Yes, but the account type depends on your child's age
A parent can open a checking account for a child, but the structure changes based on whether the child is under 18 or older. For children under 18, you will open a custodial account (also called a minor account) in the child's name with yourself listed as the custodian. You control the account until the child reaches the age of majority — usually 18 or 21, depending on your state and the bank.
For a child 18 or older, you cannot open an account in their name without their presence and signature. At that point, your child opens their own account, though you can be added as a joint owner if both of you agree. The rules and paperwork differ significantly between these two paths.
Key Takeaways
- A custodial account lets you open and manage a checking account for a child under 18 in their name, with you as the custodian.
- You will need the child's Social Security number, birth certificate or state ID, and proof of your own identity and address to open a custodial account.
- Most banks allow custodians to make deposits and withdrawals, but some restrict what the child can do until they reach a certain age.
- When your child turns 18 or 21 (depending on state law and bank policy), the custodial account converts to a standard account in their name, and you lose control.
- If your child is already 18, they must open the account themselves, though you can request to be added as a joint account holder afterward.
What you need to open a custodial account for a child under 18
Bring your child's Social Security number and a government-issued ID — usually a birth certificate, state ID, or passport. Some banks accept a school ID or tribal ID if the child does not have a state ID yet. You will also need your own government-issued photo ID (driver's license or passport) and proof of your current address, such as a utility bill or lease dated within the last 60 days.
A few banks ask for additional documents if you are the non-custodial parent or if the account is being opened by a grandparent or legal guardian instead of a parent. Call the bank ahead of time if you fall into either category — they may require a custody order or guardianship papers. Most major banks (Chase, Bank of America, Wells Fargo, Citibank) and many credit unions accept custodial accounts, but not all do, so confirm before you visit.
How custodial accounts work once they are open
You, as the custodian, have full control of the account. You can deposit money, withdraw money, set up automatic transfers, and close the account if needed. The child's name appears on the account and on the debit card (if the bank issues one), but the child does not have legal authority over the funds until they reach the age of majority.
Many banks restrict what a minor can do with the account. Some do not issue a debit card to anyone under 13. Others allow the child to make deposits and withdrawals at an ATM or teller window but require the custodian's signature for large withdrawals. A few banks let the child view the account online but not make transactions. Ask the bank what restrictions apply to the specific account you are opening — this varies widely.
The account earns interest at the bank's standard rate for checking accounts, which is usually very low or zero. Some banks offer slightly higher rates on savings accounts, which might be a better fit if you are saving money for the child rather than managing daily spending.
What happens when your child turns 18 or 21
The custodial account automatically converts to a standard account in your child's name when they reach the age of majority. Your state law determines whether that age is 18 or 21, and the bank's policy may differ from state law — some banks convert at 18 regardless of state rules, while others follow state law. Contact your bank before your child's birthday to find out the exact date the conversion will happen.
Once the account converts, you lose all legal authority over it. You cannot withdraw money, view the balance, or make changes without your child's permission. If you are listed as a joint owner, you keep access only if your child agrees to keep you on the account. If you want to stay involved, have a conversation with your child before the conversion date about whether they want you to remain a joint account holder.
Opening an account for a child who is already 18 or older
Your child must open the account themselves and sign all paperwork. You cannot open it for them, even if you are paying for it. Your child will need their own government-issued photo ID and Social Security number, plus proof of current address.
After your child opens the account, you can ask to be added as a joint owner. This requires your child's consent and your own ID and proof of address. As a joint owner, you have the same access and control as your child — you can both deposit, withdraw, and make changes. Either of you can close the account without the other's permission, so this arrangement works best when there is trust and clear communication about how the account will be used.
Fees and account features to compare
Custodial checking accounts often have no monthly maintenance fee, but some banks charge a small fee if the account falls below a minimum balance. A few banks waive fees for accounts opened by minors but charge once the account converts to an adult account. Compare the fee structure across banks before you choose — a $5 monthly fee adds up over years.
Look at whether the bank offers online banking and a mobile app, since you may want to monitor the account or set up transfers remotely. Check whether the bank issues a debit card and at what age — this matters if you want your child to use the card for purchases or ATM withdrawals. Some banks offer parental controls that let you set spending limits or receive alerts when the child makes a transaction, which can be useful for teaching money management.
Frequently Asked Questions
Can I open a custodial account if I do not have custody of the child?
It depends on the bank and your state. Some banks require proof of custody or guardianship if you are not the child's parent. Others allow grandparents, aunts, uncles, or legal guardians to open custodial accounts without additional paperwork. Call the bank first — if they require a custody order or guardianship document, you will need to bring it with you.
What happens to the money in a custodial account if I die?
The money belongs to the child, not to your estate. It passes to the child automatically and does not go through probate. If your child is still a minor, the bank may require a court-appointed guardian to manage the account until your child turns 18, but the funds remain the child's property.
Can my child have their own debit card on a custodial account?
Many banks issue debit cards for custodial accounts, but some do not, and others restrict the card to children above a certain age (usually 13). Ask the bank whether a card is available and what age restrictions apply. If the bank does not issue a card, your child can still make withdrawals at a teller window or ATM.
Does a custodial account affect my child's credit score?
No. A checking account does not build credit history because it is not a loan or line of credit. Your child's credit score will not change based on the custodial account. Credit history begins when your child opens a credit card, takes out a loan, or is added as an authorized user on your credit card.
Can I move money from my account to my child's custodial account and then withdraw it?
Legally, yes — it is your child's money once it is in the account, and you have the right to withdraw it as custodian. However, if you deposit your own money with the intent to withdraw it later, that is not the purpose of a custodial account. The account is meant to hold money for the child's benefit. If tax or legal issues arise, the IRS or a court could question whether the account was used properly.