks have lower monthly fees if you are linked to a parent or guardian account, while others offer easy parental controls to monitor your child’s account activity.
The Capital One Money Teen Checking Account is a great option for minors who are 8 to 18 years old, as it offers joint accounts for parents or guardians and easy parental controls to monitor the minor’s account activity.
The Bank of America Student Banking account is also a good choice for students under 18, as it has no monthly fees if linked to a parent or guardian account.
The Chase High School Checking account is perfect for students ages 13 to 17 years old, as it does not have any monthly fees and offers easy parental controls.
Conclusion
As of 2022, PayPal no longer allows minors to own a PayPal account. This is because of the discontinuation of the PayPal Student Accounts in 2016.
So, if you are a minor and want to use PayPal, you will have to wait until you reach the age of majority in your country or region.
Or, you can use one of the many other payment platforms or student bank accounts that are available.