What you need to open an account for a child
A parent or legal guardian must go to the bank in person with the child and bring two forms of identification—one for the adult and one for the minor. The bank will ask for the child's Social Security number. You'll also need to choose what type of account: a custodial savings account (where the parent controls the money until the child reaches the age of majority, usually 18 or 21 depending on your state), a joint account (where both parent and child can withdraw money), or a teen checking account (designed for older minors, typically 13 and up, with limited features).
Some banks let you open an account online or by phone if the child already has a Social Security number and you can verify your identity, but most still require an in-person visit. A few banks—mainly online-only institutions—do not offer accounts for minors at all, so call ahead before you go. Bring a recent utility bill or lease as proof of your address; the bank will verify this before opening the account.
Key Takeaways
- A parent or legal guardian must be present in person with the child and bring identification for both of you plus the child's Social Security number.
- Custodial accounts give the parent full control until the child reaches age 18 or 21; joint accounts let both parent and child withdraw money at any time.
- Teen checking accounts are available from age 13 at most banks and often come with spending limits, parental controls, or restrictions on overdrafts.
- Most banks require an in-person visit, though some allow online opening if you can verify your identity and the child has a Social Security number.
- Different banks set different minimum balances and monthly fees, so compare a few before you choose.
The difference between custodial, joint, and teen accounts
A custodial account is held in the child's name but controlled entirely by the parent until the child reaches the age of majority in your state—usually 18 for a Uniform Transfers to Minors Act (UTMA) account or 21 for a Uniform Gifts to Minors Act (UGMA) account. The child cannot withdraw money without the parent's permission. When the child turns 18 or 21, the account transfers to their full control, and the parent loses all access. This is useful if you want to save money for the child without them being able to spend it.
A joint account is owned by both the parent and the child equally. Either person can withdraw money at any time without permission from the other. The account does not automatically transfer when the child turns 18; both owners remain on it unless one is removed. This works well if you want the child to learn to manage money while you keep oversight, but it means the child can empty the account without your knowledge.
A teen checking account is designed for minors, usually ages 13 to 17, and typically comes with restrictions: no overdraft protection, daily spending limits, or the ability to make large withdrawals only with parental approval. The parent usually gets alerts when the child spends money. These accounts teach financial habits with guardrails. At 18, the account often converts to a standard adult checking account.
What happens at the bank during the visit
Bring the child with you. The bank will ask the child to sign documents and may ask straightforward questions to verify their identity, even though the parent is the one making decisions. This is standard practice and helps the bank confirm the child is who they say they are. The process usually takes 15 to 30 minutes.
The bank will explain the account rules: monthly fees (if any), minimum balance requirements, how to deposit money, and what the child can and cannot do. Ask about parental controls—many banks now offer apps or online dashboards where you can set spending limits, block certain types of transactions, or turn off the debit card remotely. If the account comes with a debit card, the bank will either issue it on the spot or mail it within 5 to 10 business days.
You will receive account statements by mail or email, depending on what you choose. For a custodial account, statements go to the parent's address. For a joint account, both owners can request statements. Ask the bank how you will receive the account number and routing number—you may need these to set up direct deposit or transfers.
Documents and information to bring
| What you need | For whom | Why |
|---|---|---|
| Government-issued ID (driver's license, passport, state ID) | Parent or guardian | Proves your identity and that you have authority to open an account for the child |
| Birth certificate or passport | Minor | Proves the child's identity and age |
| Social Security number | Minor | Required by federal law; the bank will not open the account without it |
| Proof of address (utility bill, lease, mortgage statement) | Parent or guardian | Confirms where you live; must be recent (usually within 90 days) |
| Second form of ID (school ID, library card, or another government ID) | Parent or guardian | Some banks ask for two forms; policies vary |
Call your bank before you go to confirm what they need. Some banks accept a school ID as proof of the child's identity; others do not. A few banks will accept a photocopy of a birth certificate, while others require the original. If you are the child's legal guardian but not the biological parent, bring the guardianship papers.
Age limits and what banks offer at different ages
Most banks allow you to open a custodial or joint account for a child of any age, including infants. There is no minimum age for a savings account. Checking accounts and debit cards are usually available starting at age 13, though some banks offer them as early as age 10 and others wait until age 16.
Banks vary widely in what they allow. Some teen accounts come with a debit card and online banking access; others are savings-only. Some let the teen set up their own login and see their balance; others require the parent to manage everything. A few banks offer a "step-up" feature where restrictions loosen as the child gets older—for example, spending limits increase at age 15 and disappear at age 17.
At age 18, the account status changes depending on the type. A custodial account becomes the young adult's sole property, and the parent is removed. A joint account remains joint unless one owner requests removal. A teen checking account usually converts to a standard adult account, and any parental controls are disabled. Some banks send a notice before this happens; others do not, so mark your calendar.
Monthly fees and minimum balances
Many banks charge no monthly fee for a minor's account, especially savings accounts. Checking accounts for teens sometimes have a fee—typically $5 to $10 per month—though some waive it if the account maintains a minimum balance or if the parent has an account at the same bank. A few banks charge no fees at all for minors under 18.
Minimum balance requirements vary. Some banks require $0 to open and maintain a minor's account. Others ask for $25, $100, or more. If the balance falls below the minimum, the bank may charge a fee or close the account. Online banks often have lower or no minimum balances; traditional brick-and-mortar banks vary. Ask about this before you open the account, because it affects how much you need to deposit initially.
Interest rates on savings accounts for minors are usually the same as for adults at that bank, though some banks offer a slightly higher rate for minors as an incentive. The rate changes based on the Federal Reserve's actions, so do not expect it to stay the same year to year. Checking accounts typically earn no interest.
How to fund the account and set up transfers
You can deposit money in person at the bank, by mail (if the bank accepts checks), or online through a transfer from your own account at the same bank. Some banks let you set up automatic transfers—for example, $20 every Friday—so the child receives a regular allowance without you having to go to the bank each time.
If the child receives a paycheck from a job, you can set up direct deposit using the account number and routing number. The employer will deposit the paycheck directly into the account, usually within one to two business days of payday. This is faster and safer than handling cash or checks.
For a joint account, either owner can deposit money. For a custodial account, only the parent can deposit; the child cannot add money without the parent's permission. Some banks allow the child to deposit cash at an ATM or teller window even in a custodial account, but policies differ, so ask.
Frequently Asked Questions
Can I open an account for my child without bringing them to the bank?
Most banks require the child to be present in person, even for infants. A few online banks allow you to open a custodial account without the child present if you can verify your identity and provide the child's Social Security number, but this is uncommon. Call ahead to ask; do not assume you can do it by mail or phone.
What if my child does not have a Social Security number yet?
You can explore for one at your local Social Security office or online at ssa.gov. The process takes about two weeks. Some banks will let you open an account and add the Social Security number later, but most require it before they complete the account setup. Ask your bank whether you can open the account first and provide the number once you receive it.
Can a minor open a bank account without a parent?
No. A parent or legal guardian must be present and sign all documents. A minor cannot open an account alone at any bank. If you are a teen and want an account, ask your parent or guardian to take you to the bank.
What happens to the account when my child turns 18?
For a custodial account, the bank transfers full ownership to your child and removes you as the custodian. You will no longer have access. For a joint account, both of you remain owners unless one of you requests removal. For a teen checking account, it usually converts to a standard adult account and parental controls are removed. The bank should notify you before this happens, but confirm the timeline with your bank.
Can I close the account if my child refuses to use it?
Yes. As the parent or guardian, you can close a custodial or joint account at any time by visiting the bank in person or calling. The bank will return any remaining balance to you. For a teen account, policies vary; some allow the parent to close it, others require both owner and parent to agree. Ask your bank about their policy before you open the account.