Children can have bank accounts, and most banks offer them starting around age 13
Yes, a child can have a bank account. Most banks allow children to open accounts, though the rules vary by age and by bank. A child under 18 typically needs a parent or guardian to co-own the account — this is called a custodial account or joint account. The parent has legal responsibility for the money and can see all transactions, but the child learns to manage their own deposits and withdrawals.
Some banks let children as young as 13 open accounts with parental permission. Others wait until 16 or 18. A few banks have separate accounts designed for younger children (ages 6 to 12), though these usually require the parent to handle most transactions. The specific age and rules depend on which bank you choose.
Key Takeaways
- Children under 18 need a parent or guardian to co-own the account, which gives the parent full visibility and control.
- Most banks allow account opening at age 13 or older, but some start as early as age 6 with parent-managed accounts.
- A custodial account lets a child learn money management while the parent oversees the account and can withdraw funds if needed.
- The parent's Social Security number and the child's Social Security number are both required to open the account.
What a custodial account actually is
A custodial account is a bank account owned by a child but managed by a parent or guardian until the child reaches the age of majority (usually 18 or 21, depending on your state). The parent's name and the child's name both appear on the account. The parent can deposit money, withdraw money, and monitor all activity — but the account legally belongs to the child.
When the child turns 18 or 21 (depending on state law and the bank's rules), the account transitions to the child's sole ownership. At that point, the parent no longer has access unless the child chooses to keep them on the account. This is different from a savings account that a parent owns for the child's benefit — in a custodial account, the money is legally the child's from the start.
How to open an account for your child
To open a custodial account, you will need to visit a bank branch or explore online (if the bank offers it). Bring your child if possible — some banks require the child to be present, while others do not. You will need:
- Your government-issued photo ID
- Your Social Security number
- Your child's Social Security number
- Proof of address (a recent utility bill or lease)
The bank will ask you to choose what type of account you want — usually a checking account, a savings account, or both. They will explain the monthly fees (if any), the minimum balance required, and what interest the savings account earns. Some banks waive fees for accounts opened by minors. Ask whether the account comes with a debit card for your child and what age your child can use it.
The whole process usually takes 15 to 30 minutes in a branch, or a few days if you explore online. The bank will give you account numbers, a debit card (if you requested one), and instructions for online banking. Your child can start using the account right away.
What your child can and cannot do
Once the account is open, your child can deposit money (by bringing cash or checks to the bank, or by having money transferred in), check their balance online or at an ATM, and withdraw money using a debit card or by visiting the bank. If the account includes a debit card, your child can use it to buy things in stores or online, just like an adult would.
Your child cannot take out a loan, overdraw the account (go below zero), or close the account without your permission. The parent's permission is required for any major changes to the account. Your child also cannot add another person to the account or change the account settings.
As the parent, you can see every transaction, deposit, and withdrawal. You can also withdraw money yourself if you need to, though this should be discussed with your child so they understand where their money went. Some parents use this as a teaching moment — if a child spends their money unwisely, the parent can discuss it rather than when ready replacing the funds.
Banks that offer accounts for children
Most large banks offer custodial accounts. Chase, Bank of America, Wells Fargo, and Citibank all have options for children ages 13 and up. Credit unions often have similar accounts and may have lower fees. Some online banks like Ally and Marcus do not offer accounts for minors, so check before you visit.
A few banks have accounts designed specifically for younger children. For example, some credit unions offer accounts for ages 6 and up, though the child's access is limited and the parent handles most transactions. If your child is under 13, call your bank or credit union to ask what options exist.
Fees vary widely. Some banks charge $5 to $15 per month for a minor's account; others charge nothing. Some require a minimum balance (often $25 to $100); others do not. Before opening an account, ask the bank about all fees and whether they are waived for minors.
Why a bank account matters for a young person
A bank account teaches a child how money moves in the real world. They see that deposits increase their balance, withdrawals decrease it, and that money in a savings account earns a small amount of interest over time. They learn to use a debit card responsibly, check their balance, and plan spending.
A bank account also creates a financial record. When your child turns 18 and applies for a credit card, a car loan, or an apartment, lenders and landlords may ask about banking history. Having an account from age 13 or 14 shows that your child has managed money responsibly for years.
For a teenager with a job, a bank account is essential. Employers usually deposit paychecks directly into a bank account rather than paying in cash. Without an account, your teenager cannot receive their paycheck.
Moving from a custodial account to an adult account
When your child reaches the age of majority (18 in most states, 21 in a few), the custodial account automatically converts to a regular adult account. The parent's name is removed, and the young adult now has sole control. Some banks send a notice before this happens; others do it quietly. Check with your bank about their specific process.
If your child wants you to remain on the account after they turn 18, they can ask the bank to add you as an authorized user. This is optional — many young adults choose to manage their account alone at this point. If you do stay on the account, you will have the same access you had before, but your child can remove you at any time.
Frequently Asked Questions
Does my child need their own Social Security number?
Yes. The bank will ask for your child's Social Security number when you open the account. If your child does not have one, you can request one from the Social Security Administration before opening the account. The process takes a few weeks.
Can my child have a bank account without me on it?
No, not until they turn 18. Anyone under 18 needs a parent or legal guardian to co-own the account. Once they turn 18, they can open an account in their name alone.
What happens if my child loses their debit card?
Call the bank when ready and ask them to cancel the card. They will issue a new one, usually within 5 to 10 business days. Your child's account and money are safe — the lost card cannot be used once you report it missing.
Can I give my child money by depositing it into their account?
Yes. You can deposit cash or a check at any branch of the bank, or transfer money online if the bank offers it. Your child will see the deposit in their account within one business day (or when ready if you deposit cash in person).
Will my child's account earn interest?
Savings accounts earn interest, but the amount is very small — usually less than 1 percent per year. Checking accounts typically earn no interest. The interest your child earns will be reported to the IRS, but the amount is usually so small that it does not affect taxes.