Yes, you can open a checking account for your child, but the rules depend on their age and the bank

Most banks let you open a checking account for a child under 18, but they handle it differently depending on whether your child is very young or a teenager. Some banks require you to be a joint owner on the account until your child reaches a certain age—usually 13 to 18. Others let you open a custodial account where you control the money until your child turns 18 or 21. A few banks have accounts specifically designed for kids as young as 6 or 7, though these often come with restrictions on how much money can be deposited or withdrawn.

The account type matters because it affects what your child can do with the account, what fees explore, and when control transfers to them. A joint account means you both own it and can access it. A custodial account means you legally hold the money in trust for your child. The difference changes how taxes work, what happens if you die, and whether your child can use the debit card alone.

Key Takeaways

  • Banks require you to be present and provide identification to open any account for a minor, and most require you to be a joint owner or custodian until your child reaches their teens.
  • Joint accounts let both you and your child access the money when ready, while custodial accounts keep you in legal control until your child reaches the age of majority.
  • Most children's checking accounts have no monthly fees, but some charge fees if the balance drops below a minimum or if you exceed a certain number of withdrawals per month.
  • Your child can usually get a debit card between ages 13 and 16, depending on the bank, though you may need to approve transactions or set spending limits.
  • The bank where you hold your own account often makes opening a child's account faster, since they already have your information on file.

Age requirements and account structure at major banks

Banks set their own minimum ages, so the answer varies. Chase lets you open a checking account for a child as young as 6 through its Chase First Banking product, though a parent must be a joint owner. Bank of America has a SafeBalance account for ages 13 and up. Wells Fargo requires age 7 or older for its Way2Save account. Smaller regional banks and credit unions often have their own rules—some allow accounts for children as young as 5, others start at 13.

The structure you choose affects control and access. A joint account means you and your child both own the account equally, and either of you can withdraw money or close it. This works well for teenagers who need when ready access to their own money. A custodial account (also called an UTMA or UGMA account, depending on your state) means you hold the money legally in trust for your child until they reach the age of majority—18 in most states, 21 in a few. You control the account until then, and your child cannot touch it without your permission.

Some banks blur the line by offering a "parent-controlled" checking account where your child has a debit card but you set spending limits and approve transactions through a mobile app. This gives your child some independence while keeping you in control. Ask the bank directly whether the account is joint, custodial, or parent-controlled—the terms are not standardized.

What you need to bring to open the account

You will need to show up in person at a branch with your own identification and your child's identification. Bring a government-issued ID for yourself—a driver's license or passport. For your child, bring a birth certificate or Social Security card. Some banks also ask for a second form of ID for you, such as a utility bill or recent bank statement showing your address.

The bank will ask for your Social Security number and your child's Social Security number. If your child does not have one yet, you can explore for one at your local Social Security office before opening the account, or some banks will let you open the account and add the number later. The bank will also ask about your employment and income, though this is usually a quick question rather than a detailed background check.

If you are opening a custodial account, the bank will ask which state's law governs the account—usually the state where you live. This matters for tax purposes and for determining when your child gains control of the money.

Fees, minimum balances, and spending limits

Most banks charge no monthly maintenance fee for children's checking accounts, which is one reason they are worth opening. However, some banks charge fees if your balance falls below a minimum—often $100 to $300—or if you exceed a certain number of withdrawals or transfers per month. Chase First Banking has no monthly fee and no minimum balance. Bank of America's SafeBalance account has no monthly fee but charges $12 if your balance drops below $500 for five consecutive business days.

Debit card transactions usually do not count against withdrawal limits, but ATM withdrawals and transfers often do. If your child makes more than six transfers or withdrawals per month from a savings account, federal rules allow the bank to charge a fee or close the account. Checking accounts do not have this limit, so your child can withdraw as much as they want as often as they want.

If you set up a parent-controlled account with spending limits, the bank's app will let you set a daily spending cap—often between $10 and $500. You can usually change this limit anytime, and you can turn off the debit card remotely if it is lost or stolen.

When your child can get a debit card

Most banks issue a debit card to children ages 13 and up, though some start at 16. A few banks—including some credit unions—will issue a card to younger children if a parent requests it, but the card may have restrictions. For example, the card might only work at certain merchants, or it might require your approval for each transaction.

When your child turns 18, they can usually take over the account on their own if it is a joint account. If it is a custodial account, control transfers automatically at the age of majority in your state—18 or 21. You will not be able to access the account after that point, and your child will have full control. Some banks send a notice before the transfer happens so you can plan for it.

Custodial accounts and tax implications

If you open a custodial account, the money in it belongs to your child for tax purposes, even though you control it. This means any interest or investment income the account earns is taxed on your child's tax return, not yours. For 2024, the first $1,300 of unearned income (interest, dividends) is tax-free for a dependent child. Income above that is taxed at your child's rate, which is usually lower than yours.

This can be an advantage if you are saving money for your child and want to minimize taxes. However, it can affect financial aid calculations if your child later applies for college. Schools count custodial accounts as the student's asset, which can reduce the amount of need-based aid they receive. A joint account is treated differently—schools may count it as a parent asset, which has less impact on aid.

When your child reaches the age of majority, they gain full control of the account and all the money in it. You cannot tell them how to spend it. If you want to set conditions on the money—such as requiring them to use it for college—a custodial account is not the right tool. You would need a trust or a will instead.

Opening an account at your current bank versus elsewhere

If you already have a checking account at a bank, opening an account for your child there is usually faster and easier. The bank already has your information on file, so you will not need to provide as much documentation. You can often start the process online or by phone and finish it in a branch visit. Some banks let you open a child's account entirely online if you are an existing customer.

If you do not have an account at a particular bank, you will need to provide more information and may need to open your own account at the same time. Some banks require a parent to have an account in order to open one for a child. Others let you open only the child's account without opening one for yourself.

Credit unions often have lower fees and higher interest rates on savings accounts than large banks, and many have accounts for children. You will need to become a member of the credit union first, which usually requires living or working in a certain area or having a family member who is already a member. Membership is free, but you may need to open a savings account with a small deposit—often $5 to $25.

Frequently Asked Questions

Can I open a checking account for my child without going to a branch?

Some banks let existing customers open a child's account online, but most require at least one in-person visit to verify your identity and your child's identity. A few banks will let you complete the process by mail if you provide notarized copies of your ID and your child's birth certificate, but this is slower and less common.

What happens to the account when my child turns 18?

If it is a joint account, your child can keep it as-is or remove you as a joint owner. If it is a custodial account, control transfers to your child automatically at the age of majority in your state. You will no longer have access, and your child will have full control of the money. The bank will send you notice before this happens.

Can I use my child's account to save money for them without them knowing about it?

Yes, if you open a custodial account. Your child does not have access to the account or the debit card unless you give it to them. However, when they reach the age of majority, the money becomes theirs legally, and you cannot prevent them from withdrawing it or spending it however they want.

Do I need to report a child's checking account to the IRS?

You do not need to report the account itself, but you do need to report any interest or investment income it earns on your child's tax return if the income exceeds $1,300 per year. The bank will send a 1099-INT form if interest exceeds $10. Your child's Social Security number is required so the bank can report this income.

What if my child loses the debit card?

Call the bank when ready to report it lost or stolen. The bank will cancel the card and issue a new one, usually within 5 to 10 business days. Most banks let you set a temporary spending limit or turn off the card entirely through their mobile app while you wait for the replacement. You are not responsible for fraudulent charges if you report the loss promptly.