Yes, kids can have a bank account, and most banks offer accounts designed for minors

Children as young as infants can have a bank account in the United States. The account is opened by a parent or legal guardian, and the child's name appears on it. The adult controls the account until the child reaches the age of majority—usually 18, though some states set it at 19 or 21—at which point the account converts to a standard adult account and the child takes full control.

Banks call these custodial accounts or minor accounts. They work like regular checking or savings accounts but come with restrictions: the parent or guardian can deposit and withdraw money, set spending limits, and monitor activity. The child can use a debit card (if the bank offers one for that age group) and learn how money moves in and out of an account.

The specific rules—minimum balance, fees, debit card availability, age limits—vary by bank. Some banks let children as young as 6 or 7 open an account with a parent; others require the child to be 13 or older. A few banks have no minimum age at all.

Key Takeaways

  • A parent or guardian opens a custodial account for a child and retains control until the child reaches the age of majority, usually 18.
  • Most major banks and credit unions offer minor accounts, often with no monthly fees and no minimum balance requirement.
  • Debit cards for kids are available at many banks but typically require the child to be at least 6 to 13 years old, depending on the bank.
  • When the child turns 18 or 21, the custodial account automatically converts to an adult account, and the parent's access ends.
  • A child's account does not build credit history on its own; credit-building requires a credit card or loan in the child's name.

What happens when you open an account for a minor

To open a custodial account, you bring your child and a form of ID to a bank branch, or you complete the process online if the bank offers it. You will need your own ID and Social Security number, and the child's Social Security number. Some banks also ask for proof of address.

The account is registered in both names: yours as custodian and the child's as the account holder. The bank sends statements to you, not the child. You can set up online access so you see all deposits, withdrawals, and transfers in real time. Many banks let you set daily spending limits on the debit card—for example, $20 per day—so the child cannot overdraw the account or spend more than you allow.

The money in the account belongs to the child legally, even though you control it. This matters if you die or become incapacitated: the account passes to the child, not to your estate. It also matters for financial aid later—money in a custodial account counts as the child's asset when calculating college financial aid, which can reduce aid amounts.

Debit cards for kids and spending controls

Many banks offer debit cards for children, though not all. The card is linked to the custodial account and works like an adult debit card: the child can use it to buy things in stores or online, and the purchase comes out of the account balance. The card has the child's name on it, which can help the child feel ownership of the account.

As the account holder, you can usually set controls through the bank's app or website. Common controls include daily spending limits, merchant category blocks (for example, blocking gas stations or restaurants), and the ability to turn the card on or off instantly. Some banks let you require your approval before the child can make a purchase over a certain amount.

The minimum age for a debit card varies. Chase, for example, offers debit cards for children ages 6 and up through its Chase First Banking account. Bank of America allows children ages 8 and up. Some banks require the child to be 13. Check with your bank about what age your child needs to be and what controls are available.

Fees and minimum balances for minor accounts

Most banks do not charge monthly maintenance fees on custodial accounts. However, fees can appear if the account falls below a minimum balance, if you overdraw, or if you use out-of-network ATMs. Some banks charge a fee if the account sits inactive for a long time.

Minimum balance requirements are rare on minor accounts. Many banks set the minimum at zero, meaning you can keep the account open with no money in it. A few banks require $25 or $100 to open, but not to maintain. Check the bank's fee schedule before you open the account so you know what to expect.

Interest rates on savings accounts for minors are typically very low—often 0.01% or less—but some online banks and credit unions offer higher rates, sometimes 4% to 5% on savings balances. If you want the account to earn money over time, compare rates across banks before opening.

When the account converts to an adult account

On the date your child reaches the age of majority in your state, the custodial account automatically converts to a standard adult account. Your name comes off, and your access ends. The child now owns and controls the account fully. The bank usually sends a notice before this happens, but the conversion is automatic—you do not have to do anything.

After conversion, the child can change the account settings, add or remove authorized users, set up online access, and manage the account independently. If the child was not already using online banking, this is a good time to help them set it up so they can monitor their balance and transactions.

Some banks offer a transition period where the young adult can call the bank with questions or ask for help, but the parent has no legal authority over the account once it converts. If you want to stay involved, the young adult can add you as an authorized user, but that is their choice.

How a minor account differs from a savings bond or trust

A custodial bank account is not the same as a 529 education savings plan, a Uniform Transfers to Minors Act (UTMA) account, or a trust. Each has different rules about who controls the money, when the child can access it, and how it affects financial aid.

A regular custodial account at a bank gives you immediate control and the child immediate access (subject to your spending limits). A 529 plan is designed for education expenses and has tax advantages, but withdrawals for non-education costs trigger taxes and penalties. An UTMA account is a legal custodial account that may have different rules depending on your state—some UTMA accounts automatically transfer to the child at 18, while others wait until 21 or 25.

If you want to save money for your child's education with tax benefits, a 529 plan may be better. If you want to teach your child how to use money day-to-day, a regular custodial bank account is simpler and more flexible. Talk to your bank or a tax professional about which option fits your goals.

Building credit history for a teenager

A custodial bank account does not build your child's credit history. Credit bureaus do not track checking or savings accounts—they only track credit products like credit cards, loans, and lines of credit. A teenager with a bank account but no credit card or loan will have no credit score.

If you want your teenager to start building credit, you have a few options. You can add them as an authorized user on one of your credit cards—they get a card in their name, but you remain responsible for the bill. You can open a secured credit card in their name, which requires a cash deposit and helps them build a credit history. Some banks offer credit-builder loans for teenagers, which work like a savings account but report to credit bureaus.

Starting credit-building in the teenage years gives your child a head start. By the time they turn 18 and leave for college or work, they may already have a credit score, which helps them rent an apartment, get a car loan, or open their own credit card.

Frequently Asked Questions

Can a child open a bank account without a parent?

No. A minor cannot open a bank account alone. A parent or legal guardian must open the account and be listed as the custodian. Once the child reaches 18, they can open their own account without a parent's involvement.

What happens to the account if the parent dies?

The account belongs to the child and passes to them automatically. The child can continue to use the account, though if they are still a minor, a court-appointed guardian or executor may need to manage it until the child turns 18.

Can a child have more than one bank account?

Yes. A child can have multiple custodial accounts at different banks. Some families open one account for daily spending and another for savings. There is no legal limit on the number of accounts a minor can hold.

Does money in a minor's bank account count against financial aid?

Yes. Money in a custodial account is counted as the child's asset when calculating financial aid for college. This can reduce the amount of aid the child receives. Money in a parent-owned 529 plan is treated differently and has less impact on aid.

Can a parent withdraw money from a child's account without permission?

Yes. As the custodian, you have legal authority to withdraw money from the account. However, the money belongs to the child, and withdrawing it for your own use (rather than for the child's benefit) can have legal and tax consequences. Use the account only for the child's expenses.