What you need to open an account for a child
Most banks let you open an account for a child under 18, but the process depends on the child's age and whether you're the parent or guardian. For children under 13, you'll typically open a custodial or joint account in your name with the child listed as a beneficiary or authorized user. For teenagers 13 and older, many banks offer teen checking accounts that let the young person have their own debit card and online access while you retain oversight.
You'll need to bring a government-issued ID (your driver's license or passport), proof of address (a recent utility bill or lease), and your Social Security number. The bank will also ask for the child's Social Security number or tax ID. Some banks require an initial deposit to open the account—this ranges from $0 to $100 depending on the institution. A few banks waive the deposit for accounts opened by parents or guardians.
The child does not need to be present at the bank to open the account, though some institutions require it for teen accounts. Call ahead to confirm what your specific bank requires and whether they offer accounts designed for children.
Key Takeaways
- For children under 13, you open a custodial account in your name; for teenagers, many banks offer teen checking accounts where the young person can use a debit card.
- You'll need your ID, proof of address, and both your Social Security number and the child's Social Security number or tax ID.
- Initial deposits range from $0 to $100 depending on the bank, and some waive the deposit for parent-opened accounts.
- Teen accounts typically come with parental controls that let you monitor spending and set limits on daily withdrawals or transfers.
- The child does not need to be present for accounts opened by a parent or guardian, though some banks require it for teen accounts.
Custodial accounts for children under 13
A custodial account is opened in your name as the parent or legal guardian, with the child named as the beneficiary. You control all transactions, deposits, and withdrawals. The account teaches the child about saving without giving them independent access to the money. The bank reports the account under your Social Security number, not the child's, so you manage all tax reporting.
When you open the account, tell the bank it is a custodial account for a minor. Bring your ID, proof of address, and your Social Security number. You'll provide the child's name and date of birth, but not necessarily their Social Security number—some banks don't require it for custodial accounts. Ask the bank whether they report interest earned on the account to the child's Social Security number (which affects tax filing) or yours.
Custodial accounts have no age limit for opening, but they automatically convert to the child's sole ownership at the age of majority—typically 18 or 21, depending on your state. At that point, the child gains full control and you lose access. If you want to maintain oversight into the child's teenage years, a teen checking account may be a better fit.
Teen checking accounts with parental controls
Teen checking accounts are designed for children ages 13 to 17 and give the young person their own debit card, online banking access, and the ability to make purchases independently. You retain oversight through parental controls: you can see all transactions, set daily spending limits, restrict certain types of purchases, and receive alerts when the card is used. The account is typically opened in the child's name, though you remain the custodian until they reach 18.
To open a teen account, bring your ID, proof of address, and your Social Security number. You'll provide the child's name, date of birth, and Social Security number. Some banks require the child to be present in person; others let you open it online or by phone. Ask whether the bank charges a monthly fee for teen accounts—many do not, but some charge $5 to $10 per month.
Teen accounts teach financial responsibility in a controlled environment. The child can practice using a debit card, checking their balance, and making online transfers while you monitor for fraud or overspending. When the child turns 18, the account typically converts to a standard checking account and parental controls are removed.
Joint accounts where both names appear
A joint account lists both you and the child as account owners with equal legal rights. Both names appear on the account, and either person can withdraw money or close the account without the other's permission. Joint accounts are less common for young children because they give the child full access and control, but they work well for teenagers who need independence and you trust to manage money responsibly.
To open a joint account, bring your ID, proof of address, and your Social Security number. The child should be present and bring their own ID if they have one (a school ID or state ID works). You'll provide both Social Security numbers. The bank will explain that both account holders have equal rights and either can access or withdraw all funds.
Joint accounts avoid the automatic conversion that happens with custodial accounts at age 18. The account remains joint as long as you both want it, and you can close it or convert it to a single-name account at any time. However, because the child has full access, this option works best for teenagers old enough to understand the responsibility.
Comparing account types and what each costs
| Account Type | Child's Age | Who Controls Money | Typical Monthly Fee | When It Converts |
|---|---|---|---|---|
| Custodial | Any age under 18 | Parent only | $0–$10 | At age 18 or 21 (state-dependent) |
| Teen Checking | 13–17 | Child with parental oversight | $0–$10 | At age 18 to standard checking |
| Joint | Any age | Both equally | $0–$15 | Never, unless you close it |
Most banks offer at least one account type designed for minors, and many waive monthly fees for accounts opened by parents or guardians. Some online banks have lower fees than brick-and-mortar banks but may not allow in-person account opening. Compare the fee structure, parental control features, and whether the bank requires an initial deposit before you choose.
What happens when the child turns 18
Custodial and teen accounts convert automatically when the child reaches the age of majority in your state—usually 18, but sometimes 21. The account becomes the child's sole property, and you lose all access and control. The bank will notify you before the conversion happens, typically 30 to 60 days in advance.
If you want to maintain a shared account after the child turns 18, you have two options: convert the account to a joint account (which requires the child's consent and signature), or open a new joint account together. If you do nothing, the account becomes the child's alone and you cannot see transactions or withdraw money.
Some parents use the conversion as a teaching moment—the child now manages the account independently, and you step back from oversight. Others convert to a joint account if they want to continue monitoring spending or if the young adult still lives at home and relies on family financial support.
How to fund the account and teach saving
You can deposit money into the account yourself, or set up automatic transfers from your own account. Many parents deposit an allowance monthly or transfer money when the child reaches a savings goal. Some banks let you set up recurring transfers on a schedule you choose—weekly, biweekly, or monthly.
Teen accounts often include tools to teach saving: some banks let you set savings goals within the app, show interest earned, or send notifications when the balance reaches a certain amount. A few banks offer higher interest rates on teen savings accounts than on adult accounts, though rates vary widely and change frequently.
If the child receives money from relatives or earns it through chores or a job, they can deposit it themselves using the debit card at an ATM or through mobile deposit (if the bank offers it). This teaches the child to manage money they've earned and see it grow over time.
Frequently Asked Questions
Can I open an account for a child without their Social Security number?
Some banks allow custodial accounts without the child's Social Security number, but most require it for tax reporting purposes. If the child doesn't have a Social Security number yet, you can obtain one from the Social Security Administration using Form SS-5. The process takes about two weeks. Ask your bank whether they can open the account while you're waiting for the number to arrive.
What if my child loses the debit card or it gets stolen?
Contact the bank immediately—most have a 24-hour fraud line. The bank will cancel the card and issue a replacement, usually within 5 to 10 business days. You're not liable for unauthorized charges if you report the loss promptly. Teen accounts often include fraud protection and alerts, so you may be notified before the child notices the card is missing.
Can I set spending limits on a teen account?
Most teen checking accounts include parental controls that let you set daily withdrawal limits, restrict certain types of purchases, or block online and international transactions. The specific controls vary by bank. Log into your parental dashboard to adjust limits anytime. Some banks let you pause the card temporarily if you suspect fraud or want to restrict spending.
Do I need to close the account when my child turns 18?
No. The account converts automatically to a standard account in the child's name, and you lose access unless you convert it to a joint account. If you want to keep the account open for the young adult, you don't need to do anything. If you want to close it, you can request that at any time, though the child may need to sign off if they're now the sole owner.
Which banks offer the best accounts for children?
Large national banks like Chase, Bank of America, and Wells Fargo offer teen checking accounts with parental controls and no monthly fees. Credit unions often have lower fees and higher interest rates on savings. Online banks like Ally and Fidelity have no monthly fees but may not allow in-person account opening. Compare the features that matter most to you: parental controls, interest rates, fees, and whether you prefer a physical branch nearby.