What you need to bring and who can open an account
You can open a bank account for a child at almost any bank or credit union. The process takes 15 to 30 minutes in person, or sometimes online depending on the bank. Most banks let you open an account for a child under 18 without the child present, though some require the child to be there in person.
Bring your government-issued ID (driver's license, passport, or state ID) and the child's Social Security number. Some banks also ask for a birth certificate or the child's name and date of birth. A few banks require a second form of ID from you, like a utility bill or recent bank statement showing your address. Call ahead to ask what your specific bank needs — requirements vary by institution.
The child does not need an ID of their own. You, as the parent or legal guardian, are the account owner until the child reaches the age of majority (18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi). The child's name goes on the account, but you control it.
Key Takeaways
- You can open a custodial account for a child under 18 with just your ID and the child's Social Security number at any bank or credit union.
- Most banks let you open the account without the child present, though some require the child to come in person — call ahead to confirm.
- You control the account until the child reaches 18 (or 19 or 21 depending on your state), and you can deposit or withdraw money as needed.
- Savings accounts for children typically earn little to no interest, but checking accounts often have no monthly fees and no minimum balance.
- When the child turns 18, the account automatically converts to an adult account under their sole control, or you can close it and open a new one together.
Checking versus savings accounts for children
A checking account is usually the better choice for a child who is old enough to spend money or receive an allowance. Checking accounts come with a debit card, which teaches the child how to use plastic money without the risk of a credit card. Most banks offer checking accounts for children with no monthly fee, no minimum balance, and no overdraft fees (the bank simply declines the transaction if there is not enough money). Some banks let you set spending limits on the debit card.
A savings account makes sense if you are setting money aside for the child's future and do not expect them to withdraw it regularly. Savings accounts earn interest, though the rate is usually very low — often 0.01% to 0.05% per year at traditional banks. Credit unions sometimes offer slightly higher rates. The main advantage is that savings accounts encourage the habit of not touching the money.
Many banks let you open both at the same time — a checking account for everyday spending and a savings account for longer-term money. You can link them so the child (or you) can transfer money between them.
Online banks versus brick-and-mortar banks
Online banks like Ally, Marcus, and Discover typically offer higher interest rates on savings accounts than traditional banks do. However, most online banks do not offer checking accounts for minors, and some do not let you open accounts for children at all. If you want a savings account that earns a better rate, an online bank may be worth considering, but you will need to keep a checking account elsewhere for the child to use a debit card.
Brick-and-mortar banks (Chase, Bank of America, Wells Fargo, your local credit union) let you open both checking and savings accounts for children, and you can walk in with questions. They also let the child visit the branch to deposit cash or ask questions about their account. The tradeoff is lower interest rates on savings. Credit unions often offer better rates than big banks and more personalized service, and many have no monthly fees.
If you are choosing between the two, consider whether the child will need to deposit cash or visit a branch. If yes, a brick-and-mortar bank or credit union is simpler. If you only plan to transfer money electronically and the child is young, an online savings account paired with a checking account at a traditional bank works fine.
What happens when the child turns 18
On the child's 18th birthday (or 19th or 21st depending on your state), the account automatically converts from a custodial account to an adult account. The child becomes the sole owner, and you lose access unless they add you as an authorized user. The bank will send you and the child a notice before this happens, usually 30 to 60 days in advance.
You have three options at that point. First, you can do nothing — the account simply converts, and the child now controls it. Second, you can close the account and open a new one together if you want to start fresh or switch banks. Third, you can ask the child to add you as an authorized user if you want to keep helping manage the account, though this is their choice to make.
If the account has a debit card, the child will receive a new card in their name after the conversion. Any spending limits you set will be removed.
Teaching the child to use the account
Once the account is open, show the child how to check the balance using the bank's app or website, or by calling the bank or visiting a branch. If the account has a debit card, explain how to use it at a store or online, and what happens if they spend more than they have (the transaction will be declined). Set clear rules about what the money is for — allowance, birthday gifts, money they earned — so the child understands that the account is theirs to manage within limits you set.
Many banks offer financial literacy resources for children, including videos, games, and worksheets about saving, budgeting, and spending. Ask your bank if they have these tools. Some credit unions also offer youth banking programs with special perks like higher interest rates or rewards for saving.
If the child is a teenager and you want them to learn about credit, some banks offer student credit cards or secured credit cards that let them build a credit history. These are separate from the checking or savings account and require a separate application when the child is older (usually 16 or 17).
Fees and minimum balances to watch for
Most banks waive monthly maintenance fees for children's accounts, but a few charge $5 to $10 per month. Some banks also charge fees for overdrafts (spending more than the balance), though many waive these for minors. A few banks charge fees for using an out-of-network ATM or for paper statements. Ask your bank for a full fee schedule before you open the account.
Minimum balance requirements are rare for children's accounts. Most banks let you open a checking or savings account with $0 and add money as you go. If a bank does require a minimum, it is usually $25 to $100. Again, ask before you open the account.
If you are comparing banks, add up the total fees you expect to pay over a year. A bank with no monthly fee but a $3 ATM fee might cost more than a bank with a $2 monthly fee if your child uses out-of-network ATMs often. Most banks publish their fee schedules online, and you can also call or visit a branch to ask.
Joint accounts versus custodial accounts
A custodial account is what most banks open for children. You are the legal owner, the child's name is on the account, and you control it until they turn 18. This is the simplest option and the one banks recommend.
A joint account is different — both you and the child are legal owners from day one, and either of you can withdraw money or close the account. Joint accounts are less common for young children because they give the child too much control too early. However, some parents open joint accounts with teenagers (14 or older) as a way to teach responsibility and let the child see that you trust them. If you open a joint account, understand that the child can legally withdraw all the money without your permission.
Most banks will ask which type you want when you open the account. If you are unsure, ask the bank to explain the difference. For most children under 14, a custodial account is the right choice.
Frequently Asked Questions
Can I open a bank account for my child if I do not have a Social Security number?
No. Banks are required by federal law to collect a Social Security number or Individual Taxpayer Identification Number (ITIN) for anyone on the account. If your child does not have a Social Security number yet, you can request one from the Social Security Administration before opening the account. The process takes about two weeks.
What if my child loses the debit card?
Call the bank immediately and ask them to cancel the card. Most banks can issue a replacement card within 5 to 10 business days. In the meantime, your child can still withdraw cash from an ATM using their PIN, or you can withdraw money for them. Some banks charge a $5 to $15 fee for a replacement card, though many waive it for minors.
Can I open an account for my child if I do not have an ID?
No. Banks require the parent or guardian to show a government-issued ID. If you do not have one, you will need to get one first — usually a state ID or driver's license from your state's DMV. This can take several weeks depending on your state.
What if my child's mother or father wants to add themselves to the account later?
Both parents can be on the account if you both go to the bank together with your IDs. The bank will add the second parent as a custodian or joint owner. If the parents are not together and one parent wants to add the other without permission, the bank will not allow it — both parents must consent, or a court order is required.
Does opening a bank account for my child affect their credit score?
No. A checking or savings account does not appear on a credit report and does not affect credit score. Credit scores only track borrowed money (credit cards, loans, mortgages). A bank account is just a place to store money, not a credit product.