What you need to bring and who can sign

Most banks let you open a savings or checking account for a child under 18 by coming in person with the child and a government-issued ID for yourself. The child does not need their own ID in most cases — the bank verifies their identity through you. You will need the child's Social Security number, which the bank uses to set up their tax file at the bank.

Some banks require the child to be present; others let you open an account for an infant or toddler without them there. Call ahead to ask what your bank's policy is, because it varies. A few banks have a minimum age — often 13 or 16 — below which they will not open an account in the child's name alone, even with a parent co-signing.

Bring your ID (driver's license, passport, or state ID), proof of address (a recent utility bill or lease), and the child's Social Security card or a document showing their number. If you do not have the Social Security number yet, you can request one from the Social Security Administration before you go to the bank, or some banks will let you complete the account setup later once you have it.

Key Takeaways

  • You can open a bank account for a child by visiting in person with your government ID and the child's Social Security number.
  • Most banks offer both savings accounts (which earn interest but limit withdrawals) and checking accounts (which allow unlimited transactions) for minors.
  • As the parent or guardian, you will have full access to the account and can monitor all deposits and withdrawals until the child reaches the age of majority.
  • Some banks offer accounts designed for teens that gradually shift control to the young person as they get older, with parental oversight built in.
  • Online banks often have lower fees and higher interest rates than brick-and-mortar banks, but they require you to open the account through their website or app.

Savings accounts versus checking accounts for minors

A savings account earns interest on the money in it, meaning the bank pays you a small percentage of your balance each month or year. The trade-off is that most savings accounts limit how many times per month you can withdraw money — often six withdrawals before fees kick in. Savings accounts work well if you are setting money aside for the child's future and do not plan to touch it often.

A checking account lets you withdraw money as many times as you want and usually comes with a debit card. Checking accounts typically earn little or no interest. They work better if you plan to give the child regular access to spend money or if you want to deposit paychecks or allowance frequently.

Many banks let you open both at the same time — a savings account for long-term money and a checking account for spending. Some also offer money market accounts, which sit between the two: they earn more interest than checking but usually require a higher balance to open.

In-person banks versus online banks

Opening an account at a brick-and-mortar bank (one with physical branches) is straightforward: you walk in, show your ID and the child's Social Security number, and leave with a debit card and account number the same day. You can ask questions face-to-face and get immediate help if something goes wrong. The downside is that these banks often charge monthly fees ($5 to $15) and pay very low interest on savings.

Online banks have no physical locations, so you open the account through their website or mobile app. They typically charge no monthly fees and pay higher interest rates because they have lower overhead costs. The catch is that you cannot walk into a branch if you need help — you have to call, email, or use their chat support. Some online banks also require you to verify your identity through a video call or by uploading photos of your ID, which can take a few extra days.

A middle ground is a bank that operates both online and in branches — you get the lower fees and higher interest of online banking, but you can visit a physical location if you need to. Examples include Charles Schwab, Ally, and some credit unions. Compare the fees, interest rates, and customer service options before you choose.

How parental access and control work

When you open an account as the parent or legal guardian, you are listed as the account owner alongside the child. This means you have full access to the account — you can see all transactions, deposit money, withdraw money, and close the account. The child's name is on the account, but they do not have independent control over it unless you give them a debit card or online login.

Some banks let you set restrictions on a child's debit card, such as daily spending limits, merchant categories they can use it at (groceries only, for example), or whether they can withdraw cash from ATMs. These tools let you teach money management while keeping control. Ask your bank what restrictions they offer before you open the account.

Once the child turns 18, the account remains in both your names unless you or the child takes action to change it. Some banks automatically convert the account to an adult account at age 18; others keep it as-is. You will lose access to the account at that point unless the young adult adds you back as an authorized user. Talk to your bank about what happens at age 18 so there are no surprises.

Accounts designed for teens with gradual control transfer

Several banks offer accounts specifically for teenagers that are designed to shift responsibility over time. These accounts start with full parental control and gradually give the teen more independence — for example, a teen might get a debit card at age 13 with a daily spending limit, then get online banking access at 15, then full control at 18.

Banks like Greenlight, FamZoo, and Fidelity Youth Account market these as teaching tools. They often include features like chore tracking, allowance automation, and spending notifications sent to the parent's phone. Some charge a monthly subscription ($5 to $10); others are free. These accounts are not necessary — a regular savings or checking account with parental oversight works just as well — but they can be useful if you want built-in structure for teaching financial habits.

Traditional banks like Chase and Bank of America also offer teen checking accounts with parental controls, usually at no extra cost beyond their standard account fees. Compare what features matter to you: some parents care most about spending limits, others about interest earned, others about ease of use.

What happens to the account when the child turns 18

At age 18, your child becomes a legal adult, and the bank's relationship with the account changes. In most cases, you remain a co-owner unless you remove yourself or the bank automatically converts the account to a single-owner account in your child's name. Some banks send a notice before this happens; others do not.

If you want to stay involved after age 18 — for example, if your child is in college and you are helping with finances — you can ask the bank to keep you as a co-owner. Your child can also add you as an authorized user if they want you to have access but want to be the primary owner. These are separate conversations to have with your bank; do not assume the account will stay as-is.

If you want to close the account or transfer the money before your child turns 18, you can do that at any time since you are the account owner. Some parents do this to move the money to an account in the child's name alone, or to a custodial account (a legal structure that gives the child control at a set age, usually 18 or 21).

Frequently Asked Questions

Do I need to open a custodial account instead of a regular account?

No. A regular joint account where you and your child are both owners works fine for most families. A custodial account (also called an UTMA or UGMA account) is a legal structure that automatically transfers full control to the child at age 18 or 21, depending on your state. Custodial accounts can have tax advantages if you are saving large amounts, but they cost more to set up and have stricter rules. Ask your bank or a tax professional whether a custodial account makes sense for your situation.

What if my child is under 13 — can I still open an account?

Yes. Most banks let you open a savings account for an infant or young child in your name with the child listed as a beneficiary, or as a joint account where you are the primary owner. Some banks have a minimum age of 13 for checking accounts or debit cards, but savings accounts are usually available at any age. Call your bank to confirm their age policy before you go in.

Will opening a bank account hurt my child's credit score?

No. Opening a savings or checking account does not affect credit scores. Credit scores only track borrowing and repayment history — things like loans, credit cards, and payment records. A bank account is just a place to store money, so it does not show up on a credit report at all.

Can my child have their own account without me as a co-owner?

Not until they turn 18 in most states. Before age 18, banks require a parent or legal guardian to be on the account because minors cannot sign legal contracts. Once your child turns 18, they can open their own account without you, though you can still be added as an authorized user if they want.

What should I do if I lose the debit card or forget the PIN?

Call your bank's customer service line or visit a branch with your ID. They can cancel the old card and issue a new one (usually within 5 to 10 business days), or reset the PIN over the phone. If the card was used fraudulently, report it right away — federal law limits your liability to $50 if you report it within two business days.