What documents and information you'll need

To open a bank account for a child, you will need to bring the child's Social Security number, a government-issued ID for yourself as the parent or guardian, and proof of your address. Most banks also require the child to be present, though some allow parents to open accounts for infants without them there. A few banks let you open online if you have a valid ID and can verify your identity through their app.

The exact documents vary by bank. Chase, Bank of America, Wells Fargo, and most regional banks follow similar rules: your ID, the child's Social Security number (or an Individual Taxpayer Identification Number if the child doesn't have a Social Security number yet), and an address verification document like a utility bill or lease. Some banks will accept a recent tax return or bank statement as proof of address instead.

If you don't have the child's Social Security number yet, you can apply for one at your local Social Security Administration office or online at ssa.gov. The process takes about two weeks by mail. Some banks will let you open the account and add the number later, but this is less common.

Key Takeaways

  • You need your government-issued ID, proof of your address, and the child's Social Security number to open most children's bank accounts.
  • Many banks require the child to be present in person, though some allow parents to open accounts for young children online or without them.
  • If the child doesn't have a Social Security number yet, you can get one from the Social Security Administration or apply at the hospital when the child is born.
  • Different banks have different minimum balance requirements and fees, so compare options before you choose.
  • A children's savings account typically has lower or no monthly fees and may offer a small interest rate to encourage saving.

Age limits and account types

Most banks allow you to open a savings account for a child of any age, including newborns. Some banks set a minimum age of one year or require the child to be present at the branch. A few banks, like Fidelity and some credit unions, let you open accounts for children under 18 without the child being there.

The account will be held in your name as the custodian or joint owner, depending on the bank's structure. You control the money until the child reaches the age of majority in your state—usually 18 or 21. At that point, the account transfers to the child's sole control. Some banks call this a "custodial account" and others call it a "minor's account" or "youth account."

A few banks offer checking accounts for children as young as 13, often with parental controls that let you set spending limits or approve transactions. These accounts typically come with a debit card and online banking access. Younger children can only have savings accounts.

Fees and minimum balances

Children's savings accounts often have no monthly maintenance fee, or the fee is waived if you maintain a minimum balance—usually $25 to $100. Some banks waive fees entirely for accounts opened for children under a certain age, such as 18.

Check whether the bank charges fees for overdrafts, transfers, or ATM use outside their network. Many children's accounts come with limited ATM access or charge a fee each time the child withdraws cash. Some banks offer free transfers between accounts and no overdraft fees if the account is linked to a parent's account.

Interest rates on children's savings accounts vary widely, from 0.01% to 0.50% annually depending on the bank and the account balance. Online banks and credit unions often offer higher rates than large national banks. The interest is paid monthly or quarterly and deposited into the account.

What happens when the child turns 18

When the child reaches the age of majority in your state, the account automatically converts to a standard adult account in the child's name alone. You lose access to the account unless the child adds you as an authorized user. The bank will send the child a notice before this happens, usually 30 to 60 days in advance.

Some banks require the child to visit the branch or verify their identity online to complete the conversion. Others do it automatically. If the child doesn't take action and the bank cannot reach them, the account may be frozen or closed, and the money sent to the state's unclaimed property program.

Before the account converts, talk to your child about how to manage money, what fees apply, and whether they want to keep the account open or move to a different bank. If the account has a high minimum balance requirement or monthly fee that applies to adults, switching to a different account type may save money.

Opening the account in person versus online

Opening in person at a branch takes about 30 minutes and requires you and the child to be there together (though some banks waive this for infants). The banker will verify your ID, collect the child's Social Security number, and set up the account on the spot. You can ask questions and get a debit card printed immediately if the account includes one.

Opening online is faster—usually 10 to 15 minutes—but not all banks offer it for children's accounts. You will need to upload photos of your ID and proof of address, and verify your identity through the bank's app using facial recognition or other methods. The child's Social Security number is entered during setup. The account opens within one to three business days, and a debit card arrives by mail in seven to ten business days.

Some banks let you start online and finish in person, or vice versa. If you're unsure whether your bank offers online account opening for children, call the customer service number on their website or visit a branch.

Banks and credit unions that offer children's accounts

Most national banks offer children's savings accounts: Chase, Bank of America, Wells Fargo, Citibank, and US Bank all have youth account options. Credit unions often have lower fees and higher interest rates. Check whether your employer or union offers a credit union membership, as some are only open to members of specific groups.

Online banks like Ally, Marcus, and Discover also offer children's savings accounts, though you cannot open them in person. These banks typically have no monthly fees and higher interest rates than brick-and-mortar banks, but the child cannot deposit cash at a physical location.

If you want the child to be able to deposit cash or withdraw it easily, choose a bank or credit union with physical branches near your home or work. If you plan to deposit money online and let it grow, an online bank may offer better rates.

What to do if the child doesn't have a Social Security number yet

If your child was born in the United States, you can apply for a Social Security number at the hospital before you leave with the newborn. The hospital will give you a form to fill out, and the Social Security Administration will mail the number to your home within two weeks. You do not need to do anything else.

If you did not apply at the hospital, you can apply at your local Social Security Administration office by bringing the child's birth certificate, your ID, and proof of your address. You can also apply online at ssa.gov if you have a My Social Security account. The process takes about two weeks by mail.

Some banks will let you open the account without the Social Security number and add it later, but this is uncommon. Call the bank before you visit to ask whether they allow this. If they do not, wait until you have the number to open the account.

Frequently Asked Questions

Can I open a bank account for my child if I don't have a Social Security number?

No. Banks are required by federal law to verify the identity of account holders, and they use the Social Security number to do this. If you are not a U.S. citizen and do not have a Social Security number, you may be able to open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call the bank to ask.

Do I need to bring my child to the bank to open an account?

Most banks require the child to be present, but some allow parents to open accounts for infants or young children online or without them. A few banks let you open the account in person without the child if they are under a certain age, such as five. Call your bank or check their website to see what they require.

What if my child is adopted or in foster care?

You can open a bank account for an adopted or foster child using the same documents as any other child: your ID, proof of address, and the child's Social Security number. If the child does not have a Social Security number yet, you can apply for one at the Social Security Administration office or online.

Can my child access the money before they turn 18?

Yes. As the custodian, you control the account and can withdraw money at any time. If the account includes a debit card for the child, you can set spending limits through the bank's app or by calling customer service. Some banks let you restrict which merchants the child can use the card at or require your approval for each transaction.

What happens to the account if I die?

The account belongs to the child, not to you, so it does not go through your estate. The child can access the money once they turn 18, or a court-appointed guardian can access it on their behalf before that. Tell your family members and your will executor about the account so they know it exists.