Yes, you can open a bank account for a child, and most banks offer accounts designed for minors
You can open a bank account for a child at nearly any bank or credit union. Most institutions have accounts specifically for minors, often called youth accounts, kids accounts, or teen accounts. The parent or legal guardian opens the account and controls it until the child reaches the age of majority — usually 18, though some banks extend guardianship to 21.
The account belongs to the child, but you manage the money and the card until they're old enough. Some banks let you add a debit card right away; others wait until the child is 13 or older. You'll need to bring the child's Social Security number, proof of your identity, and proof of your address when you open the account in person.
The rules and features vary by bank. Some accounts have no monthly fees, no minimum balance, and no overdraft charges. Others charge fees or require a parent account linked to the child's account. A few banks let you open an account online; most require you to visit a branch with the child present.
Key Takeaways
- Most banks offer accounts for children under 18, with the parent or guardian controlling the account until the child reaches adulthood.
- You will need the child's Social Security number, your ID, and proof of address to open an account in person at a bank branch.
- Youth accounts often have no monthly fees, no minimum balance requirements, and limited or no overdraft charges.
- Some banks allow debit cards for children as young as 6 or 7, while others require the child to be at least 13.
- The age at which your child takes full control of the account varies by bank, typically between 18 and 21.
What you need to bring to open the account
Bring your government-issued photo ID (driver's license, passport, or state ID), proof of your current address (a recent utility bill, lease, or mortgage statement), and the child's Social Security number. Some banks also ask for the child's birth certificate. If you're opening the account online, you'll upload photos of these documents instead of showing them in person.
If you're a foster parent or legal guardian but not the biological parent, bring the custody or guardianship paperwork. Banks need to confirm you have the legal right to control the account. If the child is old enough to come to the bank, bring them along — many banks require the child to be present, even if they're only a few years old.
How youth accounts differ from regular savings accounts
Youth accounts are built for teaching money habits, not for earning interest. Most pay little to no interest on the balance. In exchange, they typically have no monthly maintenance fee, no minimum balance, and no overdraft fees — the account simply declines a transaction if there's not enough money.
Some youth accounts come with a debit card that you can monitor through a parent app. You see every purchase in real time and can set spending limits or turn the card on and off. Other accounts are savings-only, with no card attached. A few banks offer both: a savings account with no card, plus an optional spending account with a debit card.
Interest rates on youth accounts are typically 0.01% to 0.05% annual percentage yield (APY), which means a $1,000 balance earns less than $1 per year. If you want your child's money to grow, a high-yield savings account at an online bank may pay more, but those accounts usually require the child to be at least 13 or 16.
When your child can get a debit card
The age at which a child can have a debit card depends on the bank. Some banks issue cards to children as young as 6 or 7; others wait until age 13. A few require the child to be 16 or older. The card is linked to the account you control, so you decide how much money is available to spend and can monitor or restrict purchases through a parent app.
Debit cards for young children are usually designed for in-store purchases and online shopping, not for withdrawals at an ATM. Some banks let you set a daily spending limit or require your approval before each purchase. Others let the child spend freely up to the account balance.
The card itself is often a prepaid card in the child's name, even though you control the account. This teaches the child how to use a card without the risk of credit card debt or overdraft fees.
How to transition the account when your child turns 18
When your child reaches 18, the account automatically converts to an adult account at most banks. You lose access to the parent app and the ability to monitor or restrict spending. The account is now fully theirs. Some banks send a notice before the conversion; others do it silently.
If you want to stay involved after your child turns 18, you can ask the bank to add you as an authorized user on the account. This gives you read-only access in some cases, or full access in others — it depends on the bank's policy and what your child agrees to. Your child can remove you at any time once they're an adult.
If your child is 18 but still in high school or college and you're paying for expenses, consider opening a separate account in their name that you fund, rather than keeping joint control of their main account. This respects their independence while still letting you help with money.
Banks and credit unions with youth account options
Most large banks offer youth accounts: Chase, Bank of America, Wells Fargo, Citibank, and US Bank all have programs. Credit unions often have youth accounts too, and they typically charge lower fees than banks. If you belong to a credit union, ask whether they offer youth accounts and what the features are.
Online banks like Ally, Charles Schwab, and Fidelity offer youth accounts with no monthly fees and sometimes higher interest rates, though they may require the child to be older (usually 13 or 16) and may not issue a physical debit card. Local and regional banks vary widely — some have robust youth programs, others have minimal offerings.
Compare accounts based on whether you want a debit card, what the monthly fee is (if any), whether there's a minimum balance, and what the parent monitoring tools look like. The best account for your family depends on whether you want to teach spending habits through a card or keep the money in savings.
What happens if you close the account before your child turns 18
You can close a youth account at any time. The bank will return any remaining balance to you (the account owner) or to the child, depending on the bank's policy and how the account is titled. If the account is titled in the child's name with you as custodian, the money legally belongs to the child, so the bank may require the child's signature or consent to close it — even if they're young.
If you're switching banks, you can transfer the balance to a new account at another bank. Ask the new bank for the account and routing number of the old account, and they can initiate an electronic transfer. This usually takes 3 to 5 business days.
If the account has been inactive for a long time (usually 3 to 5 years, depending on state law), the bank may turn the money over to the state as unclaimed property. You can recover it by contacting your state's unclaimed property program, but it's easier to keep the account active or close it intentionally.
Frequently Asked Questions
Can I open an account for my child without bringing them to the bank?
Some banks allow you to open an account online without the child present, but many require the child to come to the branch in person, even if they're very young. Call your bank ahead of time to ask about their policy. If they require the child to be present, you'll need to schedule an appointment or visit during a time when you can bring them.
What if my child is adopted or I'm a foster parent?
You'll need to bring legal documentation of your guardianship or custody. This might be an adoption decree, a court order granting guardianship, or a foster care placement letter. Different banks accept different documents, so call ahead and ask what they need. Credit unions are sometimes more flexible with non-traditional family situations.
Can my child have their own account without me as a co-owner?
No, not until they turn 18. Until then, you must be the account owner or custodian. Once they turn 18, they can open their own account independently, or you can help them convert the youth account to an adult account in their name alone.
Do I need to report the account to the IRS or pay taxes on the interest?
If the account earns more than $10 in interest in a year, the bank will send a 1099-INT form to the child's Social Security number. You'll report this interest income on your tax return (usually on your child's return if they file one). Most youth accounts earn so little interest that this is not a concern, but it's worth knowing about.
What if my child loses the debit card?
Call the bank immediately to report the card lost or stolen. The bank will cancel it and issue a replacement, usually within 5 to 10 business days. Most banks don't charge a fee for a replacement card. Until the new card arrives, your child can still access the money through an ATM using a PIN, or you can withdraw cash and give it to them.