You need a parent or guardian present, the child's Social Security number, and an ID for yourself
Most banks let you open a savings account for a child under 18 while you're both at a branch. You'll bring your own ID and the child's Social Security number. Some banks have a minimum deposit (often $25 to $100), though many have waived this requirement. The account will be in both your names, with you as the account owner and the child as an authorized user — you control the account until they turn 18.
A few banks also let you open accounts online, but they usually still require you to visit a branch or mail in documents to verify the child's identity. The whole process typically takes 15 to 30 minutes in person, or a few days by mail.
Key Takeaways
- Bring your ID, the child's Social Security number, and a small opening deposit to open an account in person at a bank branch.
- You remain the account owner until the child turns 18, even though their name is on the account.
- Many children's savings accounts have no monthly fees and no minimum balance requirements.
- Some accounts offer small interest payments or rewards for saving, which can teach the child how money grows.
- You can switch banks later if you find better terms, though closing an account is simpler than opening one.
What documents and information you'll need to bring
Bring a government-issued photo ID for yourself — a driver's license, passport, or state ID card. Bring the child's Social Security number (you can look it up on their Social Security card, birth certificate, or tax documents if you don't have the card itself). Some banks ask for proof of address, which can be a recent utility bill, lease, or mortgage statement in your name.
Have the child's birth date and full legal name exactly as it appears on their birth certificate. If the child is old enough to write, some banks ask them to sign the signature card, though this is not required by law — you can sign on their behalf.
The difference between a joint account and a custodial account
A joint account has both names on it from the start, and you can deposit or withdraw money without the child's permission. This is the most common type for young children. You control all the money until they turn 18, at which point the account becomes theirs fully — though you can still access it unless you remove yourself.
A custodial account (also called a UTMA or UGMA account, depending on your state) is a legal arrangement where you hold the money in trust for the child. The money technically belongs to the child from day one, but you manage it until they reach the "age of majority" — usually 18 or 21, depending on your state and the account type. Custodial accounts have tax advantages if the child earns interest, but they're less common for basic savings and require more paperwork to set up. Most families use a straightforward joint account instead.
Ask the bank which type they're offering. For a first account, a joint savings account is usually the right choice.
What to look for when choosing a bank
Compare three things: monthly fees, minimum balance, and interest rate. Many banks now offer children's savings accounts with no monthly maintenance fee and no minimum balance — if a bank charges you $5 a month just to keep the account open, that's money the child isn't saving. Look for accounts that pay interest, even if it's small. A rate of 0.01% to 0.05% is common, but some online banks offer higher rates.
Check whether the bank has branches near you or your child's school. If you need to deposit cash or help the child withdraw money, a nearby branch matters. Online banks are often cheaper, but you can only deposit checks by mail or mobile app.
Some banks offer perks like a debit card for the child (usually starting at age 13), spending limits you can set, or small bonuses for reaching savings goals. These can be useful teaching tools, but they're not necessary for a first account.
How to open the account in person at a branch
Call the bank ahead or check their website to confirm they offer children's accounts and what documents you'll need — requirements vary slightly by bank and by state. Bring your ID, the child's Social Security number, and your opening deposit. Go to a branch during business hours.
Tell the teller you want to open a savings account for a minor. They'll give you a form to fill out with both your names, addresses, and the child's date of birth and Social Security number. You'll sign the form (and the child can too, if they're old enough). The teller will process the deposit, give you a receipt, and usually mail you a debit card and checks within a week or two.
Ask for a copy of the account agreement before you leave. This document explains the fees, interest rate, and rules for the account. Keep it for your records.
Opening an account online or by mail
Some online banks and credit unions let you start the process on their website. You'll enter your information and the child's, upload a photo of your ID, and sometimes a photo of the child's birth certificate or Social Security card. The bank will then mail you forms to sign and return, or ask you to visit a branch to verify your identity in person.
This process takes longer — usually one to two weeks — because the bank has to confirm you are who you say you are without meeting you face-to-face. If you're in a hurry, opening in person at a branch is faster.
Credit unions (nonprofit financial institutions owned by their members) often have lower fees and better interest rates than banks, and many offer children's accounts. To join a credit union, you usually need to live or work in a certain area or belong to a specific group. Ask whether you're already a member of one through your employer or neighborhood.
What happens when your child turns 18
On or shortly after their 18th birthday, the account automatically becomes theirs alone. You'll no longer have access unless you stay on the account as a joint owner — the bank will ask you both to sign new paperwork. Many young adults keep a parent on the account for a while longer, especially if they're still in school or living at home.
If you want to remove yourself from the account, you can do that at any time by visiting a branch or calling the bank. The child can then manage the account independently. If the child wants to close the account and move the money elsewhere, they can do that too — there's no penalty for switching banks.
Frequently Asked Questions
Can I open an account for a child without their Social Security number?
No. Banks are required by federal law to collect a Social Security number or tax ID to prevent fraud and money laundering. If your child doesn't have a Social Security number yet, you can request one from the Social Security Administration — it usually takes two to four weeks. Some banks will let you open the account once you have the number, even if you explore before the card arrives.
What if I don't have a government ID?
Most banks require a photo ID from you as the account owner. If you don't have a driver's license or passport, you can get a state ID card from your state's DMV. Some banks accept other forms of ID like a tribal ID or passport card. Call your bank first to ask what they accept.
Can my child use the debit card before they turn 13?
Most banks don't issue debit cards to children under 13, though some offer them starting at age 10. You can deposit money and the child can withdraw it in person at a branch or through you. Once they're old enough for a debit card, you can usually set spending limits and get alerts when they use it.
Do I have to keep the account open if I change banks?
No. You can close the account at any time by visiting a branch or calling the bank. They'll give you the balance as a check or transfer it to another bank account. There's no fee or penalty for closing a children's account.
Will opening a bank account affect my child's credit score?
No. A savings account doesn't appear on a credit report. Credit scores are based on borrowing and repaying loans. A savings account is just a place to store money, so it won't help or hurt your child's credit — though having good savings habits now can make borrowing easier when they're older.