What you need to open an account for a child

A parent or legal guardian must open the account in person at a bank or credit union branch. You cannot open a minor's account online, by mail, or over the phone — the institution needs to see identification for both you and the child. Bring your government-issued ID (driver's license, passport, or state ID) and the child's birth certificate or passport. Some banks also ask for a Social Security number, which you can provide if you have it; if not, the bank can often proceed without one initially.

The child does not need to be present for the account opening, though many banks encourage it so the child can receive their debit card and understand how the account works. If the child is old enough to sign their name, bring them along. If they are very young, you can complete the paperwork alone and add them to the account afterward.

Different banks have different minimum balance requirements — some have none, others require $25 or $100 to start. Call ahead or check the bank's website to confirm what they need before you go in. Most banks offer accounts specifically designed for minors, which often have lower or no monthly fees and come with parental controls.

Key Takeaways

  • A parent or legal guardian must open the account in person with a government-issued ID and the child's birth certificate or passport.
  • Most banks offer youth or teen accounts with features like spending limits, parental alerts, and no monthly fees.
  • The child can receive a debit card and begin using the account once it is opened, though some banks restrict certain transactions until age 13 or older.
  • You can link the minor's account to your own so you can monitor spending and transfer money between accounts.
  • If the child is under 13, federal law limits what the bank can do with their information, so expect more paperwork than for an adult account.

Types of accounts available for minors

Most banks offer a youth savings account or teen checking account designed specifically for children. These accounts typically have no monthly maintenance fees, no minimum balance requirement, and come with a debit card. The main difference between savings and checking is that checking accounts come with a debit card and online bill pay, while savings accounts are meant for money to sit and grow.

Some banks offer a custodial account, which is held in the child's name but controlled entirely by the parent until the child reaches the age of majority (18 or 21, depending on state and account type). This gives you full control over deposits and withdrawals. Other banks offer a joint account, where both parent and child have equal access and can withdraw money independently — useful if the child is a teenager managing their own spending.

Credit unions often have similar options and may offer lower fees or better interest rates on savings. If you are a member of a credit union, ask whether they have a youth account; if not, a regular savings account can often be opened for a minor with a parent as custodian.

What happens during the account opening visit

Bring your ID and the child's birth certificate or passport to the bank branch. A banker will ask you to fill out an account application, which asks for your name, address, Social Security number, and employment information. They will also ask for the child's name, date of birth, and Social Security number if you have it. If you do not have the child's Social Security number yet, you can provide it later — the bank will give you a form to submit it within 30 days.

The banker will explain the account features, fees (if any), and what the debit card can and cannot do. If you want parental controls — such as spending limits or alerts when the card is used — ask about those now. Some banks set these up during the opening; others require you to set them up online afterward through your banking app or website.

Once the application is approved, the account is open immediately. The debit card usually arrives in the mail within 5 to 10 business days. Until it arrives, you can deposit money into the account and the child can access it through an ATM (if they know the PIN) or by going to the bank with you.

Parental controls and spending limits

Most banks that offer youth accounts include parental controls in their mobile app or online banking portal. You can set a daily spending limit (for example, $25 per day), restrict certain types of transactions (like online purchases or ATM withdrawals), or require your approval before the card is used. Some banks send you a text or email alert every time the card is swiped.

These controls are useful for teaching a teenager to budget without giving them unlimited access to your money. You can adjust the limits as the child gets older and more responsible. Some banks allow you to turn the card on or off instantly from your phone if it is lost or if you want to pause spending.

Not all banks offer the same level of control. Before you open an account, ask the banker what parental features are available and whether they are free or cost extra. Some banks charge $3 to $5 per month for enhanced parental controls; others include them at no cost.

Age restrictions and what the child can do

A child of any age can have a bank account if a parent or guardian opens it as a custodial account. However, federal law (the Children's Online Privacy Protection Act, or COPPA) restricts how banks can collect and use information from children under 13. This means banks may require more paperwork or parental consent forms for accounts opened for very young children.

Once the account is open, what the child can do depends on their age and the bank's rules. Most banks allow children to use a debit card and make purchases once they receive it, regardless of age. However, some banks restrict online transactions or require parental approval for purchases over a certain amount until the child is 13 or older.

A teenager (usually age 13 and up) can often use online banking, set up direct deposit, and manage the account more independently, though you retain full control as the custodian. By age 16 or 17, many banks allow teenagers to use most features an adult can use, except opening new accounts or taking out loans.

Linking the account to your own and transferring money

Once the minor's account is open, you can link it to your own account at the same bank. This allows you to transfer money between accounts instantly and monitor the child's balance and transactions from your banking app. Most banks let you set up this link during the account opening or afterward through online banking.

If you bank at a different institution, you can still transfer money to the child's account, but it will take 1 to 3 business days using an ACH transfer (a standard electronic bank-to-bank transfer). You can also deposit cash or checks directly into the child's account at any branch of their bank, or set up automatic transfers on a schedule (for example, a weekly allowance).

Some parents use the linked account feature to teach teenagers about money: the teen earns money through chores or a job, deposits it into their account, and watches it grow. Others use it to send money quickly in an emergency or to cover a purchase the teenager made with their debit card.

Fees and costs to watch for

Most youth and teen accounts have no monthly maintenance fee, which is one reason they are designed for minors. However, some banks charge fees for specific actions: overdraft fees (if the account goes negative), ATM fees (if you use an ATM outside the bank's network), or fees for closing the account early.

Ask the banker about all possible fees before you open the account. Many banks waive overdraft fees for minors, or they simply decline the transaction if there is not enough money. Some banks offer no-fee accounts as long as the account stays above a minimum balance (often $0, but sometimes $25 or $100).

If the child receives interest on savings, the rate is usually very low — often less than 0.01% per year at traditional banks. Credit unions and online banks sometimes offer higher rates, so if the child is saving a significant amount, compare options.

Frequently Asked Questions

Can I open a bank account for my child without their Social Security number?

Yes. If you do not have the child's Social Security number when you open the account, you can provide it later. The bank will give you a form to submit it within 30 days. Some banks can open the account without it, though they may restrict certain features until the number is on file.

What if my child loses their debit card?

Call the bank immediately to report it lost or stolen. The bank will cancel the card and issue a replacement, which usually arrives within 5 to 10 business days. Most banks do not charge a fee for a replacement card. In the meantime, your child can withdraw cash at an ATM using their PIN or visit a branch with you to access the account.

Can my child use the account once they turn 18?

Yes. Once the child reaches age 18 (or 21 in some states), the custodial account automatically converts to a regular adult account, and you no longer have legal control over it. The child can then make all decisions about the account independently. Some banks notify you before this happens; others do not, so mark the date on your calendar.

Do I need to open the account at the bank where I have my own account?

No. You can open a minor's account at any bank or credit union. However, opening it at the same institution where you bank makes it easier to link accounts, transfer money, and manage both accounts from one app. If you want to compare options, call a few banks and ask about their youth account features and fees.

What happens to the money in the account if I die?

The money belongs to the child, not to you, so it does not become part of your estate. However, until the child reaches age 18 or 21, a court may need to appoint a new custodian to manage the account. To avoid this, name a backup custodian in your will or ask the bank whether they allow you to designate one when you open the account.