Yes, you can open a bank account for a child, and most banks offer accounts designed for minors

You can open a bank account for a child at nearly every major bank and credit union in the United States. The account will be in the child's name, but you (the parent or guardian) will have control of it until the child reaches the age of majority — typically 18, though some states set it at 19 or 21. The bank will require your identification and the child's Social Security number, and you'll both need to be present at the branch, though some banks now allow online opening with a video verification step.

The type of account you open depends on the child's age and what you want the account to do. A savings account for a young child is straightforward: you deposit money, it earns a small amount of interest, and the child learns to watch the balance grow. A checking account with a debit card works better for a teenager who needs to spend money independently. Some banks offer accounts specifically designed for teens that include spending controls and parental monitoring through a mobile app.

Key Takeaways

  • You will need your own government-issued ID, the child's Social Security number, and proof of address to open an account at a bank or credit union.
  • Most banks require you to visit a branch in person with the child, though some now offer online account opening with video verification.
  • Accounts for minors are held in the child's name with you as the custodian, meaning you control the account until the child reaches 18 or 21 depending on your state.
  • Savings accounts, checking accounts, and teen-specific accounts with spending controls are all common options, and the right choice depends on the child's age and needs.
  • Interest rates on children's savings accounts are typically very low, so the main benefit is teaching money habits rather than earning significant returns.

What documents you need to bring to the bank

Bring your government-issued photo ID (driver's license, passport, or state ID card) and the child's Social Security number. If you don't have the child's Social Security card itself, you can provide the number verbally or in writing — the bank will verify it through their systems. You'll also need proof of your current address, which can be a utility bill, lease, mortgage statement, or recent bank statement dated within the last 60 days.

If you're opening the account as a custodian but not the child's parent (for example, as a grandparent or legal guardian), bring documentation of that relationship or guardianship. Some banks ask for a birth certificate to confirm the child's age and identity, though this is not universal. Call the specific branch ahead of time to ask what they require — requirements vary slightly between banks and sometimes between branches of the same bank.

How the account works while the child is a minor

The account is titled in the child's name, but you have full legal control. You can deposit money, withdraw money, set up automatic transfers, and close the account without the child's permission. The child cannot withdraw money or make changes to the account without your approval, even if they are a teenager. This is the legal arrangement that protects the money and keeps it available for the child's needs.

If you open a checking account with a debit card, you can set spending limits on the card through the bank's app or by calling customer service. Some teen-focused accounts let you restrict where the card can be used (no online purchases, for example) or require your approval for each transaction above a certain amount. These controls are optional — you can give the teenager full access to the debit card if you choose, or restrict it heavily. The choice is yours as the account custodian.

What happens when the child turns 18

At age 18 (or 19 or 21, depending on your state), the account automatically converts from a custodial account to a regular account in the child's name alone. You will no longer have legal control. The child can withdraw all the money, close the account, or change the account settings without your permission. Some banks send a notice before this happens; others do not. Check with your bank about their specific process.

If you want to maintain some involvement in the account after the child turns 18, you'll need the child's permission to be added as an authorized user or joint account holder. This is a separate step that requires the now-adult child to agree and sign paperwork. There is no automatic way to keep control after the age of majority passes.

Choosing between a savings account and a checking account

A savings account is the right choice for a young child (under 12) or if your goal is to teach saving rather than spending. The account earns interest, though the rate is typically between 0.01% and 0.5% depending on the bank — not enough to build wealth, but enough to show the child that money can grow. The child cannot access the account without you, so the money stays put. Savings accounts usually have no monthly fee and no minimum balance requirement for children's accounts.

A checking account with a debit card makes sense for a teenager who needs to spend money independently — for school lunches, outings with friends, or part-time job earnings. The debit card works like a credit card but draws directly from the account balance, so the teenager cannot spend more than what's there. Many teen checking accounts have no monthly fee and no minimum balance. Some include features like parental controls, spending alerts, or the ability to set up automatic allowance transfers.

You can also open both: a savings account where you deposit money the child should not touch, and a checking account with a smaller balance for everyday spending. This teaches the difference between saving and spending.

Interest rates and fees for children's accounts

Interest rates on children's savings accounts range widely. Some banks offer 0.01% annual percentage yield (APY), which means $100 in the account earns about 1 cent per year. Others offer 0.5% or higher, especially if the account is linked to a parent's account or if the bank is a credit union. Online banks and credit unions tend to offer higher rates than large national banks. The difference between 0.01% and 0.5% is small in dollar terms, but it's worth comparing if you plan to keep a large balance in the account.

Most children's savings and checking accounts have no monthly maintenance fee. Some banks waive fees only if you set up direct deposit (such as from a part-time job) or maintain a minimum balance. A few charge a small fee ($2 to $5 per month) if neither condition is met. Read the fee schedule before opening the account — it's usually available on the bank's website or you can ask at the branch.

Where to open an account: banks versus credit unions

National banks (Chase, Bank of America, Wells Fargo, Citibank) all offer children's accounts and have branches in most areas, making it straightforward to visit in person. They typically have lower interest rates and may charge fees if you don't meet certain conditions. Credit unions often offer higher interest rates and lower fees, but you must be a member to open an account — membership usually requires living or working in a specific area or having a family member who is already a member.

Online banks (Ally, Marcus, Discover) offer higher interest rates and no fees, but they have no physical branches, so you'll need to open the account online with video verification. This works well if you're comfortable with digital banking and don't need in-person service. Local community banks may also offer children's accounts and sometimes have more flexible policies than national chains.

Frequently Asked Questions

Does my child need their own Social Security number to open an account?

Yes. If your child doesn't have a Social Security number yet, you'll need to obtain one before opening a bank account. You can request one from the Social Security Administration online, by mail, or in person at a local office. The process takes about two weeks.

Can I open an account for a newborn?

Yes. You can open a savings account for a newborn as soon as you have their Social Security number, which you can request at the hospital or afterward. Many parents open accounts to start saving for the child's future, though the interest earned will be minimal.

What if I want to add money to the account without the child knowing?

You can deposit money into the account at any time without the child's knowledge or permission. The account is in your control as the custodian. However, once the child turns 18, they will see all deposits and withdrawals in their account history.

Can my child have their own debit card before age 13?

Most banks allow debit cards for children as young as 8 or 10, though policies vary. Some require the child to be at least 13. Ask your bank about their minimum age for debit cards. The card will be linked to the account you control, so you can monitor spending and set limits.

What happens to the account if I die before the child turns 18?

The account becomes part of your estate and will be handled according to your will or your state's inheritance laws. The child's guardian or the executor of your estate will take control of the account. It's a good idea to name a guardian for the child in your will and to discuss your wishes for the account with that person.