Yes, you can open a bank account for your child at most banks
You can set up a bank account for your child at nearly every bank and credit union in the country. The account belongs to your child, but you control it as their parent or legal guardian until they reach the age of majority — usually 18, though some states set it at 19 or 21. The bank will ask for your child's Social Security number, proof of your identity, and proof of your relationship to the child.
The specific rules and minimum balances vary by bank. Some banks let you open an account for a newborn; others require the child to be at least a few months old. Some have no monthly fees for children's accounts; others charge a small fee unless you maintain a minimum balance or set up direct deposit. The best account for your situation depends on which banks operate near you, what features matter to your family, and how you plan to use the account.
Key Takeaways
- You can open a bank account for your child at any age, though most banks require the child to be at least a few weeks or months old.
- You will need your child's Social Security number, your own government-issued ID, and proof that you are the parent or legal guardian.
- As the parent, you have full control of the account and can deposit, withdraw, and manage money until your child reaches the age of majority.
- Different banks have different rules about fees, minimum balances, and what features the account includes, so comparing a few options saves money over time.
- When your child turns 18 or reaches the age of majority in your state, the account transitions to their sole control unless you take steps to change it.
What documents you need to bring
Bring your government-issued photo ID — a driver's license, passport, or state ID card. The bank will verify your identity and confirm you are the account holder and the child's parent or legal guardian. You may need to bring a birth certificate or adoption papers to prove the relationship, though some banks only ask for this if your last name differs from the child's.
You will also need your child's Social Security number. If your child does not have one yet, you can request one from the Social Security Administration before opening the account, or some banks will let you open the account and add the number later. Bring any documents the bank asks for in advance — most banks list these on their website or you can call a branch to ask.
Types of accounts banks offer for children
Most banks offer a savings account for children, which earns a small amount of interest on the money in the account. Interest rates are very low right now — often less than 0.01 percent per year — but the account teaches your child that money grows over time. Savings accounts limit how many withdrawals you can make per month, usually six, though this rule is rarely enforced.
Some banks also offer a checking account for children, which works like an adult checking account but with parental controls. Your child can use a debit card to spend money and write checks, but you can set limits on how much they can spend per day or per transaction. A checking account is useful if your child is old enough to make their own purchases — usually around age 10 or older — but not necessary for younger children.
A few banks offer teen checking accounts with extra features like spending alerts that notify you when your child uses the card, the ability to set spending limits by category, and tools to help your child learn about money. These accounts often have no monthly fee and no minimum balance requirement. Ask your bank whether they offer a teen account and what age your child needs to be to open one.
How much money you need to open an account
Most banks require an opening deposit to start the account, usually between $25 and $100. Some banks waive this requirement if you set up direct deposit — for example, if you have your paycheck deposited into the account. A few banks have no opening deposit requirement at all.
After the account is open, some banks require you to keep a minimum balance in the account at all times. If your balance falls below that minimum, the bank charges a monthly fee, usually $5 to $15. Other banks have no minimum balance requirement. If you are choosing between banks, ask about both the opening deposit and the minimum balance, because the difference can add up over years.
What happens when your child turns 18
When your child reaches the age of majority in your state — 18 in most places, 19 or 21 in a few — the account automatically transitions to their sole control. You will no longer be able to see the account balance, make withdrawals, or manage the account without their permission. The bank will send your child a notice before this happens, usually a few weeks in advance.
If you want to keep a joint account after your child turns 18, you can ask the bank to convert it to a joint account where you both have equal control. This is useful if your child is still in school or living at home and you want to help manage their money. Your child can also choose to remove you from the account entirely, and you cannot prevent this.
Banks and credit unions that offer children's accounts
Nearly every major bank offers a children's savings account. Chase, Bank of America, Wells Fargo, and Citibank all have options. Credit unions — which are member-owned financial institutions similar to banks — often have children's accounts too, and sometimes with lower fees or higher interest rates than banks.
To find banks and credit unions near you, search online for "[your city] banks with children's accounts" or visit your local bank branch and ask what they offer. If you already have an account at a bank, opening a children's account there is usually faster because the bank already has your information on file. Compare the opening deposit, monthly fees, minimum balance requirements, and features like debit cards or spending limits before you decide.
How to protect your child's Social Security number
Your child's Social Security number is sensitive information. Only give it to the bank when you open the account, and keep the Social Security card itself in a safe place at home — you do not need to carry it with you. Do not share your child's number with schools, doctors, or other organizations unless they specifically need it for their records.
Monitor the account regularly for unusual activity. If you notice withdrawals you did not make or charges you do not recognize, contact the bank when ready. Banks have fraud protection for children's accounts, similar to adult accounts, so you are not responsible for unauthorized charges if you report them quickly.
Frequently Asked Questions
Can I open an account for a newborn?
Most banks allow you to open an account for a newborn, though some require the child to be at least a few weeks or months old. Call your bank before visiting to confirm they can open an account for your child's age. You will need the baby's Social Security number, which you can request from the Social Security Administration or explore for at the hospital when the baby is born.
What if my child's other parent does not want the account?
If you are the legal parent or guardian, you can open an account for your child without the other parent's permission. However, if both parents have legal custody, the other parent may be able to access the account or dispute it. If custody is unclear, contact a family law attorney before opening the account.
Can my child have their own account without me as a parent?
No, children under the age of majority cannot open their own bank account. You must be the account holder and parent or legal guardian. Once your child turns 18, they can open their own account independently, though you can help them do so.
Do I have to pay taxes on interest my child earns?
Yes, interest earned in a child's account is taxable income. The amount is usually very small — often less than a dollar per year — but you may need to report it on your tax return. Ask your bank for a 1099-INT form at the end of the year if the interest earned exceeds a certain amount, usually $10.
What happens if I need to close the account?
You can close a children's account at any time by visiting the bank or calling them. The bank will return any money in the account to you. If your child is old enough to understand, tell them before you close it so they know what happened to their money.