Yes, but the rules depend on your child's age and the bank

You can open a bank account for your daughter, but what you can actually do with it changes based on her age and which bank you use. Before age 18, you will be the account owner or co-owner, and the bank will require your ID and signature. Your daughter cannot sign contracts or access the account independently until she reaches the age of majority in your state — usually 18, sometimes 19 or 21.

The account itself exists and works like any other: money goes in, you can withdraw it, it earns interest if it's a savings account. But the legal authority to make decisions about that account stays with you until your daughter is old enough to take over. Some banks let you set up a "custodial account" that automatically transfers to her control on a specific birthday; others require you to formally close the child account and open an adult one.

Key Takeaways

  • You can open a savings or checking account for your daughter at any age, but you must be the account owner or co-owner until she reaches the age of majority in your state.
  • Most banks require your government ID, proof of address, and your Social Security number to open an account in your child's name.
  • Some banks offer custodial accounts that automatically convert to adult accounts on a set date; others require you to close the child account and help your daughter open a new one.
  • Your daughter can use a debit card tied to the account before age 18 at most banks, but she cannot borrow money, take out loans, or make major account changes without your permission.

What you need to bring to open the account

Bring your government-issued ID (driver's license or passport), proof of your current address (a utility bill or lease dated within the last 60 days), and your Social Security number. You will also need your daughter's Social Security number or tax ID number — if she does not have one yet, you can request one from the Social Security Administration before you go to the bank, or some banks will help you explore during the account-opening process.

A few banks ask for your daughter's birth certificate as well, though most do not require it if you have her Social Security number. Call the specific bank branch before you go; requirements vary between institutions and sometimes between branches of the same bank. If you are opening the account online, you will upload images of these documents rather than showing originals.

Custodial accounts versus accounts you manage

A custodial account is one where you are the legal custodian — you control the money and make all decisions until your daughter reaches the age of majority. At that point, the account automatically becomes hers, and you lose access. This is the most common setup for children under 18. The account is held "in custody for" your daughter, which is why it has that name.

Some banks, particularly larger ones like Chase, Fidelity, and Vanguard, offer UTMA or UGMA accounts — these are custodial accounts set up under state law that have specific rules about when and how the money transfers to your child. The age varies by state and by account type, but it is usually between 18 and 21. Once your daughter reaches that age, the money is legally hers, and you cannot touch it or tell her what to do with it.

Other banks straightforward call them "child savings accounts" or "teen checking accounts" without the formal UTMA structure. These work the same way in practice — you control it until she is 18 — but the legal transfer may require more paperwork on your part. Ask the bank whether the account will automatically convert or whether you will need to close it and open a new one.

What your daughter can and cannot do before age 18

Your daughter can use a debit card linked to the account to make purchases and withdraw cash at ATMs. She can deposit checks or cash if the bank allows it. She can see the account balance and transaction history, depending on what access the bank gives her through their app or website.

She cannot write checks (most child accounts do not come with a checkbook), take out a loan, overdraft the account, set up automatic transfers, or change the account settings without your permission. She cannot close the account or move the money to another bank. If she wants to do any of these things, you have to do it with her or approve it first.

Some banks let you set spending limits on the debit card — a daily maximum or a limit on certain types of purchases — which can be useful if you want her to have access to money but within boundaries you set. You can usually adjust these limits through your online banking or by calling the bank.

Banks that offer accounts for children

Most major banks offer some version of a child account: Chase has Chase First Banking, Bank of America has BankAmericard for Students, Wells Fargo has Way2Save for Students, and Citibank has Citi Student Checking. Credit unions often have youth accounts as well, and they sometimes have lower minimum balances or fewer fees than big banks.

Online banks like Ally and Marcus do not typically offer accounts for minors, so if you want to use an online bank, you would need to open a regular account in your own name and add your daughter as an authorized user — which means she can access the money but you remain the account owner. This is different from a custodial account and gives you more control, but it also means the money is technically yours, not hers, which can matter for financial aid or tax purposes later.

Some banks have no minimum balance for child accounts; others require $25 or $100. Some charge monthly fees; others waive fees for accounts under 18. Compare a few banks in your area or online before you decide. The differences are usually small, but they add up over years.

What happens when your daughter turns 18

If you opened a custodial account, the bank will notify you and your daughter that the account is about to convert or that action is needed. Some accounts convert automatically on her 18th birthday; others give you a window of time (usually 30 to 90 days) to convert it before the bank closes it. Read the account agreement you signed when you opened it, or call the bank to ask what their process is.

Once the account is in her name alone, you will no longer have access to it unless she adds you as an authorized user. She can close it, move the money, change the settings, or do anything else she wants with it. If you have been using the account to teach her about money, this is the moment when she takes full control.

If you opened a regular account in your name and added her as an authorized user, you will need to decide whether to formally transfer it to her, close it, or keep it as is. There is no automatic process — you have to make the change yourself.

Tax and financial aid considerations

Money in a custodial account is considered your daughter's asset for tax purposes, even though you control it. If the account earns more than a certain amount of interest or investment income in a year, your daughter may need to file a tax return. The threshold changes yearly, but it is usually around $1,200 for 2024. Check the IRS website or ask a tax professional if you are unsure whether a return is needed.

For financial aid purposes, money in a custodial account counts as your daughter's asset, which can reduce the amount of aid she is offered for college. Money in an account in your name only counts as your asset, which has a smaller impact on aid calculations. This is one reason some parents keep child savings in their own account rather than opening a custodial one — but it also means you have to be disciplined about not spending the money yourself.

Frequently Asked Questions

Can I open an account for my daughter without her Social Security number?

Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If your daughter does not have one, you can request it from the Social Security Administration before opening the account, or ask the bank whether they can help you explore during the account-opening process. Some banks will hold the process while you get the number.

What if my daughter is adopted or I am not her biological parent?

You can open an account for any child in your legal custody. Bring a copy of the custody order or adoption decree along with your ID. The bank will need proof that you have the legal authority to make financial decisions for her. If you are a guardian but not a parent, the process is the same, but you may need to bring additional paperwork — call the bank ahead of time to ask what they need.

Can my daughter access the account on her own before age 18?

She can access it through a debit card and usually through the bank's app or website to check the balance and see transactions. She cannot make changes to the account, withdraw large amounts of cash, or close it without your permission. The exact level of access depends on the bank and the account type.

What happens if I die before my daughter turns 18?

The account does not automatically go to her. It becomes part of your estate and is handled according to your will or your state's inheritance laws. This is why it is important to name a guardian for your daughter and to have a will that specifies what should happen to her money. Talk to an estate attorney about how to structure accounts for your child if you have concerns about this.

Can I open multiple accounts for my daughter at different banks?

Yes. There is no limit to how many accounts she can have. Some parents open one account for spending money and another for savings, or use different banks for different purposes. Just keep track of which accounts exist and where, especially when she turns 18 and needs to take them over.