What you need to open a minor's account
A parent or legal guardian must open the account in person at a bank or credit union branch. You cannot open a minor's account online, by mail, or through an app — the adult has to show up with the child and both forms of ID. Most banks require the child to be present too, though a few will let a parent open it alone if the child is very young.
Bring a government-issued ID for the parent (driver's license, passport, or state ID card) and a second form of ID for the child. For a child under 16, a school ID, birth certificate, or Social Security card usually works as the second form. If the child is 16 or older, they can bring their own driver's license or state ID. You will also need the child's Social Security number.
Some banks ask for proof of address — a recent utility bill, lease, or mortgage statement in the parent's name. Call the branch ahead of time to confirm what they need, because requirements vary by bank and by state.
Key Takeaways
- A parent or legal guardian must open the account in person at a physical branch with the child's birth certificate or school ID and their own government-issued ID.
- Most banks offer custodial accounts for children under 18, where the parent controls the account until the child reaches the age of majority (usually 18 or 21).
- Minimum opening deposit ranges from zero to $100 depending on the bank, and monthly fees vary widely — some accounts have no monthly fee at all.
- Once the account is open, the child can use a debit card, make deposits at ATMs, and access online banking, though the parent retains full control until the account transfers.
Custodial accounts and how control transfers
The account the bank opens for a minor is called a custodial account. The parent or guardian is the custodian and has complete control — they can deposit money, withdraw it, freeze the account, or close it. The child's name is on the account, but they cannot make decisions about it until they reach the age of majority.
The age of majority varies by state. In most states it is 18, but in Alabama, Nebraska, and Wyoming it is 19, and in Mississippi it is 21. When the child reaches that age, the account automatically converts to a regular account in their name, and the parent's control ends. The bank will notify both of you before this happens, usually 30 to 60 days in advance.
Some banks let you set up a joint account instead, where both the parent and child have equal control from the start. This is less common for young children but more common for teenagers. Ask the bank whether they offer both options and which one makes sense for your situation.
Minimum deposits and monthly fees
Most banks do not require a minimum deposit to open a minor's account — you can open it with zero dollars. A few banks ask for $25 or $100 to start, but these are the exception. Check the bank's website or call the branch to confirm.
Monthly maintenance fees range from zero to $15, depending on the bank. Many banks waive the fee if you keep a minimum balance (often $100 to $500) or set up direct deposit. Some banks charge no fee at all for minor accounts. Credit unions typically charge lower fees than large national banks, and online banks often have no monthly fee.
Overdraft fees and out-of-network ATM fees still apply, so talk to the child about how to avoid them. Some banks offer overdraft protection, which links the account to a parent's account and prevents overdrafts — ask whether this is available.
Debit cards and spending controls
Most banks issue a debit card with a minor's account. The card works like any other debit card — the child can use it to buy things, withdraw cash at ATMs, and make online purchases. The parent can see all transactions through online banking.
Some banks let the parent set spending limits on the debit card — for example, a limit of $50 per day or $200 per week. This is useful if you want the child to have access to money but control how much they can spend at once. Not all banks offer this feature, so ask when you open the account.
The child's name appears on the card, and they can use it independently once they have it. The parent still controls the account itself — they can freeze the card, close it, or review transactions — but the child can make purchases without asking permission each time.
Online banking and account access
Once the account is open, the parent can set up online banking using the bank's website or app. The parent logs in with their own username and password and can see the minor's account, make transfers, and monitor spending.
Some banks let the child have their own online banking login once they reach a certain age (often 13 or 16). The child can then check their balance and see their own transactions without the parent's password. The parent's login still has full control — the child's login is read-only or limited.
Mobile check deposit is usually available, meaning the child can photograph a check and deposit it through the app. This is useful if the child receives money from relatives or a job. The parent can see the deposit in real time.
Where to open an account
National banks like Chase, Bank of America, and Wells Fargo all offer minor accounts. Regional banks and local community banks often have similar products. Credit unions, which are nonprofit and member-owned, typically charge lower fees and offer more personalized service.
To find a credit union near you, visit the CO-OP Network or Alliant Credit Union's locator tool. If you already bank somewhere, ask whether they offer minor accounts and what the fees are. Comparing two or three options takes 15 minutes and can save you money over several years.
Online banks like Ally, Charles Schwab, and Fidelity do not offer minor accounts because they have no physical branches. If you want to bank online, you will need to open a custodial account at a traditional bank or credit union first.
What happens if the child is 16 or 17
Teenagers 16 and older can sometimes open their own accounts without a parent present, depending on the bank's policy. Some banks allow 16-year-olds to open an account alone if they bring a government-issued ID and Social Security card. Others still require a parent.
Even if a teenager opens the account alone, it is still a custodial account if they are under 18 — the bank will ask for a parent's information and the parent will have control. The difference is convenience: the teenager can go to the branch without the parent, but the parent's authority remains the same.
If a teenager wants to open a regular (non-custodial) account in their own name, they usually have to wait until they turn 18. A few banks make exceptions for 17-year-olds, but this is rare. Ask the bank directly if your teenager is close to 18.
Frequently Asked Questions
Can I open a minor's account without bringing the child to the bank?
Most banks require the child to be present. A few banks will let you open an account for a very young child (under 5 or 6) without them there, but you will need to call ahead and confirm. For any child old enough to go to school, expect to bring them with you.
What if I do not have a Social Security number for the child yet?
You will need the Social Security number to open the account. If your child does not have one, you can apply for one at your local Social Security office or online at ssa.gov. It takes about two weeks to arrive. Open the bank account after you receive it.
Can the child withdraw all the money without my permission once they turn 18?
Yes. When the account converts to a regular account, it becomes theirs completely and you have no control. If you want to prevent this, you would need to close the account or move the money before they turn 18, but this defeats the purpose of giving them an account to learn with.
Do I need to report the minor's account on my taxes?
If the account earns interest or dividends, the child may owe tax on that income. The bank will send a 1099-INT or 1099-DIV form if the earnings are over $10. Talk to a tax professional about whether the child needs to file a return, because the rules depend on their total income and your filing status.
What if the child loses the debit card?
Call the bank immediately and report it lost. The bank will cancel the card and issue a new one, which usually arrives in 7 to 10 business days. Most banks do not charge a fee for a replacement card. In the meantime, the child can still access their money through ATMs using a PIN or through online banking.