What you need to open an account

You can open a savings account for your child at most banks and credit unions. The process is straightforward: you'll need your own ID, your child's Social Security number or tax ID, and proof of your address. Some banks also ask for your child's birth certificate, though not all do. Call ahead or check the bank's website to confirm what they require before you go in.

Your child does not need to be present for the account opening, though some banks prefer it. If your child is a teenager, many banks will let them sign the paperwork themselves. For younger children, you'll sign as the account owner or custodian, and you'll control the account until your child reaches the age of majority—usually 18 or 21, depending on your state and the bank's rules.

The account itself is free at most institutions. Some banks charge a monthly fee if the balance drops below a certain amount, but many waive fees for accounts opened by parents for minors. Read the fee schedule before you open the account so you know what to expect.

Key Takeaways

  • You'll need your ID, your child's Social Security number, and proof of your address to open an account at a bank or credit union.
  • Your child does not have to be present, and you will control the account as custodian until your child reaches the age of majority in your state.
  • Most banks offer no-fee savings accounts for minors, but some charge monthly fees if the balance falls below a set amount.
  • Once your child turns 18 or 21, the account automatically converts to a standard account in their name, or you can close it and open a new one together.

Where to open the account

You have three main options: a traditional bank, an online bank, or a credit union. Traditional banks have physical branches where you can walk in and speak to someone face-to-face. Online banks have no branches but often offer higher interest rates on savings and lower or no fees. Credit unions are member-owned institutions that often have lower fees and more flexible rules about minimum balances.

If you already have an account at a bank or credit union, opening a child's account there is usually faster—the institution already has your information on file. If you're starting fresh, compare a few options. Look at the interest rate the account pays, any monthly fees, whether there's a minimum balance requirement, and how easy it is to move money in and out. Some banks offer perks like debit cards for teenagers or the ability to set savings goals.

Credit unions often have lower fees and more personalized service, but you have to be a member to open an account. Membership usually requires living or working in a specific area or belonging to a particular group or employer. Check whether you're already a member or whether you can join.

Types of accounts for children

Most banks offer a basic savings account for minors. This is a standard savings account with your name and your child's name on it. You control it, and your child can watch the balance grow. Interest rates on these accounts are usually very low—often less than 0.01 percent—but the account teaches your child about saving without risk.

Some banks offer youth checking accounts or teen accounts that come with a debit card. These accounts let your child make purchases and withdraw cash, and they're designed to teach money management. Many come with parental controls so you can set spending limits or get alerts when your child uses the card. If your child is a teenager and you want them to learn how to manage their own money, a checking account with a debit card may be more useful than a savings account alone.

A few banks offer high-yield savings accounts for minors, which pay more interest than a standard savings account. The interest rate still won't make you rich, but it's better than nothing. These accounts usually have no monthly fee and no minimum balance requirement.

The account opening process

If you're opening the account in person at a bank branch, bring your ID, your child's Social Security number, and a recent utility bill or lease showing your address. The banker will fill out a form with your information and your child's information. You'll sign the paperwork, and the account will be open the same day. You'll get a debit card or passbook, and you can start depositing money right away.

If you're opening the account online, the process is similar but happens on the bank's website. You'll enter your information, your child's information, and upload photos of your ID and proof of address. Some banks verify your identity by asking security questions or sending a code to your phone. Once the bank approves your application—usually within one to three business days—the account is open and you can transfer money into it.

A few banks require you to visit a branch in person even if you start the application online. Check the bank's website or call to ask whether you can complete the entire process online or whether you'll need to come in.

What happens when your child turns 18

When your child reaches the age of majority in your state—usually 18, sometimes 21—the account automatically converts to a standard account in their name. You will no longer have control over it, and your child will have full access. Some banks send a notice before this happens so you're not surprised. Others don't, so mark the date on your calendar.

If you want to keep the account open, you don't have to do anything. Your child can use it as their own savings account. If you want to close it and open a new account together, you can do that too. Some families use this as a milestone moment to sit down with their teenager and talk about money management and next steps.

If your child is already a teenager when you open the account, ask the bank what age the account will convert to a standard account. Some banks let teenagers open their own accounts with parental permission starting at age 13 or 16, which means the conversion happens later or not at all.

How to add money to the account

You can deposit money into your child's account the same way you deposit into your own: in person at a branch, through an ATM, by mail, or online. If the bank is online-only, you can transfer money from your own bank account to your child's account electronically. Most transfers take one to three business days.

Some parents set up automatic transfers so a small amount moves into the child's account every week or month. This teaches the child about consistent saving without requiring you to remember to deposit money. You can usually set this up through your bank's website or by calling customer service.

If you want your child to earn money and deposit it themselves, some banks let minors make deposits at ATMs or through mobile apps. Check whether the bank's app works for your child's age and what permissions you need to set up.

Frequently Asked Questions

Can I open a savings account for a newborn?

Yes. You'll need your newborn's Social Security number, which you can get from the Social Security Administration or request when you file your taxes. Once you have the number, you can open an account at any bank or credit union. Many parents open accounts for newborns to start saving for college or other long-term goals.

What if my child doesn't have a Social Security number yet?

You can request one from the Social Security Administration online, by phone, or in person at a local office. The process usually takes two to four weeks. Some banks will let you open an account with an Individual Taxpayer Identification Number (ITIN) if your child doesn't have a Social Security number, but not all do. Call the bank first to ask.

Can my child have their own account without me on it?

It depends on your child's age and the bank's rules. Most banks require a parent or guardian to be on the account if the child is under 18. Some banks let teenagers open accounts on their own starting at age 13 or 16, but a parent still has to give permission. Ask the bank what age your child can have an account in their name alone.

Will opening a savings account affect my child's credit?

No. A savings account does not show up on a credit report. Credit reports track borrowing and repayment, not savings. Your child's credit history will start when they get their first credit card or loan, usually as a teenager or young adult.

What if I want to close the account later?

You can close a child's savings account at any time by visiting a branch or calling the bank. You'll need to withdraw or transfer any remaining money. The bank may ask why you're closing it, but they cannot force you to keep it open. If your child is old enough to have control of the account, they may need to sign off on the closure.