You cannot open a checking account in your infant's name alone, but you can open a custodial account that you control until they reach adulthood

Banks will not issue an account in a child's name without a parent or guardian on it. What you can do is open a custodial checking account — an account registered in your child's name but legally controlled by you until they turn 18 or 21, depending on your state and the bank. You sign as the custodian, your child's Social Security number goes on the account, and you manage all transactions.

The account belongs to your child from a legal and tax standpoint, even though you hold the debit card and make the deposits. This matters because any interest or earnings get reported under your child's Social Security number, not yours. Some parents use custodial accounts to teach money habits early; others open them mainly to hold funds set aside for the child's future.

A few banks also offer joint accounts where both you and your child are listed as owners with equal rights. For an infant, this works the same way in practice — you control it — but the legal structure is different. Joint accounts are less common for young children and come with different tax and inheritance rules, so custodial accounts are the standard choice.

Key Takeaways

  • Custodial checking accounts are registered in your child's name but controlled by you until they reach the age of majority in your state, usually 18 or 21.
  • You will need your child's Social Security number and a government-issued ID showing your name and address to open the account.
  • Interest and earnings on the account are reported under your child's Social Security number, which affects their tax situation, not yours.
  • Many banks allow you to convert the account to a standard checking account once your child reaches adulthood without closing and reopening.
  • Some custodial accounts come with restrictions — no overdraft, limited debit card access, or monthly fees — so compare terms before opening.

What documents and information you need to bring

You will need your child's Social Security number and your own government-issued photo ID with a current address. If you do not have your child's Social Security number yet, you can request one from the Social Security Administration before opening the account, or some banks will let you explore for one during the account opening process.

Bring a document showing your address — a utility bill, lease, or mortgage statement usually works. Some banks also ask for a birth certificate to confirm your child's age and your relationship to them, though not all do. Call the bank ahead of time to ask what they specifically require, because requirements vary by institution.

If you are opening the account online, you may be able to upload documents or verify your identity through their app. If you are going in person, bring originals or certified copies. Some banks will not complete the process without seeing documents in person, so check their policy before you go.

How custodial accounts work once your child grows up

When your child reaches the age of majority in your state — 18 in most places, 21 in a few — the account legally becomes theirs. You lose the right to control it, and they can withdraw all the money, close it, or change the terms without your permission. Some banks automatically convert the account to a standard checking account on that birthday; others require your child to come in and sign new paperwork.

This is why it matters what you put in the account. Money you deposit is legally your child's property, not yours, even though you control it while they are a minor. If you are saving money for their college or future use, understand that they can spend it however they want once they turn 18. If you want to keep control of funds beyond that age, a custodial account is not the right tool — you would need a trust or a 529 education savings plan instead.

Talk to your child about the account as they get older so they understand what it is and what happens when they turn 18. Some families use this as a teaching moment about money; others treat it as a surprise gift.

Fees, restrictions, and features that vary by bank

Custodial checking accounts often come with different terms than adult accounts. Some banks charge a monthly maintenance fee ranging from zero to a few dollars; others waive fees if you keep a minimum balance or set up direct deposit. A few banks offer custodial accounts with no monthly fee at all.

Debit card access is sometimes limited. Some banks do not issue a debit card for custodial accounts, or they issue one only when the child reaches a certain age — often 13 or older. Others issue a card when ready but let you set spending limits or require your approval for each transaction. If you want your child to have a debit card from the start, ask about this before opening the account.

Overdraft protection is usually not available on custodial accounts. If your child's account does not have enough money to cover a transaction, it will be declined rather than overdrafted. This is actually a safety feature — it prevents unexpected fees — but it means the account cannot go negative.

Interest rates on custodial checking accounts are typically very low or zero, similar to standard checking accounts. If you want your child's money to earn meaningful interest, a savings account or money market account might be a better choice, though those have their own restrictions.

Banks that offer custodial checking accounts

Most large national banks offer custodial checking accounts, including Chase, Bank of America, Wells Fargo, and Citibank. Credit unions often offer them too, sometimes with lower fees or better terms. Online banks like Ally and Charles Schwab offer custodial accounts as well, though you will need to verify their specific requirements and whether they allow online-only opening for minors.

The terms and features differ significantly between institutions. One bank might charge a monthly fee while another does not; one might issue a debit card when ready while another waits until age 13. Spend 15 minutes comparing three or four banks that are convenient for you — either near your home or online — and look at their fee schedules and features side by side.

If you are already a customer at a bank, start there. Many banks make it easier and faster to open a custodial account if you already have an account with them, and you may get a fee waiver or other benefit as an existing customer.

Tax reporting and what happens to interest earned

Interest or other earnings on a custodial account are reported to the IRS under your child's Social Security number, not yours. The bank will send a 1099-INT form to your child (or to you as their guardian) if the account earns more than a certain amount of interest in a year — currently $10, though this threshold can change.

This can affect your child's tax situation. If your child has no other income, a small amount of interest is usually not taxable. But if the account earns a lot of interest or your child has other income, you may need to file a tax return for them. The IRS has rules about how much a dependent child can earn before they owe taxes, and those rules change yearly.

Talk to a tax professional if you are setting aside a large amount of money in a custodial account, especially if you are also saving for college through other vehicles like 529 plans. The tax treatment of custodial accounts can interact with financial aid calculations and other benefits, so it is worth understanding the full picture.

Alternatives if a custodial checking account does not fit your needs

If you want to save money for your child but do not need a checking account with a debit card, a custodial savings account might be simpler. It works the same way legally but usually has lower fees and higher interest rates. The tradeoff is that your child cannot use it for everyday spending.

For education savings, a 529 plan offers tax advantages that custodial accounts do not. Money grows tax-free and can be withdrawn tax-free for college expenses. The downside is that the money is locked into education use — if your child does not go to college, you face taxes and penalties on the earnings.

If you want to set aside money that stays under your control even after your child turns 18, you need a trust rather than a custodial account. Trusts are more complex and usually require a lawyer to set up, but they give you control over when and how your child accesses the money. This is worth considering if you are setting aside a large sum.

Frequently Asked Questions

Do I need my infant's Social Security number before opening the account?

You need it eventually, but some banks will let you open the account and add the number later. If you do not have it yet, you can request one from the Social Security Administration online or by mail — it usually arrives in two to four weeks. Call your bank first to ask whether you can open the account without the number and add it later, or whether you must have it upfront.

Can I add money to my child's custodial account and claim it as a gift for tax purposes?

Yes. Money you deposit into your child's custodial account is a gift from you to them. There is no federal gift tax on gifts to your child, and you do not need to report them. The account itself is your child's property, so you cannot take the money back — it belongs to them legally, even though you control it while they are a minor.

What happens if I die before my child turns 18?

The account does not automatically go to your child's other parent or guardian. You should name a successor custodian in your will or through the bank's paperwork so someone you trust can manage the account for your child until they reach adulthood. If you do not name someone, the court may appoint a custodian, which can be slow and expensive. Ask your bank what paperwork they need to designate a successor.

Can my child use the debit card to make online purchases or withdraw cash from ATMs?

It depends on the bank and the age of your child. Some banks issue a debit card that works everywhere an adult card does; others restrict online purchases or ATM withdrawals, or do not issue a card until your child is older. Check the bank's policy on debit card features before opening the account if this matters to you.

Will opening a custodial account affect my child's credit score?

No. A checking account does not appear on a credit report and does not build credit history. Your child will not have a credit score until they are older and borrow money or use a credit card. A custodial checking account is purely a place to hold and manage money, not a credit-building tool.