Yes, but the adult has to do it

You can open a bank account for a minor, but a parent or legal guardian must be present and sign the paperwork. The minor does not need to be there—many banks let you open the account online or by mail with just the adult's ID and the child's Social Security number. Some banks require the child to be present at the branch, so call ahead to confirm what your bank needs.

The account will be held in both names: yours as the custodian and the child's as the account holder. You control the account until the child reaches the age of majority in your state—usually 18, sometimes 21. At that point, the account converts to a standard account in the child's name alone, and you lose access unless they add you back.

The main reason to open an account early is to build the child's credit history and teach them how money moves. A secondary reason is practical: if you need to deposit money for their use—allowance, birthday gifts, money for school—a dedicated account keeps it separate from your own.

Key Takeaways

  • A parent or legal guardian must open the account; the minor does not have to be present, though some banks require it.
  • You will need your ID, the child's Social Security number, and proof of address, though requirements vary by bank.
  • The account is held in both your names, and you retain control until the child reaches the age of majority in your state.
  • Most banks offer custodial savings accounts with no monthly fees and no minimum balance, though some require a small opening deposit.
  • The account will not build the child's credit score unless it is reported to the credit bureaus, which most savings accounts do not do.

What documents you need to bring

Bring your government-issued ID—a driver's license or passport—and proof of your current address, such as a recent utility bill or lease. Bring the child's Social Security number; you do not need the physical card. Some banks also ask for the child's birth certificate, though not all do.

If you are not the child's biological parent, bring proof of legal guardianship. This might be a court order, adoption papers, or a guardianship document. Banks treat this seriously because they need to confirm you have the authority to control the account.

Call your bank before you go in or start an online process. Requirements differ between institutions and sometimes between branches of the same bank. Some banks ask for a minimum opening deposit—often $25 to $100—while others do not. Knowing this in advance saves a trip.

How custodial accounts differ from joint accounts

A custodial account is held in your name as custodian for the child's benefit. You control it completely until the child reaches the age of majority. At that point, the money legally belongs to the child, and the account converts to their name alone. You cannot touch it after that conversion without their permission.

A joint account is held in both names with equal access. Both account holders can withdraw money, make deposits, and close the account. Joint accounts do not automatically convert; they stay joint unless you change them. Joint accounts are simpler to set up but riskier if you want to protect money for the child's future—they can spend it without your consent once they have access to the debit card.

Most banks market custodial accounts for minors because they give the parent control while the child is young. If you want the child to learn to manage money but not have full access yet, a custodial account with a debit card is a middle ground: the child can make purchases and check the balance, but you can see every transaction and set spending limits.

What happens when the child turns 18

On or shortly after the child's 18th birthday, the bank converts the custodial account to a standard account in the child's name alone. The exact timing varies by bank—some do it automatically on the birthday, others within 30 days. You will receive a notice in the mail before this happens.

After the conversion, you no longer have access to the account. You cannot see the balance, make withdrawals, or monitor transactions. The child owns the money outright and can do what they want with it. If you want to stay involved—for instance, if you are still supporting them through college—they can add you back as an authorized user, but that is their choice.

Some banks offer a transition period where you can discuss the conversion with the child before it happens. This is a good time to talk about how to manage the account independently and what happens if they overdraft or lose the debit card.

Custodial accounts and credit history

Opening a custodial savings account does not build the child's credit score. Credit bureaus track borrowed money and how reliably it gets paid back. A savings account is money the child already has, not money they borrowed, so it does not appear on their credit report.

If you want to build the child's credit early, you have other options. Some banks offer student credit cards that require a parent to co-sign; the child's payment history gets reported to the bureaus. Alternatively, you can add the child as an authorized user on one of your credit cards—their name goes on the account, and their credit history benefits from your on-time payments, though they do not have to use the card.

Credit history matters when the child applies for a car loan, apartment lease, or student loan later. Starting early gives them a longer track record, which lenders like. But a savings account alone will not do this work.

Fees and minimum balances

Most banks waive monthly maintenance fees on custodial savings accounts. Some require a small opening deposit—$25 to $100 is common—but no ongoing minimum. A few banks do charge a monthly fee if the balance drops below a threshold, usually $300 to $500, so read the account terms before you open it.

Interest rates on savings accounts are low across the board right now, typically 0.01% to 0.05% annually on a standard savings account. Some banks offer slightly higher rates—0.4% to 0.5%—on high-yield savings accounts, but these sometimes have higher minimum balances or require more frequent deposits. For a child's account, the interest earned will be small either way, so the main benefit is the account itself, not the return.

If the child earns interest, that interest counts as the child's income for tax purposes. If they earn more than a certain amount in a year—currently $1,250 for unearned income like interest—you may need to file a tax return for them. This is rare with savings accounts, but it is worth knowing.

Online banks versus brick-and-mortar banks

Online banks often have lower fees and higher interest rates than traditional banks, but not all of them offer custodial accounts. Before you choose an online bank, confirm on their website that they support accounts for minors. Some online banks require the child to be at least 13; others have no age minimum.

If you open an account at an online bank, you will do everything by mail or through their app. You upload photos of your ID and the child's Social Security card, sign documents electronically, and the bank mails you a debit card. This takes longer than opening an account in person—usually 5 to 10 business days—but you do not have to leave home.

Traditional banks let you open an account in a branch, which is faster if you have all your documents ready. The trade-off is that brick-and-mortar banks usually charge higher fees and pay lower interest. Choose based on what matters to you: speed and in-person service, or lower costs and higher rates.

Frequently Asked Questions

Can I open an account for a child under 13?

Yes, most banks allow it, though some have a minimum age of 13. Call your bank to confirm. If you want to open an account for a very young child, online banks and credit unions often have no age minimum, while large national banks sometimes do.

What if I am not the biological parent?

You will need to show proof of legal guardianship—a court order, adoption papers, or guardianship document. The bank needs to confirm you have the legal right to control the account. If you do not have formal guardianship, talk to the bank about what they will accept.

Can the child access the account before they turn 18?

Yes. You can give them a debit card and let them make purchases and check the balance. You retain the ability to see all transactions and set spending limits. This teaches them how to use money without giving them full control.

What happens if the child's Social Security number changes?

This is rare, but if it does happen, contact the bank when ready. They will need to update their records. Bring proof of the new number, such as a new Social Security card or a letter from the Social Security Administration.

Can I move money from my account to the child's account?

Yes. You can transfer money from your own account to the custodial account at any time. The money becomes part of the child's account and is legally theirs, even though you control how it is used until they turn 18. This is the main way most parents fund these accounts—regular deposits for allowance, birthday money, or savings.