Yes, you can open a bank account for your child at most banks and credit unions

Most financial institutions let you open an account in your child's name, with you as the custodian or co-owner. The account belongs to your child legally, but you control it until they reach the age of majority in your state — usually 18 or 21. The specific rules, minimum balances, and features vary by bank, and some have age restrictions on certain account types.

You do not need your child to be present to open the account, though some banks require it. You will need your child's Social Security number, proof of your identity, and proof of your address. A few banks ask for your child's birth certificate as well.

The main decision is whether to open a joint account (where both names appear and you both can withdraw money) or a custodial account (where the money is legally your child's, but you manage it). Joint accounts are simpler to set up; custodial accounts offer more tax advantages if your child earns interest or investment income.

Key Takeaways

  • You can open a bank account for your child at most banks and credit unions without your child being present, using their Social Security number and your ID.
  • Joint accounts let you both withdraw money and are easier to set up; custodial accounts make the money legally your child's but give you control until they turn 18 or 21.
  • Minimum balance requirements, monthly fees, and age limits on certain account types differ by bank, so compare before you choose.
  • Once your child turns 18, they can access the account independently, and at the age of majority in your state, the account becomes fully theirs.

Joint accounts versus custodial accounts

A joint account has both your name and your child's name on it. You both can deposit and withdraw money. The bank treats it as a single account with two owners. Joint accounts are straightforward to open and require no special paperwork beyond the standard account application. Most banks offer them with no additional cost.

A custodial account is held in your child's name, with you listed as the custodian. The money belongs to your child from the moment it goes in, but you have the legal right to manage it on their behalf. When your child reaches the age of majority — 18 in most states, 21 in a few — the account becomes theirs to control completely, and you lose access. Custodial accounts require a Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) form, which most banks provide.

The tax difference matters if your child earns interest or investment income. In a custodial account, the first portion of that income is taxed at your child's rate, which is usually lower than yours. In a joint account, the income is taxed based on who earned it, but the bank reports it under your Social Security number, which can complicate your taxes. If you plan to invest the money or leave it untouched for years, a custodial account usually saves money on taxes.

What you need to bring to the bank

Bring your government-issued photo ID and a recent utility bill, bank statement, or lease showing your current address. The bank will ask for your child's full name, date of birth, and Social Security number. If your child does not have a Social Security number yet, you can request one from the Social Security Administration before opening the account, or some banks will let you open the account and add the number later.

A few banks request your child's birth certificate as proof of age, though most do not. Call ahead to ask what your specific bank requires. If you are opening a custodial account, the bank will provide the UTMA or UGMA form for you to sign; no notarization is needed.

Some banks let you open the account entirely online or by phone if you are an existing customer. Others require you to visit a branch in person. A handful of online banks do not offer accounts for minors at all, so check the bank's website or call before you make a trip.

Age limits and account types

Most banks let you open a checking or savings account for a child of any age. However, some banks restrict certain features — like debit cards, online banking, or the ability to write checks — until your child reaches a certain age, often 13 or 16. A few banks do not offer accounts for children under 13.

Teen checking accounts are common and often come with a debit card, online access, and parental controls that let you set spending limits or see transactions. Some charge a monthly fee ($5 to $10); others are free. Investment accounts and money market accounts typically have higher minimum balances and are less common for minors.

Once your child turns 18, they can usually access the account online and withdraw money without your permission, even if you remain the custodian. At the age of majority in your state, the custodian's authority ends completely, and the account is entirely theirs. You should discuss this transition with your child before it happens so there are no surprises.

Minimum balances and fees

Minimum balance requirements vary widely. Some banks have no minimum; others require $25 to $500 to open the account or to avoid a monthly maintenance fee. Teen accounts often have lower minimums than adult accounts. A few banks waive the minimum if you set up automatic deposits or keep a certain balance in another account at the same bank.

Monthly maintenance fees range from $0 to $15, depending on the bank and account type. Many banks waive the fee if you maintain a minimum balance, set up direct deposit, or use the debit card a certain number of times per month. Some online banks have no fees at all.

Overdraft fees and out-of-network ATM fees apply the same way they do to adult accounts. If your child will be using the debit card, ask whether the bank charges a fee each time they use an out-of-network ATM, and whether overdraft protection is automatic or something you have to turn on.

How to transfer money and set limits

You can deposit money into your child's account the same way you would into your own — by direct deposit, check deposit, ATM deposit, or in-person at a branch. Many banks let you transfer money between your account and your child's account online or through their mobile app.

If the account has a debit card, you can usually set spending limits through the bank's app or website. You can restrict daily withdrawal amounts, block certain types of purchases (like online shopping or gas stations), or turn the card off entirely if it is lost. Some banks let you set up alerts so you receive a text or email each time your child uses the card.

For a joint account, both you and your child can make deposits and withdrawals. For a custodial account, you control the money until your child reaches the age of majority, but your child can see the balance and transactions if the bank provides online access.

What happens when your child turns 18

The rules depend on whether you opened a joint account or a custodial account. In a joint account, your child can withdraw money without your permission once they turn 18, but you retain access and ownership rights. The account remains joint unless one of you closes it or removes the other person.

In a custodial account, your child gains the right to withdraw money at 18 in most states, but the account does not automatically transfer to them. You remain the custodian until your child reaches the age of majority — 18 in most states, 21 in California, Delaware, Florida, Idaho, Kansas, Missouri, Nevada, New York, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, and Wyoming. At that point, the custodian's authority ends, and the account becomes entirely your child's.

Some banks require you to visit a branch or sign paperwork to formally transfer the account. Others do it automatically. Contact your bank before your child's 18th birthday to understand the process and timeline.

Frequently Asked Questions

Do I need my child to be present to open the account?

No. Most banks let you open the account with just your child's Social Security number, birth date, and your ID. Some banks require your child to be present or to sign documents, so call ahead to ask. A few online banks do require your child to verify their identity, usually by video call.

What is the difference between a custodial account and a trust account?

A custodial account is simpler and faster to set up — it requires only an UTMA or UGMA form. A trust account is a formal legal document that can name multiple beneficiaries, specify how money is used, and continue after you die. Trusts are more expensive to set up and maintain, and most families with young children use custodial accounts instead.

Can my child have their own debit card?

Yes. Most banks offer debit cards for teen accounts, usually starting at age 13. Some banks issue the card in your child's name; others issue it in your name but link it to their account. You can set spending limits and turn the card off through the bank's app.

Will opening an account for my child affect my credit?

No. A checking or savings account does not appear on your credit report. Only credit products — credit cards, loans, lines of credit — affect your credit score. A custodial account is reported under your child's Social Security number, not yours.

What happens if my child loses the debit card?

Call the bank immediately to report it lost or stolen. The bank will cancel the card and issue a replacement, usually within 7 to 10 business days. Most banks do not charge a fee for a replacement card. Until the new card arrives, your child can still withdraw money at ATMs or branches using their account number.