What you need to do it and who has to be there
A parent or legal guardian must go to the bank in person with the minor. You will need a government-issued photo ID for the adult (driver's license, passport, or state ID) and a Social Security number for the child. Some banks also ask for a birth certificate or proof of address, though not all do.
The minor does not always have to be present. Many banks let a parent open an account for a child under 13 without the child there, but once the child turns 13, most require them to come along. A few banks have different rules, so call ahead if the child cannot make the trip.
You do not need an initial deposit to open most accounts for minors, though some banks have minimum opening amounts—usually $25 to $100. Ask the bank directly whether they waive this for children's accounts.
Key Takeaways
- A parent or legal guardian must bring a photo ID and the child's Social Security number to open the account in person.
- Children under 13 often do not have to be present, but most banks require children 13 and older to come to the appointment.
- The parent controls the account until the child reaches the age set by the bank—usually 18—at which point the account converts to a standard adult account.
- Custodial accounts let the parent monitor spending and set limits, while some banks offer debit cards tied to parental controls.
- Different banks have different rules about minimum deposits, fees, and when control transfers, so comparing a few options before you go saves time.
Types of accounts banks offer for minors
Custodial savings accounts are the most common. The parent or guardian is the custodian and has full control of the money and the account. The child's name is on it, but the parent can withdraw funds, close it, or move money without the child's permission. These accounts are straightforward and available at nearly every bank.
Custodial checking accounts work the same way but come with a debit card. Some let the parent set daily spending limits or turn the card off remotely. Others send the parent a notification each time the child uses the card. These are useful if the child needs to buy things or withdraw cash without asking the parent first.
Teen checking accounts are designed for older children and come with more independence. The teen can use the debit card and online banking, but the parent can still see all transactions and set some controls. These usually start around age 13 and transition to a full adult account at 18.
A few banks offer 529 education savings plans for minors, which have tax advantages if the money is used for school. These are separate from regular checking or savings accounts and work differently, so ask the bank whether they offer them if saving for college is your goal.
What happens when the child turns 18
The account automatically converts to a standard adult account. The parent's name comes off, and the young adult now has sole control. The bank will usually send a notice a few weeks before the conversion, and the young adult may need to sign new paperwork or update their information online.
Some banks let you change this age—a few allow conversion at 16 or 17 if you request it. Others keep parental access until 21. Call your bank to find out their specific age, because it varies.
After conversion, the young adult is responsible for any fees, overdrafts, or account maintenance. If the account has been inactive or has a low balance, some banks close it after conversion, so the young adult should check in once the change happens.
Fees and what to watch for
Many banks waive monthly maintenance fees on children's accounts, but not all. Some charge $5 to $10 per month unless you keep a minimum balance or set up direct deposit. A few charge for debit card replacements or ATM withdrawals outside their network.
Overdraft fees are the biggest hidden cost. If the child's account goes negative, some banks charge $25 to $35 per overdraft. Others decline the transaction instead, which costs nothing but can be embarrassing at checkout. Ask the bank what their overdraft policy is before you open the account.
Interest rates on savings accounts for minors are usually very low—often 0.01% or less—so do not expect the account to earn money. Some online banks offer slightly higher rates, but the difference is usually just a few cents per year on small balances.
How to compare banks before you go
Call or visit the websites of three to five banks in your area and ask these questions: Do they require the child to be present? What is the minimum opening deposit? Are there monthly fees? What is the overdraft policy? At what age does the account convert to an adult account? Can the parent set spending limits on the debit card?
Write down the answers so you can compare them side by side. The cheapest option is not always the best—a bank with no monthly fee but high overdraft charges might cost more in the long run than one with a small monthly fee and no overdraft penalty.
If you bank somewhere already, start there. Many banks offer better terms on children's accounts for existing customers, and you will not have to learn a new online banking system.
What to bring to the appointment
| Item | Who needs it | Notes |
|---|---|---|
| Photo ID | Parent or guardian | Driver's license, passport, or state ID. Must be current. |
| Social Security number | Child | Have the number memorized or written down. Some banks ask for the card itself. |
| Birth certificate | Child | Not always required, but some banks ask for it. Call ahead to confirm. |
| Proof of address | Parent or guardian | Utility bill, lease, or mortgage statement. Usually only needed if ID does not show current address. |
| The child | Child (sometimes) | Required for ages 13 and up at most banks. Call to confirm your bank's policy. |
Frequently Asked Questions
Can I open an account for my child if I do not have a photo ID?
No. Banks are required by federal law to verify the identity of anyone opening an account. A photo ID is the standard way to do this. If you do not have one, you will need to get a state ID or passport first. This can take a few weeks, so plan ahead.
What if my child loses the debit card?
Call the bank immediately to report it lost or stolen. They will cancel the card and usually send a replacement within 5 to 10 business days. Most banks do not charge for the first replacement, but they may charge $5 to $15 for additional replacements.
Can my child have their own account without me as a custodian?
Not until they turn 18. Before that, a parent or legal guardian must be on the account. Once they turn 18, they can open their own account without a parent's involvement.
Do I have to use the same bank where I have my account?
No. You can open a children's account at any bank, even if you bank somewhere else. However, many banks offer better rates or lower fees for customers who also have an adult account with them, so it is worth checking.
What if the child's mother and I are separated—can we both be custodians?
Some banks allow two custodians on a children's account, but not all. If both parents have legal custody, ask the bank whether they can add both names. You will both need to be present and bring ID. If custody is shared but one parent has primary custody, only that parent may be able to be the custodian—ask the bank about their specific policy.