What a piggy bank account actually is
A piggy bank account is a savings account designed for children, usually opened by a parent or guardian. The account lets a child deposit money, watch it grow, and learn how saving works—without the complexity of a full checking account. Most banks offer them starting around age 13, though some accept younger children if a parent co-owns the account.
The mechanics are straightforward: money goes in, earns a small amount of interest, and the child can withdraw it when they need to. Some piggy bank accounts have restrictions—like a limit on how many withdrawals per month—to encourage saving rather than constant spending. Others work like regular savings accounts with no special rules, just a lower opening deposit and simpler paperwork.
Key Takeaways
- Most piggy bank accounts require a parent or guardian to open the account and co-sign, even if the child will be the primary user.
- You will need the child's Social Security number, proof of identity for the parent, and a small opening deposit—usually between $0 and $25.
- Banks offer piggy bank accounts both in person at a branch and online, with online accounts typically opening faster and requiring no visit.
- Interest rates on piggy bank accounts are low but real, and some accounts include features like chore tracking or savings goals to teach money habits.
What you need to bring or provide
To open a piggy bank account, you will need the child's Social Security number and a form of ID. For children under 16, this is usually a birth certificate or school ID. The parent or guardian opening the account will need their own ID—a driver's license or passport—and proof of address, which can be a recent utility bill, lease, or bank statement.
You will also need an opening deposit. Most banks require between $0 and $25 to start, though a few have no minimum. Some accounts waive the deposit if you set up automatic transfers from another account at the same bank. Check the specific bank's requirements before you go in, because minimums vary widely.
If you are opening the account online, you can upload photos of these documents instead of bringing originals. Banks verify the information electronically, so the process moves faster—often within 24 hours.
Opening in person at a bank branch
Walk into any branch of the bank where you want to open the account. Bring the child, the parent's ID and proof of address, the child's Social Security number and ID, and the opening deposit. Ask to speak with someone about opening a youth savings account or piggy bank account—different banks use different names.
The banker will fill out the account process, which takes about 15 minutes. They will explain the account rules: whether there are withdrawal limits, what the interest rate is, and whether the account has any special features. Once you sign, the account opens when ready, and the child gets a debit card or passbook the same day or within a few days.
In-person opening is useful if you want to ask questions or if the child is very young and the bank requires a face-to-face meeting. However, it requires a trip to the branch during business hours.
Opening online
Most major banks now let you open a youth savings account entirely online. Go to the bank's website, find the section for teen or youth accounts, and click to start the process. You will enter the child's name, date of birth, and Social Security number, then your own information as the parent or guardian.
The bank will ask you to upload a photo of your ID and proof of address using your phone or computer. Some banks also ask for a photo of the child's ID. Once you submit, the bank verifies the documents electronically—this usually takes a few hours to a full business day. You will receive an email confirming the account is open, along with login information and details about when the debit card will arrive.
Online opening is faster than in-person and works any time of day. The tradeoff is that you cannot ask questions in real time, though most banks have chat support or a phone number for account questions.
What happens after the account opens
Once the account is active, the child can start depositing money. At a bank branch, they can deposit cash or checks. Online, they can transfer money from a parent's account or set up direct deposit if they receive paychecks. Some banks let the child deposit checks using a mobile app—they photograph the check and it clears within a few business days.
The parent usually has full access to the account and can monitor deposits and withdrawals through online banking. As the child gets older, many banks let them take over more control while the parent retains oversight. Interest accrues monthly or quarterly, depending on the bank, and shows up as a small deposit to the account.
If the child needs to withdraw money, they can visit a branch, use an ATM if the account comes with a debit card, or transfer it online to another account. Some piggy bank accounts limit withdrawals to a certain number per month to encourage saving—check your account terms to know the rules.
Comparing piggy bank accounts across banks
| Feature | What to look for |
|---|---|
| Opening deposit | $0 to $25 is typical; some banks waive it if you link to an existing account |
| Interest rate | Usually 0.01% to 0.05%; higher rates are rare but worth checking |
| Withdrawal limits | Some allow unlimited withdrawals; others cap it at 3 to 6 per month |
| Debit card | Most include one; some require a minimum age or balance |
| Monthly fees | Most youth accounts have no monthly fee; confirm before opening |
| Parent controls | Look for accounts that let parents set spending limits or block certain transactions |
Common banks offering piggy bank accounts
Chase offers a Chase First Banking account for ages 6 to 17, with no monthly fee and a debit card. Bank of America has a BankRight account for ages 8 to 17, also with no fee. Wells Fargo offers a Way2Save Savings Account for minors. Credit unions often have youth savings accounts too, sometimes with better interest rates than big banks.
Online banks like Greenlight and Fidelity Youth also offer accounts designed for children, often with features like chore tracking or savings goals built in. These tend to have lower or no opening deposits and sometimes higher interest rates, but they require a smartphone app to use.
The best choice depends on whether you want in-person support, a physical debit card, special features, or the highest interest rate. If you already bank somewhere, starting with your own bank is often easiest because you can link accounts and manage everything in one place.
Frequently Asked Questions
Can a child open a piggy bank account without a parent?
No. Banks require a parent or legal guardian to open the account and co-sign until the child reaches 18. The parent has legal responsibility for the account and can access it at any time. Once the child turns 18, they can convert it to a regular account in their name alone.
What is the minimum age to open a piggy bank account?
Most banks accept children as young as 6 or 8, though some require age 13 or older. There is no federal minimum—it depends on the bank's policy. Call your bank or check their website to confirm the age requirement for their youth accounts.
Do piggy bank accounts earn interest?
Yes, but the amount is small. Most piggy bank accounts earn between 0.01% and 0.05% interest per year. On a $100 balance, that is roughly 1 cent to 5 cents per year. The real value is teaching the child that money grows over time, not the actual dollar amount earned.
Can the parent withdraw money from the child's piggy bank account?
Yes, because the parent co-owns the account. However, most banks recommend treating the account as the child's money and only withdrawing in genuine emergencies. The point of the account is to teach the child ownership and responsibility, which does not work if the parent empties it whenever they need cash.
What happens to the account when the child turns 18?
The account converts to a regular adult account, and the parent's name comes off. The child becomes the sole owner and can manage it independently. Some banks send a notice before this happens so you can plan the transition.