What you need to open a child's savings account
Most banks will let you open a savings account for a child under 18, but they require you (the parent or legal guardian) to be a joint owner. You cannot open an account in only the child's name until they turn 18. The bank needs to verify your identity and the child's identity, which means bringing specific documents to a branch or providing them online.
You will need your government-issued ID (a driver's license, passport, or state ID card), proof of your address (a recent utility bill or lease), and your Social Security number. For the child, you will need their Social Security number and a birth certificate or passport. Some banks also ask for a second form of ID for you, so call ahead and ask what your specific bank requires.
If you are opening the account online rather than in person, you may be able to upload photos of these documents instead of bringing originals. Some banks will not open children's accounts online and require at least one person to visit a branch in person.
Key Takeaways
- You must be a joint owner on the account until your child turns 18, even if you want them to manage the money themselves.
- Bring your ID, proof of address, and both your and your child's Social Security numbers to open the account.
- Many banks offer children's savings accounts with no monthly fees and no minimum balance, but features vary by bank.
- Once the account is open, you can set up automatic transfers from your account to teach your child about saving.
Choosing between a regular savings account and a youth account
Most banks offer two paths: a regular savings account that you happen to open for a child, or a branded "youth" or "kids" account designed specifically for younger savers. The main difference is features and fees, not how the account works legally.
A regular savings account works exactly the same way whether the account holder is 8 or 80. You deposit money, it earns interest (usually a small amount), and your child can withdraw it. The downside is that some regular accounts charge a monthly fee if the balance drops below a certain amount, or charge fees for too many withdrawals.
Youth accounts are designed to avoid those fees. Most have no monthly maintenance fee, no minimum balance requirement, and no limit on how many times your child can withdraw. The interest rate is usually the same as a regular account at that bank. The tradeoff is that youth accounts sometimes come with restrictions — for example, some banks limit deposits to money from parents or relatives, not from the child's job.
Check your bank's website or call a branch to compare what they offer. If your bank does not have a youth account, a regular savings account with no monthly fee works just as well.
What happens when your child turns 18
When your child reaches 18, the account does not automatically change. You remain a joint owner unless you take steps to remove yourself. Your child can ask the bank to remove you from the account, or you can both go to the bank together and request it. Some banks allow this to happen online; others require a visit to a branch.
Once you are removed, the account becomes solely your child's responsibility. They will be the only one who can withdraw money, add money, or close the account. If there are any fees or overdrafts, they are now responsible for paying them.
If you want to stay on the account as a backup (for example, if your child is away at college), you can ask to remain a joint owner. Your child can also choose to keep you on the account voluntarily. This is a conversation to have with your child before their 18th birthday so there are no surprises.
Teaching your child to use the account
Opening the account is the first step; using it is where the real learning happens. Many parents set up automatic transfers — for example, moving $5 or $10 from their own account to the child's account each week. This teaches the child that money accumulates over time and gives them a concrete reason to check their balance.
Some banks offer debit cards for youth accounts, which let your child make purchases and withdraw cash at ATMs. If your bank offers this, you can decide whether your child is ready for a card. A card teaches real spending decisions, but it also means your child can spend the money without asking you first. Many parents start with just the savings account and add a debit card later.
Show your child how to log into the account online or through the bank's app, how to check the balance, and how to make a deposit or withdrawal. If the account earns interest, explain that the bank pays them a small amount of money just for keeping their money there — it is usually not much, but it demonstrates that money can grow.
Where to open the account
You can open a child's savings account at almost any bank or credit union. National banks like Chase, Bank of America, and Wells Fargo all offer youth accounts. Credit unions often have youth accounts too, and credit union accounts sometimes come with lower fees or higher interest rates than banks.
If you already have an account at a bank, opening a child's account there is usually faster because the bank already has your information on file. You may be able to do it online or over the phone, though some banks still require a visit to a branch for new accounts.
If you do not have a bank account yet, opening one for yourself and your child at the same time is a reasonable option. Many banks waive fees for the first few months or offer small bonuses for new customers, though these offers change frequently.
What to expect at the bank
If you are opening the account in person, bring all your documents and plan to spend 15 to 30 minutes at the branch. The banker will verify your identity and your child's identity, explain the account features, and ask you to sign paperwork. You will choose a starting deposit amount — this can be as little as $1 at many banks, though some have a minimum of $25 or $50.
The banker will give you account numbers, a debit card (if the account includes one), and information about how to access the account online. Write down the account number and keep it somewhere safe. If you are opening the account online, you will receive this information by email.
After the account is open, you can start depositing money. You can transfer money from your own account, deposit cash at an ATM or branch, or set up automatic transfers. Your child can also deposit money they receive as gifts or earn from chores or a job, depending on the bank's rules.
Frequently Asked Questions
Can I open a savings account for a child without their Social Security number?
No. Banks are required by federal law to collect a Social Security number for anyone on the account. If your child does not have a Social Security number yet, you can explore for one at your local Social Security office or online at ssa.gov. The process takes a few weeks, so plan ahead if you want to open the account soon.
What if I want my child to save money but I do not want them to spend it?
A savings account gives your child access to the money, so they can withdraw it whenever they want (as long as you do not remove the debit card or restrict their access). If you want to set money aside that your child cannot touch until a certain age, you would need a different product, such as a certificate of deposit (CD) or a custodial account set up through an investment firm. Talk to your bank about what options they offer.
Do I need to be at the bank in person, or can my child open the account alone?
Your child cannot open the account alone. You must be present or provide written authorization because you are the legal guardian and the joint owner. Most banks require at least one parent or guardian to be present in person, though some allow you to open the account online if you can verify your identity electronically.
Will opening a savings account affect my child's credit score?
No. A savings account does not appear on a credit report and does not affect credit scores. Credit scores are based on borrowing and repaying money (loans, credit cards, and similar products). A savings account is just a place to store money, so it has no impact on credit.
What happens if the account goes negative or has fees I cannot pay?
If the account balance goes negative (your child spends more than is in the account), the bank will charge an overdraft fee. You, as the joint owner, are responsible for paying this fee and bringing the account back to zero. This is why many parents choose youth accounts with no overdraft fees or set up alerts so they know if the balance is getting low.