Yes, 10-year-olds can have a bank account, but with restrictions
A 10-year-old can open a bank account, but not in their name alone. Banks require a parent or legal guardian to co-own the account until the child reaches the age of majority — usually 18, though some states set it at 19 or 21. The adult on the account has full legal control and responsibility, and can access the funds at any time.
The account itself works like any other savings or checking account: deposits go in, the bank holds the money, and the child can withdraw it (usually with the parent's permission or knowledge). Interest rates on savings accounts are typically very low — often less than 1 percent annually — but some banks offer slightly higher rates on youth accounts.
The main purpose of opening an account at this age is not to earn interest. It is to teach money management, create a record of banking history, and give the child a safe place to store money they earn or receive as gifts.
Key Takeaways
- A parent or legal guardian must be the primary account holder, with the 10-year-old listed as a joint owner or authorized user.
- Most banks allow the child to make deposits and withdrawals, though some require parental approval for each transaction.
- Youth accounts often have no monthly fees, no minimum balance requirements, and come with a debit card the child can use with parental oversight.
- The account builds a banking history that can help the child open their own account independently once they turn 18.
- Different banks have different rules about age limits, transaction controls, and whether the account converts automatically to an adult account at 18.
How the account is structured and who controls it
When you open an account for a 10-year-old, you are the account holder. Your child's name appears on the account, but you have the legal right to manage it, move money, close it, or change the terms. Your child does not own the account — you do — though the money in it may belong to them.
Some banks call this a "youth account" or "teen account" and offer versions designed specifically for children. Others straightforward let you add a minor as a joint owner on a regular savings account. The structure varies by bank, so ask directly: "Can my 10-year-old have their own debit card? Can they withdraw money without my permission? What happens when they turn 18?"
The parent's name on the account also means the bank reports the account activity to you, not to the child. You receive the statements, you see the deposits and withdrawals, and you can set rules about how the account is used.
What you need to open an account
To open a bank account for a 10-year-old, bring the following to the bank:
- Your government-issued photo ID (driver's license, passport, or state ID)
- Your child's Social Security number or Individual Taxpayer Identification Number (ITIN)
- Proof of your address (utility bill, lease, or mortgage statement dated within the last 60 days)
- Your child's birth certificate (some banks request this; others do not)
Some banks let you open an account online or by phone, though most require at least one in-person visit to verify identity. Call ahead to ask what your specific bank requires — rules differ between institutions and sometimes between branches of the same bank.
There is no credit check for a minor's account, and no cost to open one. Monthly fees are rare on youth accounts, though some banks charge a small fee if the account sits inactive for a long period.
Debit cards, spending limits, and parental controls
Most youth accounts come with a debit card in the child's name. The card works like any other debit card — the child can use it to buy things, withdraw cash from an ATM, or pay online — but you control how much money is in the account and can monitor every transaction.
Some banks let you set spending limits on the card: a daily maximum withdrawal amount, a cap on how much can be spent per transaction, or restrictions on certain types of purchases (like online shopping or gas stations). Others give you the ability to turn the card on or off from your phone. These controls vary widely, so ask what your bank offers before you open the account.
The child can see their balance and transaction history, usually through a mobile app or online portal. This transparency is part of the teaching tool — they can watch their money go in and out, understand where it went, and learn to budget.
What happens when your child turns 18
When your child reaches 18, the account does not automatically convert to an adult account. Instead, one of three things typically happens, depending on the bank's policy:
- The account stays as-is, with you still as the primary account holder. Your child can use it, but you retain legal control.
- The bank sends a notice asking you to remove yourself as the primary holder, converting it to an account in your child's name alone.
- The bank closes the youth account and requires your child to open a new adult account.
Ask your bank what their policy is now, before you open the account. If you want your child to have a smooth transition to independent banking at 18, you may prefer a bank that automatically converts the account rather than one that closes it.
Banks that offer youth accounts
Most major banks offer some form of youth account. Common options include:
- Chase First Banking — requires a parent account; includes a debit card and online access; no monthly fees.
- Bank of America BankSafe — joint account with a parent; includes a debit card; no monthly fees.
- Wells Fargo Way2Save for Students — requires a parent account; includes a debit card; no monthly fees.
- Credit unions — many local credit unions offer youth savings accounts with similar features; rates and rules vary by institution.
- Online banks — some online-only banks (like Ally or Marcus) do not offer youth accounts; others do. Call to confirm.
Rates and features change frequently. The bank's website will show current terms, but a phone call to the branch is often faster if you have specific questions about what a 10-year-old can and cannot do with the account.
Why a bank account at age 10 matters
A bank account teaches a child how money moves: deposits appear, withdrawals reduce the balance, and interest (though small) can grow the balance over time. It also creates a banking history. When your child turns 18 and wants to open their own account, rent an apartment, or take out a student loan, lenders look at that history.
An account also gives a child a safe place to store money they earn from chores, gifts, or part-time work. Keeping cash under a mattress teaches nothing; watching it sit in an account and grow teaches patience and the value of saving.
The account is also a tool for you to teach boundaries. You can discuss why you are setting a spending limit, what kinds of purchases are okay, and how to check their balance before they spend. These conversations, repeated over years, build financial habits that last into adulthood.
Frequently Asked Questions
Can a 10-year-old open a bank account without a parent?
No. Banks require a parent or legal guardian to be the primary account holder. A 10-year-old cannot sign contracts or enter into legal agreements, so the adult must take that responsibility. The child can be listed on the account and use it, but the parent controls it.
What is the difference between a joint account and an authorized user account?
In a joint account, both the parent and child are listed as owners, and either can access the funds. In an authorized user account, the parent is the owner and the child is permitted to use the card or make transactions, but the parent retains full control. Most youth accounts are structured as authorized user accounts, though the terminology varies by bank.
Will opening a bank account hurt my child's credit?
No. A savings or checking account does not appear on a credit report and does not affect credit score. Credit reports track borrowed money (loans, credit cards) and payment history. A bank account is straightforward a place to store money, so it has no credit impact.
Can my 10-year-old have their own debit card?
Yes. Most youth accounts include a debit card in the child's name. The card is linked to the account you control, so you can monitor spending and set limits. Some banks allow you to turn the card on or off from an app on your phone.
What happens if my child loses the debit card?
Call the bank when ready. They will cancel the card and issue a replacement, usually within 5 to 10 business days. The account itself is not affected — only the card is replaced. You can also temporarily disable the card through the bank's app while you wait for the replacement to arrive.