You can open a bank account for a child at any age, but the rules change depending on whether you're the account holder or they are
A child under 18 cannot legally sign a contract, which is what opening a bank account requires. So banks offer two paths: a custodial account where you (the parent or guardian) own and control the account until the child turns 18, or a joint account where both of you are listed as owners. Some banks also let teenagers open accounts in their own name once they reach a certain age—usually 13 to 16—but you remain the custodian until they turn 18.
The age at which your child can start varies by bank. Most major banks (Chase, Bank of America, Wells Fargo, Citibank) allow custodial accounts from birth. Some regional and online banks set a minimum age of 13 or 16 for teen accounts where the teenager has more control. Credit unions often have similar rules but may vary by location. The account type you choose affects what your child can do with the money and when they can access it without your permission.
Key Takeaways
- Custodial accounts can be opened at birth at most major banks, with you controlling the account until your child turns 18.
- Teen accounts (usually available at age 13 to 16) let your child use a debit card and make withdrawals, but you remain the custodian and can monitor activity.
- Joint accounts put both your name and your child's name on the account, but you still control it until they turn 18.
- At age 18, your child can take full control of a custodial account, or you can transfer the money to an account in their name only.
- Different banks have different rules about minimum age, required documents, and what features teen accounts include.
Custodial accounts: you control the money until they turn 18
A custodial account is opened in your child's name, but you are the legal owner and decision-maker. You deposit money, decide when withdrawals happen, and manage the account. Your child's Social Security number is on file, so the bank reports interest earned to the IRS under their name—which can affect tax filing later, though the amounts are usually small.
You can open a custodial account at most banks from the moment your child is born. You'll need your child's Social Security number, a government-issued ID (yours), and proof of address. Some banks let you open one online; others require a visit to a branch. The account stays in your control until your child turns 18, at which point it becomes theirs to manage. Some banks automatically convert it; others require you to sign paperwork transferring ownership.
Custodial accounts are useful for saving money for your child's future—college, a car, or just teaching them about banking—without giving them access to spend it. The downside is that your child learns less about managing money day-to-day, and the money counts as their asset if they later need to show financial need for college aid.
Teen accounts: your child gets a debit card and some independence
Teen accounts are designed for children roughly 13 to 16 years old and let your child use a debit card, make purchases, and withdraw cash—but you can see every transaction and set spending limits. You remain the account owner, so the bank still reports to you, and you can freeze the card or close the account if needed.
Not all banks offer teen accounts, and the age requirement varies. Chase offers them starting at age 13; Bank of America and Wells Fargo start at 13 as well. Some online banks and credit unions may have different minimums. When you open one, you'll typically need to bring your child to the branch with you, along with their Social Security number and proof of identity (a school ID or passport works at many banks). You'll both sign paperwork, and your child gets a debit card in their name.
Teen accounts teach real-world money management—your child sees their balance drop when they spend, learns to budget, and gets comfortable with banking. Many let you set up alerts so you know when they make a purchase over a certain amount. Some banks offer parental controls through a mobile app, letting you lock the card or adjust limits without visiting a branch.
Joint accounts: both names on the account, but you control it
A joint account lists both you and your child as owners. In legal terms, either owner can withdraw all the money without the other's permission—but in practice, you control it because you're the adult and the account is in your custody. Joint accounts work similarly to custodial accounts from a practical standpoint, but the legal structure is different.
Joint accounts can be opened at any age, though most banks require your child to be present at the branch or to provide their Social Security number and a copy of their birth certificate. You'll need your ID and proof of address. The main difference from a custodial account is that when your child turns 18, they have equal legal rights to the account—they could theoretically withdraw everything without your permission, though most teenagers don't.
Joint accounts are less common than custodial accounts for children because custodial accounts offer clearer legal protection: you remain the sole owner until your child turns 18. But some families prefer joint accounts because they feel more transparent—the child knows the money is partly theirs from the start.
What documents you'll need to bring
The exact documents vary by bank, but most require the same basics. Bring your government-issued photo ID (driver's license or passport), proof of your current address (a utility bill or lease dated within the last 60 days), and your child's Social Security number. If your child is present, bring their Social Security card or a copy of their birth certificate. Some banks also ask for a second form of ID from you, such as a credit card or employee badge.
If you're opening the account online, you'll upload photos of these documents or enter the information directly. Some banks verify your identity through a video call with a representative. If you're visiting a branch, bring the originals—the bank will make copies. Call your bank ahead of time to confirm what they need; requirements can differ between branches and change over time.
What happens when your child turns 18
At 18, your child becomes a legal adult and can own a bank account in their own name. If the account is custodial, the bank will either automatically convert it to an adult account in your child's sole name, or send you paperwork to sign transferring ownership. Read any notices the bank sends carefully—some require you to take action, and if you don't, the account may stay in custodial status longer than necessary.
If you want to keep the account open but remove yourself as the custodian, you can do that at the bank. If you want to close it and move the money to a new account your child opens themselves, that's also an option. Some parents and teenagers keep a joint account open even after the teenager turns 18, which is fine—but understand that your child now has equal legal rights to withdraw money.
Before your child turns 18, talk to them about what will happen to the account and whether they want to keep banking at the same institution or switch. If they've been using a teen account with parental controls, those controls will disappear once they turn 18, so this is a good time to discuss financial responsibility and budgeting.
Comparing account types: which one fits your situation
| Account Type | Minimum Age | Who Controls It | Child's Access | Best For |
|---|---|---|---|---|
| Custodial | Birth | Parent only | None until age 18 | Saving for your child's future without giving them access |
| Teen Account | 13–16 (varies by bank) | Parent, with child's input | Debit card, withdrawals, with parental limits | Teaching money management and letting your child spend within boundaries |
| Joint | Birth | Parent and child equally (legally) | None until age 18, then equal rights | Transparency and shared ownership from the start |
Frequently Asked Questions
Can I open a bank account for my newborn?
Yes. Most banks allow custodial accounts from birth. You'll need your child's Social Security number (which you receive when you register their birth), your ID, and proof of address. Many banks let you open one online without visiting a branch.
What's the difference between a custodial account and a trust account?
A custodial account is a simple bank account you open at a regular bank. A trust account is a legal arrangement set up through an attorney that can hold money, property, and other assets and specify what happens to them after you die. Trusts are more complex and costly but offer more control over how money is used. For most families, a custodial bank account is enough.
Can my child have their own account without me on it?
Not until they turn 18. Before that, you must be on the account as the custodian or co-owner. At 18, they can open an account in their own name at any bank.
Do I have to use the same bank for my child's account as I use for mine?
No. You can open your child's account at any bank that offers accounts for minors. Some families choose the same bank for convenience; others shop around for better rates or features. If you use different banks, you'll manage two separate online logins.
Will money in my child's account affect their college financial aid?
Yes, but the impact depends on whose name is on the account. Money in a custodial or teen account counts as your child's asset on the Free Application for Federal Student Aid (FAFSA), which can reduce aid. Money in a joint account where you're the primary owner may count as your asset instead, which has less impact on aid. Talk to a financial aid office if this is a concern.