Yes, you can open a bank account for a minor — and most banks make it straightforward

A parent or legal guardian can open a bank account for a child at nearly every major bank and credit union in the United States. The account is owned by the minor, but the adult has full control until the child reaches the age of majority (usually 18). Some banks let you open the account online or by phone; others require an in-person visit. The process typically takes 15 to 30 minutes, and the account can be funded immediately.

The specific rules vary by bank and by state. Some institutions have minimum age requirements (often 13 or younger), while others have no age floor. Some charge monthly fees; others waive fees for accounts held by minors. Before you choose a bank, compare what each one offers and what documents you'll need to bring.

Key Takeaways

  • You will need a government-issued ID for yourself and a birth certificate or Social Security card for the minor to open most accounts.
  • The account is legally owned by the child, but you as the parent or guardian control it until they turn 18.
  • Many banks waive monthly fees for minor accounts, but some charge $5 to $10 per month, so compare before you open.
  • Some banks let you open the account online or by phone, while others require you to visit a branch in person.
  • Once the account is open, you can set up direct deposit for allowance, birthday money, or earnings from a job.

What documents you need to bring

You will need a government-issued photo ID for yourself — a driver's license, passport, or state ID card. For the minor, bring either a birth certificate or a Social Security card. Some banks ask for both. A few banks also request proof of address, such as a utility bill or lease in your name.

If you are the legal guardian but not the biological parent, bring documentation of guardianship — a court order or custody agreement. If you are opening the account by mail or online, the bank will tell you which documents to photograph or scan and how to submit them. Some banks accept digital copies; others require originals or certified copies.

How the account works while the minor is under 18

The account is titled in the minor's name, but you have full legal control as the parent or guardian. You can deposit money, withdraw money, set spending limits, and monitor activity. The child's Social Security number is used for tax purposes, so any interest the account earns will be reported to the IRS under their name.

Most banks issue a debit card in the child's name once they reach a certain age — often 13 or 14. You can usually set daily spending limits on the card and turn it on or off through the bank's app. Some banks also let you set up alerts when the child makes a purchase, so you know what they're spending.

What happens when the minor turns 18

At age 18, the account automatically converts to a standard adult account in most cases. You lose legal control, and the young adult can now make all decisions about the account — deposits, withdrawals, and whether to keep you on it. Some banks send a notice before the conversion happens; others do it silently. Check your bank's policy so you're not surprised.

If you want to stay involved after they turn 18, you will need their permission. Some banks let you remain as a co-owner if both of you agree; others require you to close the account and let them open a new one on their own. This is a good time to talk with your young adult about money management and whether they want your involvement to continue.

Fees and account types for minors

Many banks offer no monthly fee for accounts held by minors, as an incentive to build long-term customers. Others charge $5 to $10 per month but waive the fee if the account maintains a minimum balance (often $100 to $500) or if direct deposits are set up. A few banks charge no fee regardless of balance.

Most minor accounts are basic checking or savings accounts. Some banks offer both in a package deal. A few offer high-yield savings accounts for minors, which pay slightly more interest but may have higher minimum balances. Compare the fee structure and interest rates at three or four banks before you decide — the difference can add up over years.

Opening the account in person, online, or by phone

If you open the account in person, bring the documents listed above and visit a branch during business hours. The banker will verify your ID, collect the minor's information, and fund the account on the spot. This usually takes 15 to 30 minutes. You'll leave with a debit card (if the child is old enough) or a temporary card that arrives by mail.

If you open the account online, you'll upload photos of your ID and the minor's birth certificate or Social Security card. The bank will review the documents and contact you if anything is missing. Approval typically takes one to three business days. You can fund the account by transferring money from another bank account or by setting up direct deposit.

Some banks let you open the account by phone. Call the number on the bank's website, have your documents ready, and a banker will walk you through the process. They'll verify your identity and the minor's information over the phone, then mail you the debit card and account materials. This route usually takes three to five business days from start to finish.

Choosing between a bank and a credit union

Banks and credit unions both offer accounts for minors, and the process is nearly identical. The main differences are fees and interest rates. Credit unions are member-owned and often charge lower fees than banks. However, credit unions have membership requirements — you may need to live in a certain area, work for a certain employer, or belong to a certain organization to join.

If you already have an account at a bank or credit union, opening a minor account there is usually faster because the institution already has your information on file. If you're starting fresh, compare the fee structure, interest rates, and whether they offer online account opening. Many online banks (like Ally or Charles Schwab) offer minor accounts with no fees and higher interest rates, though they may require you to open a parent account as well.

Frequently Asked Questions

Can I open an account for a newborn?

Yes, but most banks require the child to be at least a few days old so the birth certificate is issued. A few banks have a minimum age of 13 or 14 for debit card access, but the account itself can be opened for any age. Call your bank to confirm their policy before you visit.

What if I don't have a birth certificate yet?

You can usually use the hospital birth record or a temporary birth certificate while you wait for the official one to arrive. Some banks also accept a Social Security card or a letter from the hospital. Call the bank ahead of time to ask what documents they'll accept in your situation.

Can the minor access the account without me?

Not until they turn 18. Until then, you control the account and the debit card. Once they turn 18, the account converts to an adult account and they have full control. If you want to give them access before 18, some banks let you set up a limited debit card with spending caps, but you still control the account itself.

What if the minor is adopted or I'm a stepparent?

If you are the legal parent or guardian, you can open the account the same way. Bring your government ID and the minor's birth certificate or Social Security card. If you are a stepparent without legal guardianship, you'll need the biological parent or legal guardian to open the account with you, or to sign a power of attorney giving you permission to do it alone.

Can I open an account for someone else's child?

Only if you are the legal parent or guardian. If you want to give money to a child who is not yours, you can open a custodial account in your name and name the child as the beneficiary, but the child won't own the account until you transfer it to them or pass away. Talk to a banker about your specific situation — they can explain the options.