What a youth savings account is and who can open one
A youth savings account is a bank account designed for children and teenagers, usually from birth through age 17 or 18. It works like a regular savings account — your child deposits money, earns a small amount of interest, and can withdraw when needed — but with features built around teaching money habits rather than maximizing returns.
Most youth accounts require a parent or guardian to open the account and co-own it until the child reaches the bank's age limit, usually 18. At that point, the account either converts to a standard adult account or your child opens their own. Some banks let teenagers 13 and up open accounts with parental permission, though a parent still controls the account until the child turns 18.
Youth accounts exist because regular savings accounts often have monthly fees that eat into small balances, or require minimum deposits that don't fit a child's allowance. A youth account typically waives these fees and has no minimum balance requirement.
Key Takeaways
- Youth savings accounts are designed for children and teens, require a parent or guardian to open them, and usually have no monthly fees or minimum balance requirements.
- You will need your child's Social Security number, proof of identity for yourself and your child, and proof of address to open an account.
- Most banks offer youth accounts at no cost, but features like debit cards, overdraft protection, or interest rates vary — compare a few banks before choosing.
- The account converts to a standard adult account when your child reaches 18, though some banks let you close it and move the money instead.
Documents you need to bring
To open a youth savings account, bring the following to your bank or credit union:
- Your child's Social Security number (or Individual Taxpayer Identification Number if your child does not have a Social Security number)
- Your child's birth certificate or passport
- Your own government-issued photo ID (driver's license, passport, or state ID)
- Proof of your current address — a recent utility bill, lease, mortgage statement, or bank statement dated within the last 60 days
Some banks also ask for your child's address, which is usually the same as yours. If you are opening the account online or by mail, the bank will tell you which documents to photograph or scan and how to submit them.
If your child does not yet have a Social Security number, you can request one from the Social Security Administration before opening the account, or ask your bank whether they can hold the process until you provide it. Most banks will not open the account without one.
Where to open a youth account
You can open a youth savings account at most banks and credit unions. Start by checking whether your current bank offers one — if you already have an account there, opening a youth account for your child is usually faster because the bank already has your information on file.
If you do not have a bank account, or want to compare options, call or visit the websites of banks and credit unions in your area. Look for accounts with no monthly maintenance fee, no minimum balance requirement, and no fee to add a debit card if your child is old enough to use one. Some banks offer small interest rates on youth accounts; others offer none. Interest rates change frequently, so do not choose a bank based on interest alone, but it is worth noting if one bank pays noticeably more than others.
Credit unions often have lower fees and better interest rates than large banks, and membership is usually open to anyone in your area or who works in a certain field. If you may have access to for a credit union, compare their youth accounts alongside bank options.
The steps to open an account in person
If you visit a bank branch with your child:
- Bring all documents listed above.
- Tell the bank employee you want to open a youth savings account and ask which account is best for your child's age.
- The employee will ask for your documents and your child's documents, and will verify your identity.
- You will sign paperwork agreeing to the account terms. Read the section on fees and interest rate before signing.
- Your child may be asked to sign as well, depending on their age and the bank's policy.
- The bank will give you a receipt with your account number and instructions for online banking.
- A debit card will arrive in the mail within 7 to 10 business days, if the account includes one.
The whole process usually takes 15 to 30 minutes. Ask the bank employee to explain any terms you do not understand before you sign.
Opening an account online or by mail
Many banks let you open a youth account without visiting a branch. You will fill out an online form with your information and your child's information, upload photos of your documents, and sign electronically. The bank will review your process and contact you if they need more information.
Online applications usually take 1 to 3 business days to process. Some banks send a confirmation email with your account number the same day; others mail a welcome packet with your debit card and account details.
If you prefer to explore by mail, call the bank and ask them to send you a paper process. Fill it out, include copies of your documents, and mail it back in the envelope they provide. Mail applications take longer — usually 5 to 10 business days — because the bank has to receive your envelope, process it, and mail materials back to you.
What happens after the account opens
Once the account is open, you and your child can deposit money by visiting a branch, using an ATM, or setting up direct deposit if your child receives paychecks or allowance electronically. Many banks also let you transfer money from your own account to your child's account online.
If the account includes a debit card, your child can use it to withdraw cash at ATMs or make purchases once the card arrives. Some parents set spending limits on the debit card through the bank's app or website, so the card declines if your child tries to spend more than the limit.
You can check the account balance and transaction history anytime through online banking or the bank's mobile app. Most youth accounts let you set up alerts so you receive a text or email when your child makes a withdrawal or deposit.
When your child turns 18
When your child reaches 18, the youth account will either convert automatically to a standard adult account, or the bank will notify you that the account is closing. Check your account documents or call the bank to find out which happens at your bank.
If the account converts, your child becomes the sole owner and you no longer have access. If it closes, the bank will mail a check for the balance or let you transfer the money to another account. Your child can open their own account at any bank at age 18 if they want to move the money elsewhere.
Frequently Asked Questions
Can I open a youth account if my child does not have a Social Security number?
Most banks require a Social Security number to open any account. You can request one from the Social Security Administration online or at your local Social Security office — it usually arrives within 2 to 4 weeks. Some banks will hold your process until you provide the number. If your child is not a U.S. citizen, ask your bank whether they accept an Individual Taxpayer Identification Number instead.
Do youth accounts earn interest?
Some do and some do not. Interest rates on youth accounts are typically very low — often less than 0.01 percent — so the amount your child earns is small. Interest rates vary by bank and change over time. Check the bank's current rate before opening the account, but do not choose a bank based on interest alone.
Can my child use the debit card before age 13?
Most banks do not issue debit cards for children under 13, though some offer them starting at age 10. If your child is younger and you want them to have a card, ask the bank whether they offer one. Alternatively, you can deposit cash and let your child withdraw it at an ATM or during a bank visit.
What if I want to close the account before my child turns 18?
You can close a youth account anytime by visiting a branch or calling the bank. The bank will mail a check for the balance or transfer the money to another account. There is usually no fee to close the account early.
Can my child have more than one youth account?
Yes. Some parents open accounts at different banks to teach their child about comparing options, or to separate money for different goals. There is no limit to how many accounts your child can have, though managing multiple accounts takes more time.