Yes, children can open a checking account, but the rules depend on their age and the bank

A child under 18 cannot open a checking account alone — a parent or guardian must be on the account with them. Most banks allow this starting around age 6 or 7, though some wait until age 10 or 13. The account will have both names on it, and the adult controls it until the child turns 18, at which point they can take over or the account can stay as-is.

The reason for this rule is straightforward: banks need someone legally responsible for the money and the account decisions. A child's signature is not binding in law, so a parent has to be there to sign the paperwork and be accountable if something goes wrong.

Different banks set different minimum ages, so if one bank says no, another may say yes. Credit unions often have lower age minimums than large national banks, and some online banks have no physical age requirement at all — they just need a parent to verify their identity online.

Key Takeaways

  • A parent or guardian must open the account with the child and remain on it until the child turns 18.
  • Most banks allow children as young as 6 or 7 to have a checking account, but the minimum age varies by bank.
  • The parent controls the account and can see all transactions, which makes it a tool for teaching money habits.
  • Once the child turns 18, they can usually take full control of the account or remove the parent's name.
  • Credit unions and online banks often have lower age minimums than traditional banks.

What the parent's role looks like on a joint account

When you open a checking account with your child, you are both listed as account owners. This means you can see every deposit, withdrawal, and purchase the child makes. You can also freeze the account, close it, or move money without the child's permission.

Some banks offer a "teen checking" or "youth checking" product that gives the child a debit card and the ability to make purchases, but limits how much they can spend per day or per transaction. The parent still sees everything and can adjust those limits. Other banks offer no special restrictions — the child has a debit card just like an adult would, but the parent is watching.

This visibility is the main reason parents open joint accounts with children: it teaches the child how money moves in and out of an account, what a debit card does, and what happens when you spend more than you have. The parent can also set rules — "you can use the card at the grocery store but not online" — and enforce them by watching the statement.

How to open an account with your child

The process is straightforward. You go to a bank or credit union branch with your child, bring your ID and the child's birth certificate or Social Security number, and fill out an account process. Some banks let you start online and finish in the branch; others require you to come in person.

You will need to choose what type of account to open. Most banks call it "youth checking" or "teen checking," but the name varies. Ask the bank whether the account has a monthly fee, a minimum balance requirement, or limits on how many transactions per month are free. Some accounts are free; others cost a few dollars a month.

The bank will issue a debit card in the child's name. Some banks issue it on the spot; others mail it. You will also get a PIN (a four-digit code) that the child uses at ATMs and in stores. The parent usually gets online access to the account so you can monitor it from home.

What happens when the child turns 18

At 18, your child becomes a legal adult. The bank will contact you both and explain the options. Usually, the child can take over the account alone, or you can stay on it if you both want to. Some banks automatically remove the parent at 18; others leave it up to you.

If the child wants to remove you, they can do that by going to the bank or calling and asking. If you want to remove yourself, you can do the same. There is no penalty for either of you leaving — it is just a change to the account ownership.

Many families keep the account open and active after the child turns 18, especially if the child is in college or still living at home. The account becomes theirs to manage, and you step back from monitoring it.

Banks and credit unions that offer accounts for children

Most large national banks offer youth checking accounts: Chase, Bank of America, Wells Fargo, and Citibank all have them. Credit unions often have lower age minimums and fewer fees — ask your local credit union what age they start at.

Online banks like Ally, Charles Schwab, and Fidelity also offer accounts for minors, though you set them up entirely online. You will need to verify your identity and the child's identity through the app or website, which usually takes a few minutes.

The features and fees vary widely. Some accounts have no monthly fee and no minimum balance. Others charge $5 to $10 per month if you do not keep a certain amount in the account. Some limit the child to a certain number of free transactions per month; others do not. Compare a few options before you choose.

Why a checking account can teach money skills

A checking account with a debit card shows a child how money actually works in the real world. They see the balance go down when they buy something, they learn what happens if they try to spend more than they have, and they get a statement showing where their money went.

Many parents use a joint checking account as part of teaching their child about earning and spending. The child might earn money by doing chores, deposit it into the account, and then decide what to buy. The parent can see the choices the child makes and talk about them — "I notice you spent $40 on games this month. Do you think that was worth it?"

A checking account also teaches the child to use an ATM, understand a debit card, and read a bank statement. These are skills they will need as an adult, and learning them while a parent is watching is safer than learning them on their own.

Frequently Asked Questions

Can my child use the account without me present?

Yes. Once the account is open and the child has a debit card and PIN, they can use an ATM or make purchases in stores without you there. You will see the transaction on the statement later. If you want to restrict what they can do, ask the bank about daily spending limits or transaction limits when you open the account.

What if my child loses the debit card?

Call the bank when ready and report it lost. The bank will cancel that card and issue a new one, usually within a few business days. In the meantime, the child can still withdraw cash from an ATM using the PIN, or you can give them cash. Most banks do not charge a fee to replace a lost card.

Can I move money into the account from my own account?

Yes. You can transfer money from your account to your child's account online, by phone, or in person at the bank. This is how many parents give their child an allowance or deposit money they earned. The transfer usually happens within one business day.

Will this account affect my child's credit score?

No. A checking account does not build or hurt credit. Credit scores are based on borrowing and repaying loans, credit cards, and other debt. A checking account is just a place to keep and spend money, so it has no effect on credit.

What if the child spends all the money and then tries to buy something?

The debit card will be declined — the purchase will not go through. The child will learn that you cannot spend money you do not have. Some banks offer overdraft protection, which lets the account go negative by a small amount, but most youth accounts do not have this feature.