Yes, you can open a bank account for your child at most banks and credit unions
Most financial institutions let you open a savings or checking account in your child's name before they turn 18. The account is legally theirs, but you act as the custodian—meaning you manage it until they reach the age of majority (usually 18, sometimes 21 depending on your state and the bank). You'll need to show up in person with your child, bring identification for both of you, and often a Social Security number or tax ID for your child.
The rules and features vary by bank. Some banks let you open accounts for children as young as newborns; others have a minimum age of 13 or 16. Some offer accounts with no monthly fees for minors, while others charge the same fees as adult accounts. A few banks restrict what you can do—for example, some won't let you set up automatic transfers or online bill pay on a minor's account. The best fit depends on what you want the account to do and which banks operate near you or online.
Key Takeaways
- You can open a bank account for your child at most banks and credit unions, but you must be present and provide identification for both yourself and your child.
- Minimum age requirements vary by bank—some accept newborns, others require children to be 13 or older.
- You become the custodian and manage the account until your child reaches the age of majority, at which point they take full control.
- Many banks offer no-fee accounts for minors, but some charge the same monthly fees as adult accounts, so compare before you open.
- Your child's Social Security number is required to open the account, and the bank will report interest earned to the IRS under your child's tax ID.
What documents and information you need to bring
Bring a government-issued photo ID for yourself—a driver's license, passport, or state ID card. Bring the same for your child if they have one; if not, bring their birth certificate. You will also need your child's Social Security number. If your child doesn't have one yet, you can request one from the Social Security Administration before opening the account, or some banks will let you open the account and add the number later.
The bank will ask for your address and phone number, and possibly your employment information. Some banks also ask whether the account is a custodial account (which it is) and may ask you to confirm that you are the parent or legal guardian. If you are not the biological parent—for example, if you are a grandparent or legal guardian—bring documentation of that relationship or guardianship.
Types of accounts available for minors
Most banks offer a custodial savings account, which is designed for children to save money. These accounts typically pay a small amount of interest and have no minimum balance requirement. Some have no monthly fees; others charge $5 to $15 per month if the balance drops below a certain level. Withdrawals are usually unlimited, though some banks restrict how often you can withdraw from a savings account.
A custodial checking account works like an adult checking account but is held in your child's name with you as custodian. You can set up direct deposit, write checks, and use a debit card. Some banks issue debit cards only to children age 13 and up. Checking accounts often have monthly fees ($5 to $12), though many waive fees for minors or if you maintain a minimum balance. Some banks offer checking accounts linked to a savings account, so your child can move money between the two.
A few banks offer teen checking accounts with built-in parental controls—you can set spending limits, block certain types of transactions, or get alerts when your child uses the card. These accounts are usually free and come with a debit card and online access. They are designed for children ages 13 to 17 and often transition to a standard adult account at 18.
How to open the account in person or online
Most banks require you to open a minor's account in person at a branch. You and your child both go to the bank, show your IDs, provide your child's Social Security number, and sign the paperwork. The process usually takes 15 to 30 minutes. The bank will give you a temporary debit card on the spot or mail one within 7 to 10 business days. You'll also receive online login information so you can manage the account from home.
A small number of online banks let you open a custodial account without visiting a branch. You'll upload photos of your ID and your child's birth certificate, provide the Social Security number, and sign electronically. The bank may still require you to verify your identity by answering security questions or confirming recent transactions on an existing account. Debit cards and account materials arrive by mail within 5 to 10 business days.
Before you go to the bank or start an online application, call ahead or check the bank's website to confirm the minimum age, required documents, and whether they offer the type of account you want. Some banks have different rules for different account types—for example, they might let you open a savings account for a newborn but require a minimum age of 13 for a checking account.
What happens when your child turns 18
When your child reaches the age of majority (18 in most states, 21 in a few), the custodial account automatically converts to a standard adult account in their name. You lose access to the account unless your child adds you as an authorized user or gives you power of attorney. The bank will send your child a notice before the conversion happens, usually 30 to 60 days in advance.
Your child can then manage the account independently—withdraw money, close it, or transfer it elsewhere. If you want to stay involved after they turn 18, you'll need to ask them to add you as an authorized user, which gives you access but not control. Alternatively, they can keep the account as-is and you simply won't have access anymore.
Tax reporting and interest earned
Interest earned in a custodial account is reported to the IRS under your child's Social Security number, not yours. If your child earns more than a certain amount of interest in a year (the threshold changes yearly but is usually around $1,200), you may need to file a tax return for them or report the income on your own return. Most children's savings accounts earn very little interest, so this is rarely a concern, but it's worth knowing.
Keep records of the account statements, especially if your child earns interest. The bank will send a 1099-INT form at tax time if interest exceeds the reporting threshold. You can use this form when filing taxes.
Comparing banks and choosing the right account
| Feature | Custodial Savings | Custodial Checking | Teen Checking |
|---|---|---|---|
| Minimum age | Varies (often newborn) | Often 13+ | Usually 13–17 |
| Monthly fee | $0–$15 (often waived) | $5–$12 (often waived for minors) | Usually $0 |
| Debit card | Usually no | Yes | Yes |
| Parental controls | Limited | Limited | Often included |
| Interest paid | Yes (usually low) | Rarely | Rarely |
Before opening an account, compare at least two or three banks. Look at monthly fees, minimum balance requirements, interest rates on savings, and whether a debit card is included. Check whether the bank has branches or ATMs near you, or whether you're comfortable banking entirely online. Read the account agreement to see what restrictions apply—for example, some banks limit the number of transfers you can make from a savings account per month.
If your child is old enough to use a debit card and you want to teach them about spending, a teen checking account with parental controls may be the best choice. If you're opening an account mainly to save money for your child, a custodial savings account with no monthly fee is usually sufficient. If you want both savings and checking features, look for banks that let you link the two accounts.
Frequently Asked Questions
Do I need my child present when I open the account?
Most banks require your child to be present in person, even if they are very young. A few online banks let you open an account without bringing your child in, but this is uncommon. Call your bank ahead of time to confirm their policy.
Can I open an account if I don't have a Social Security number for my child yet?
Some banks let you open the account and add the Social Security number later, usually within 30 days. Others require the number before you open. If your child doesn't have a Social Security number, you can request one from the Social Security Administration online or at a local office; it takes about two weeks to arrive by mail.
What if my child is adopted or I'm a legal guardian but not the biological parent?
You can still open an account. Bring documentation of your guardianship or adoption papers along with your ID. The bank may ask additional questions to confirm your legal relationship to the child, but this should not prevent you from opening the account.
Can my child access the account online or on a mobile app before they turn 18?
This depends on the bank. Some banks let minors log in and view their balance but not make transfers. Others restrict online access entirely until age 18. Check with your bank about what your child can do online and what requires your approval.
Will opening a custodial account affect my child's credit score?
No. A savings or checking account does not appear on a credit report and does not affect credit scores. Credit scores are based on borrowing and repayment history, not on deposit accounts.