What you need to do it

A parent or legal guardian opens the account. You will need to bring the minor's Social Security number, proof of the minor's identity (usually a birth certificate or school ID), and proof of your own identity (driver's license, passport, or state ID). Some banks also ask for proof of address — a recent utility bill or lease in your name works.

The minor does not have to be present at the bank, though many institutions prefer it. If you go alone, bring documentation showing you are the legal guardian — a birth certificate listing you as the parent, or a court order if you have guardianship. Call ahead to confirm what your specific bank requires; requirements vary between institutions.

You will choose an account type at the time you open it. Most banks offer a basic savings account for minors, sometimes called a youth savings account or junior account. Some also offer checking accounts for teenagers, usually starting around age 13. The account will be held in the minor's name, but you retain control as the custodian until the minor reaches the age of majority in your state — typically 18 or 21.

Key Takeaways

  • You bring the minor's Social Security number, birth certificate or school ID, and your own ID to open the account in person or by mail.
  • The minor does not have to be present, though some banks prefer it and may require it for checking accounts.
  • The account opens in the minor's name with you as custodian, meaning you control it until they reach the age of majority in your state.
  • Most banks offer youth savings accounts starting at birth; checking accounts typically become available around age 13.
  • Monthly fees, minimum balances, and ATM access vary by bank and account type, so compare before you choose.

Opening in person versus by mail

Opening in person at a branch is the fastest route. You walk in with your documents, speak to an account representative, and the account is usually open the same day. The representative will ask you to choose a PIN for the debit card (if the account includes one) and will explain the account rules — withdrawal limits, monthly statements, how the minor accesses funds.

Many banks also allow you to open an account by mail or online. You submit copies of the required documents and complete an process form. This takes longer — typically five to ten business days — because the bank has to verify the documents and process the process without seeing you in person. Some banks will not open a checking account this way; they require at least one in-person visit for accounts that include a debit card.

A few banks offer online-only accounts for minors, which can be opened entirely through their website or app. These accounts usually have no monthly fees and no minimum balance, but they may have limits on how often the minor can withdraw money or how much they can withdraw per month. Read the terms carefully before you commit.

What happens to the account when the minor turns 18

The account does not automatically close or transfer. Instead, it converts to an adult account, usually without any action required from you or the minor. The minor becomes the sole owner and you lose access — you can no longer see the balance, make withdrawals, or manage the account. This happens on the date they turn 18 in most states, though a few states use 21 as the age of majority.

Some banks send a notice before the conversion happens, giving the minor time to set up online banking access or visit a branch to confirm their contact information. If the minor has not set up their own access and you have been managing the account, they may not be able to use it when ready after the conversion. Have them visit a branch or call the bank to confirm their identity and set up their own login.

If the minor is still in high school or college and you want to keep contributing to the account, you can do so — you straightforward cannot manage it anymore. You would transfer money to their account the same way you would send money to any other adult: through a transfer, a check, or a direct deposit.

Fees, minimums, and features to compare

Youth savings accounts usually have no monthly maintenance fee, no minimum balance requirement, and no overdraft fees. Some banks charge a small fee if the account sits inactive for a long time, but this is uncommon. Checking accounts for teenagers sometimes charge a monthly fee ($5 to $10) if the balance drops below a certain amount, though many banks waive the fee if a parent's account is linked.

Debit cards are standard with most youth checking accounts but optional with savings accounts. If the account includes a debit card, confirm whether the minor can use it at any ATM or only at the bank's ATMs. Some banks charge a fee ($2 to $3) for out-of-network ATM withdrawals. A few banks offer free out-of-network ATM access nationwide, which matters if the minor will be using the card away from home.

Interest rates on youth savings accounts are typically very low — often 0.01% to 0.05% annually, though some online banks offer higher rates (0.4% to 1% or more). The difference is small on small balances, but it adds up over time. If the account will hold money for months or years, compare rates across banks before you choose.

Custodial accounts versus joint accounts

A custodial account is held in the minor's name with you as custodian. You control the account until the minor reaches the age of majority. The money legally belongs to the minor, but you decide when and how it is spent. This is the standard structure for youth bank accounts.

A joint account is held in both your name and the minor's name. You both have equal access and control. Either of you can withdraw money, and either of you is responsible if the account goes negative. Joint accounts are less common for minors because they give the minor more control than many parents want, but they can be useful if the minor is a teenager and you want them to manage their own money with your oversight.

Ask the bank which structure they use for their youth accounts. Most use custodial accounts by default. If you want a joint account instead, confirm that the bank offers it and that both names will appear on the debit card and statements.

What to do if the minor already has a Social Security number but no account

If the minor was born in the United States, they should have a Social Security number. If you do not have it, request a replacement card from the Social Security Administration. You can do this online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. Bring the minor's birth certificate and your ID. A replacement card takes one to two weeks.

If the minor was born outside the United States and does not have a Social Security number, you will need to explore for one before opening a bank account. The process is the same: visit ssa.gov or call 1-800-772-1213. You will need the minor's birth certificate, passport or travel document, and proof of immigration status. This can take longer — up to four weeks — so plan ahead if you are opening an account for a newly arrived minor.

Some banks will open an account without a Social Security number if you provide an Individual Taxpayer Identification Number (ITIN) instead, though this is less common. Ask your bank whether they accept ITINs before you gather documents.

Frequently Asked Questions

Can I open an account for a newborn?

Yes. You need the newborn's Social Security number and birth certificate. Many parents open savings accounts for newborns to start saving for education or future expenses. The account works the same way as one for an older child — you control it until they turn 18, and the money is legally theirs.

What if I am not the biological parent but I have legal guardianship?

Bring the guardianship order along with your ID and the minor's birth certificate. The bank will verify that you have legal authority to open the account. If you do not have a formal guardianship order, ask the bank what documentation they need — some accept letters from a court or social services agency.

Can a minor open their own account without a parent?

No. A parent or legal guardian must open the account. Some banks allow teenagers to open a checking account online with a parent's permission, but a parent must still be involved and must verify their identity. A minor cannot open an account alone.

What happens if I close the account before the minor turns 18?

You can close the account at any time. The bank will issue a check or transfer the balance to another account. If the minor has been using a debit card, it will stop working. If you are closing the account because you want to move to a different bank, open the new account first, then close the old one.

Do I need to report the account to the IRS?

No, not for opening it. If the account earns interest, the bank will send a 1099-INT form to you and the IRS at tax time if the interest exceeds $10 in a year. You report this interest on your tax return. For a minor's savings account, the interest is usually too small to matter, but keep the form for your records.