Retail

How Old Do You Have To Be To Have A Paypal Student Account

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 3 minute read

Parents today want to teach their children how to use and save money, and PayPal is a financial company and a good platform to use.

It’s possible that you’re wondering if PayPal has an option for teaching your kids or young adults about saving and spending money, and how to set it up. Here’s what I learned after doing some research!

In 2022, will there still be student PayPal accounts?

PayPal accounts for students were once available, but as of 2022, they will no longer be. PayPal Student Accounts and PayPal Student Debit MasterCards were discontinued by PayPal in 2016. Anyone under the legal age of majority in their country or region can no longer open a PayPal account.

Read on for more information on why PayPal shut down its Student Accounts and Student Debit MasterCards, as well as other alternatives to PayPal Student Accounts.

Is there a PayPal Student Account still available?

PayPal Student accounts and PayPal Student Debit MasterCards are no longer available to its users.

PayPal Student accounts were first offered in the United States in 2009.

PayPal Student Accounts and PayPal Student Debit MasterCards were permanently shut down by PayPal in 2016.

You can no longer open a PayPal account until you’re at least 18 years old or the age of majority in your state, since PayPal has discontinued its student feature.

How PayPal Student Accounts Worked?

In order for parents or guardians to be able to keep tabs on their children’s PayPal account activity, PayPal created the Student Account and the Student Debit MasterCard.

Minors, those under the age of 18 or the legal age of majority in their country or region, could not open a PayPal account prior to the launch of PayPal Student Accounts.

Consequently, students were able to use their parents or guardians’ PayPal accounts to open regular PayPal accounts.

Parents or guardians could also monitor and manage a minor’s account, while still allowing the child to use it like any other account they have.

Additionally, minors could use their PayPal accounts to make purchases and send money to family and friends.

Where Can I Go If I Do Not Have a PayPal Student Account?

PayPal Student Accounts have some competition in the form of the following options:

  • Greenlight
  • Minors under the age of 18 are eligible.
  • Depositing money into a minor’s bank account is simple for parents.
  • Simple parental controls for keeping tabs on the online activities of children
  • Youth Checking Account from Capital One
  • Minors aged 8 to 18 years old are eligible.
  • Parents or guardians can open joint bank accounts for their children.
  • Parental controls to monitor the activity of minors on their accounts are easy to set up.
  • Banking for Students at Bank of America
  • Students under the age of 18
  • Alliant
  • To be used by children between the ages of 13 and 17
  • Joint accounts with parents or guardians
  • Keeping track of your finances at Chase High School
  • High school students in grades 13 through 17
  • If linked to a parent or guardian account, there are no monthly fees.
  • Bank of America
  • Minors under the age of 18 are eligible.
  • If you’re under the age of 18, you can’t join without the help of an adult co-signer.
  • Clear Access Banking at Wells Fargo
  • For young people between the ages of 13 and 16
  • Money can be deposited into a minor’s account easily by their parents or guardians.
  • A Bluebird card is issued by American Express.
  • The card, or cards, can be purchased by parents or guardians and given to their minor children.
  • An easy way to keep an eye on your children’s bank accounts and give them money to spend.
  • The Vanilla Card
  • These cards can be purchased by parents or guardians, who can then register their minor as a user.
  • An account for students at your bank
  • Students under the age of 18

You can also check out our posts on how to change your PayPal username, how long PayPal refunds take, and how to get a refund from PayPal for friends and family, for more information.

Bottom Line

PayPal Student Accounts were available prior to 2009, but they are no longer available for signing up for and using. PayPal Student Accounts and the PayPal Student Debit MasterCard were discontinued in 2016.

As a result, minors cannot open a PayPal account until they are 18 years old, or the legal age of majority in their country or region.

PayPal Student Accounts are not the only option for students. There are many other options, such as Greenlight, Alliant, Student Banking, and more.

Curated posts

Someone from Las Vegas, NV just viewed Best Online Colleges for Graphic Design