What you need to open an account for a child
A parent or legal guardian must go to the bank in person with the child and bring two forms of ID — one for the adult and one for the child. The bank will ask for the child's Social Security number. You'll also need to choose what type of account you want: a savings account (where money sits and earns interest), a checking account (for spending and writing checks), or both together.
Most banks let you open an account for a child as young as newborn, though the child doesn't have to be present. Some banks require the child to be at least 13 or 16 to have their own debit card or online access. The adult on the account has full control until the child reaches the age of majority — usually 18 — at which point the account can convert to an adult account or stay as-is depending on the bank's rules.
Bring a photo ID for yourself (driver's license, passport, or state ID) and a photo ID for the child if they have one. If your child doesn't have a photo ID yet, the bank will accept their Social Security card or birth certificate as proof of identity. Some banks also ask for proof of address, such as a recent utility bill or lease in your name.
Key Takeaways
- A parent or legal guardian must open the account in person at a bank branch, bringing their own ID and the child's Social Security number.
- Most banks allow accounts for children of any age, but debit cards and online access often require the child to be at least 13 or 16.
- You can choose between a savings account, a checking account, or both, depending on what you want the account to be used for.
- The adult on the account keeps full control until the child turns 18, when the account typically converts to a standard adult account.
- Bring photo ID for yourself and either a photo ID, Social Security card, or birth certificate for the child.
Savings accounts versus checking accounts for minors
A savings account is designed to hold money and earn interest over time. Banks pay you a small percentage of your balance each month or year. These accounts usually have no monthly fee and no minimum balance requirement for minors. They come with a debit card or passbook, but not a checkbook. A savings account works well if you want your child to learn to save money without spending it immediately.
A checking account is designed for frequent spending. It comes with a debit card and checkbook so the child can pay for things or withdraw cash. Checking accounts typically earn little or no interest. Some banks charge a monthly fee for checking accounts, though many waive the fee for minors or accounts under a certain balance. A checking account works well if your child is a teenager who needs to pay for school supplies, lunch, or activities.
Many banks offer a combined account that includes both savings and checking features, so money can move between the two. This gives your child the option to spend from checking and save from savings in one account.
Types of accounts banks offer for minors
Most banks offer a custodial account or guardian account, where the parent or legal guardian is the owner and the child is the beneficiary. The adult can deposit money, withdraw money, and close the account at any time. The child can make deposits and withdrawals if they have a debit card, but cannot close the account or change account settings without the adult's permission.
Some banks offer a teen checking account designed specifically for teenagers, usually ages 13 to 17. These accounts often come with a debit card, online banking, and mobile app access so the teen can check their balance and see transactions. Many teen accounts have no monthly fee and no minimum balance. The parent still has oversight and can see all transactions, but the teen has more independence than with a standard custodial account.
A few banks offer joint accounts where both the parent and child are listed as owners with equal rights. This is less common for young children but may be an option for teenagers. With a joint account, either person can withdraw all the money or close the account, so it works best when there is high trust between parent and child.
Steps to open the account at your bank
Call your bank ahead of time or check their website to confirm they offer accounts for minors and what documents you'll need. Some banks require an appointment; others accept walk-ins. Ask whether the child needs to be present or whether you can open the account alone.
Go to the bank branch with the required documents: your photo ID, the child's Social Security number, and either the child's photo ID, birth certificate, or Social Security card. Bring the child if the bank requires it. Tell the bank representative you want to open a minor account and say what type — savings, checking, or both.
The bank will ask you to choose a password or PIN for online access and set up account settings such as overdraft protection (whether the bank will cover spending over the balance) and alerts (text or email notifications when money is deposited or withdrawn). You'll sign paperwork confirming you are the account owner and the child is the beneficiary.
The bank will issue a debit card if you requested one. The card may arrive in the mail within 7 to 10 business days, or you may be able to use it immediately at the branch. Ask the bank when online banking and the mobile app will be active so you can log in and check the account.
Online banks versus brick-and-mortar banks for minors
Most online banks do not offer accounts for minors because they require all account holders to verify their identity in person or through video. A few online banks, such as Fidelity and some credit unions, do offer minor accounts, but the options are limited. If you choose an online bank, you will not be able to deposit cash or get help from a person at a branch.
Brick-and-mortar banks (those with physical branches) are the standard choice for opening a minor account because you can walk in, speak to a representative, and handle everything in one visit. Credit unions also offer minor accounts and often have lower fees and higher interest rates on savings than large banks. If you are a member of a credit union, check whether they offer minor accounts before going to a bank.
The main trade-off is convenience versus cost. Online banks often have lower fees and higher interest rates, but you cannot deposit cash or get in-person help. Brick-and-mortar banks charge higher fees in some cases, but offer more services and personal support.
What happens when the minor turns 18
When your child turns 18, the account automatically converts to an adult account in most cases. The bank will send a notice before or on the conversion date explaining what changes. The child's name stays on the account, and they now have full legal control — they can withdraw all the money, close the account, or change settings without your permission.
Some banks allow you to stay on the account as a co-owner after the child turns 18 if both of you agree. Others remove the parent automatically. Check with your bank about their policy before your child's 18th birthday so you know what to expect.
If you want to keep oversight of the account after your child turns 18, you can ask the bank to add you as a co-owner or authorized user. This requires the child's consent. Alternatively, you can close the account and help your child open a new adult account at the same bank or elsewhere.
Fees and minimum balances for minor accounts
Most banks charge no monthly fee for minor savings accounts. Some banks charge a small fee for minor checking accounts, typically $5 to $10 per month, though many waive the fee if the account stays above a minimum balance (often $100 to $500) or if the child sets up direct deposit of allowance or earnings.
Minimum balance requirements vary by bank and account type. Many banks require no minimum balance for minors, or a very low one such as $25. If the balance falls below the minimum, the bank may charge a fee or close the account. Check the bank's fee schedule before opening the account so you know what to expect.
Some banks offer perks for minor accounts, such as higher interest rates on savings, cash-back rewards on debit card purchases, or free financial literacy tools and apps. Compare a few banks in your area to see which offers the best combination of low fees, no minimum balance, and useful features for your child's needs.
Frequently Asked Questions
Can I open a bank account for my child without going to the bank in person?
Most banks require you to visit a branch in person to open a minor account because they need to verify your identity and the child's identity. A few online banks and credit unions may offer remote opening, but this is uncommon. Call your bank to ask whether they offer online opening for minors before making a trip.
What if my child doesn't have a Social Security number yet?
You can apply for a Social Security number at the Social Security Administration office or through the hospital when your child is born. Most banks will not open an account without a Social Security number, though a few may accept an Individual Taxpayer Identification Number (ITIN) instead. Ask your bank what they accept before you apply.
Can my child access the account online or through an app?
This depends on the bank and the child's age. Most banks allow online access and mobile app access for children ages 13 and up. Younger children may not have access, or access may be limited to viewing the balance only. Ask the bank what age your child needs to be to use online banking and what features they can access.
What if I want to close the account before my child turns 18?
You can close a minor account at any time because you are the account owner. Go to the bank branch with your ID, or call the bank and ask to close the account. The bank will send you a check for the remaining balance, or you can transfer the money to another account. Tell your child before you close the account so they understand what happened to their money.
Can my child have more than one bank account?
Yes, your child can have accounts at multiple banks. Some families open one account for savings and another for spending, or use different banks for different purposes. There is no limit to how many accounts a minor can have, though managing multiple accounts can be confusing. Start with one account and add more only if you have a specific reason.