Yes, you can open a bank account for a minor, but the adult must be present and the account type depends on the child's age
Most banks allow you to open an account for a child under 18, but you cannot do it online or by mail — a parent or legal guardian must go to a branch in person with the child and a form of ID. The account will be a custodial account, meaning the adult has full control until the child reaches the age of majority (18 or 21, depending on your state). Some banks let you open an account for a newborn; others have a minimum age of 13 or 16. The specific rules and required documents vary by bank and state.
The process is straightforward once you know which bank you want to use and what documents to bring. Most banks complete the paperwork in 15 to 30 minutes, and the account is usually active the same day or within one business day.
Key Takeaways
- A parent or legal guardian must visit a bank branch in person with the child and a government-issued ID to open an account for a minor.
- Custodial accounts give the adult full control of the money until the child reaches 18 or 21, depending on state law.
- Different banks set different minimum ages — some accept newborns, others require the child to be at least 13 or 16.
- You will need the child's Social Security number and proof of the adult's identity; some banks also ask for proof of address.
- Once the child turns 18, the account may automatically convert to an adult account, or the bank may require a new signature card.
What documents you need to bring to the bank
Bring the child's Social Security number (or tax ID if the child does not have one yet). You will also need the adult's government-issued photo ID — a driver's license, passport, or state ID card. Some banks ask for proof of address, such as a recent utility bill or lease in the adult's name.
If you are opening the account for a newborn or very young child who does not have a Social Security number yet, ask the bank whether you can obtain one at the branch or whether you need to get it first through the Social Security Administration. A few banks will hold the account open temporarily while you obtain the number; most will not. Call ahead to confirm your bank's policy before you make the trip.
If you are a legal guardian but not the biological parent, bring documentation of guardianship — a court order or custody agreement. Banks treat guardians the same as parents, but they need proof of your legal authority to open an account on the child's behalf.
Minimum age requirements by bank
Banks do not all use the same minimum age. Some allow accounts for newborns; others require the child to be at least 13. A few set the bar at 16. Call your bank or check its website before you go to the branch, because if the child does not meet the minimum age, the bank will turn you away.
If your bank has a minimum age requirement that is higher than your child's current age, you have two options: wait until the child is old enough, or switch to a bank with a lower minimum. Some online banks and credit unions have lower age minimums than large national banks, so it is worth checking a few institutions before you decide. Many credit unions accept children as young as newborns, while some national chains require age 13 or older.
How custodial accounts work
A custodial account is held in the child's name, but the adult has legal control of all the money and can withdraw it at any time. The child cannot withdraw money, request a debit card, or make changes to the account without the adult's permission. The account is the child's property for tax purposes — interest and dividends are reported on the child's tax return, not the adult's — but the adult manages it.
Custodial accounts are designed to teach children about money while keeping the funds safe. Some parents use them to set aside money for college or a car; others use them as a way to let a child see their allowance or earnings grow. The adult remains in control even after the child turns 13, 16, or 17, until the account converts at the age of majority.
What happens when the child turns 18
At age 18 (or 21 in some states), the account automatically converts to an adult account in most cases, and the child becomes the sole owner. The adult's name comes off the account, and the young adult can now withdraw money, close the account, or make any other change without permission. A few banks require a new signature card or a visit to the branch to complete the transition; others handle it automatically.
Check with your bank about its specific policy before the child's 18th birthday. Some banks send a notice in advance; others do not. If you want to know the exact date the transition will happen and what steps you need to take, call the bank or ask at the branch when you open the account.
Types of accounts available for minors
Most banks offer a savings account for minors, which earns a small amount of interest and is meant for money the child is not spending right away. Some also offer a checking account with a debit card, so the child can make purchases and withdraw cash. A few banks combine both into a single account.
Checking accounts for minors often come with restrictions — the debit card may have a daily spending limit, or the bank may require the adult to approve large transactions. These limits are designed to teach the child to spend responsibly. Ask the bank what restrictions apply before you open the account, because they vary widely. A small number of banks offer money market accounts or certificates of deposit (CDs) for minors, but these are less common. If you want to put money away for a specific goal like college, a CD might earn more interest than a savings account, but the money will be locked up until the CD matures.
How to choose between banks
Compare the minimum age requirement, monthly fees, interest rate on savings, and whether a debit card is included. Some banks charge a monthly fee for minor accounts; others waive the fee if the account meets a minimum balance or if the parent has an account at the same bank. A few banks offer no monthly fees at all.
If you want the child to have a debit card, check whether the bank charges a card fee and whether there are limits on daily spending or the number of transactions. Some banks also offer financial literacy tools or apps designed to teach children about money — these can be useful if you want the account to be part of a larger lesson. Credit unions often have lower fees and higher interest rates than large banks, and many have lower minimum age requirements. If you are a member of a credit union, ask whether they offer minor accounts before you go to a traditional bank.
Frequently Asked Questions
Can I open a bank account for my child without bringing them to the bank?
No. Banks require the child to be present in person at the branch, along with a parent or legal guardian. This is a legal requirement, not a bank policy. You cannot open the account online, by phone, or by mail.
What if my child does not have a Social Security number yet?
Ask the bank whether you can open the account without the number and add it later, or whether you need to get the number first. Some banks will hold the account temporarily; most will not. You can get a Social Security number for a newborn by applying at the Social Security Administration office or by requesting one when you file the child's birth certificate.
Can my child withdraw money from their own account?
Not while they are a minor. The adult on the custodial account has full control. Once the child turns 18 (or 21 in some states), they become the sole owner and can withdraw money without permission. Some banks let minors make small withdrawals with the adult's permission, but this varies by bank.
Do I need to be a customer at the bank already?
No. Most banks will open a minor account for anyone with a valid ID, even if you do not have an account there yourself. However, some banks offer better rates or lower fees if the parent also has an account at the same bank, so it is worth asking.
What happens to the account if the custodian dies?
The account remains in the child's name and the money is theirs, but there may be a delay while the bank processes the change. If there is a will or a named successor custodian, the bank will transfer control to that person. If not, the account may be frozen until a court appoints a guardian. Talk to your bank about naming a backup custodian when you open the account.