You can open a savings account at any age, but a parent or guardian must sign the paperwork
There is no minimum age to open a savings account. Banks and credit unions will open accounts for infants, though in practice most parents wait until a child is old enough to understand money — usually around age 5 or 6. The catch is that anyone under 18 needs a parent or legal guardian to co-own the account and sign all documents. You cannot open an account alone until you turn 18.
The account itself belongs to both of you until your child reaches the age of majority in your state — typically 18, though a few states use 19 or 21. At that point, your child can take full control without you. Until then, you have equal access to the money and equal say over how it is used.
Key Takeaways
- A parent or guardian must co-sign any account opened for someone under 18, and both names appear on the account.
- You can open an account for a child of any age, though most parents start around age 5 or 6.
- The account transitions to your child's sole control when they reach 18 in most states, though some states use 19 or 21.
- Bring your child's birth certificate or Social Security card, your ID, and proof of address to open the account in person.
- Some banks allow online account opening for minors if a parent verifies their identity through video call or mobile app.
What you need to bring to open an account for a minor
Banks and credit unions have different document requirements, but most ask for the same core items. Bring your child's birth certificate or Social Security card to prove their identity and age. Bring your own government-issued ID — a driver's license or passport — and a recent utility bill or lease to prove your address. Some institutions also ask for a second form of ID for the parent.
Call ahead before you visit. Some branches keep blank account forms on hand for minors, while others require you to order them in advance. A few banks have stopped opening accounts for children under a certain age — usually 13 — so confirming availability saves a wasted trip.
Online account opening for minors varies by bank
Many large banks now let you start a minor's account online without visiting a branch. The process usually works like this: you create your own account or log into an existing one, then request to add a minor account. The bank sends a verification link to your phone or email. You confirm your identity — sometimes by uploading your ID, sometimes through a video call with a bank employee — and then your child's account opens.
Credit unions are slower to offer this option. Most still require at least one in-person visit, though some have begun accepting video verification. Check the bank or credit union's website or call their customer service line to learn what they accept. If you cannot visit in person, ask whether they will open the account by mail — a few institutions will send forms to your home, though this takes longer.
The difference between custodial and joint accounts
Most banks call a minor's account a joint account because both the parent and child own it equally. You both can withdraw money, both can deposit, and both can close it. Some credit unions and investment firms instead offer custodial accounts, where you hold the money in trust for your child until they reach a set age — usually 18 or 21. Custodial accounts are less common for basic savings but more common for investment or education accounts.
Ask the bank which type they are opening. The difference matters if you plan to transfer the account to your child later. With a joint account, your child simply takes over when they turn 18. With a custodial account, the money transfers automatically on a set date, and your child may not be able to access it before then even if they want to.
What happens when your child turns 18
On or shortly after your child's 18th birthday, the account converts to a single-owner account in their name alone. You lose access unless your child adds you back as an authorized user. The bank usually sends a notice a few weeks before the conversion date, giving you time to plan. If your child is away at college or otherwise unreachable, contact the bank to delay the conversion until they can sign the new paperwork.
Some banks require your child to visit a branch or complete an online verification to finalize the conversion. Others do it automatically. Check with your bank about their specific process so you and your child both know what to expect.
Account features that work well for minors
Look for accounts with no monthly fees, no minimum balance, and no overdraft charges. Many banks offer accounts specifically designed for teens and children that waive fees that would normally apply. Some include debit cards, which let your child make purchases and withdraw cash without your involvement — useful if you want them to learn money management but also want to set limits.
A few banks let you set spending caps on a teen's debit card, so your child cannot spend more than you allow per day or per transaction. This is a teaching tool, not a security feature — you can change the limit anytime. Ask whether the account includes online banking and a mobile app, since most teens prefer managing money through their phone rather than visiting a branch.
Frequently Asked Questions
Can I open a savings account for my child if I do not have an ID?
Most banks require a government-issued ID from the parent or guardian. If you do not have a driver's license or passport, ask whether the bank accepts a state ID card, tribal ID, or passport card. If you have none of these, call ahead — a few institutions will work with alternative documents, though this is rare.
What if my child's other parent refuses to let me open an account?
If you have sole legal custody, bring the custody order to the bank. If custody is shared, both parents typically must sign. If the other parent refuses and you believe it is harming your child, contact a family law attorney — this is a legal question, not a banking one.
Can my teenager open their own account at 16 or 17?
No. You must co-sign until they turn 18. Some banks let teenagers sign the paperwork themselves alongside a parent, which teaches responsibility, but the parent's signature is legally required in all states.
Do I need to report my child's savings account to the government?
No. Savings accounts for minors do not require special tax reporting unless the account earns more than a certain amount of interest in a year — currently $1,250 for 2024, though this changes annually. Your bank will send a form if interest crosses that threshold. Ask your tax preparer about your specific situation.
What happens if I close the account before my child turns 18?
You can close a joint account at any time since you own it equally. The money goes to you unless you direct the bank to give it to your child. If your child is old enough to understand, tell them before you close it so they know what happened to their savings.