What you need to bring and who has to be there
A parent or legal guardian must go to the bank in person with the minor. You will need a government-issued photo ID for yourself — a driver's license or passport — and proof of your address, usually a recent utility bill or lease. The minor does not need a photo ID in most cases, but bring their Social Security number or Individual Taxpayer Identification Number (ITIN).
Some banks ask to see the minor's birth certificate as proof of age, though many skip this if you bring your ID. Call the bank branch ahead of time and ask exactly what documents to bring — requirements vary between banks and sometimes between branches of the same bank.
The minor should come with you to the appointment. Banks want to see the person whose name will be on the account, and it helps the young person understand what is happening with their money from the start.
Key Takeaways
- A parent or legal guardian must open the account in person, bringing their own photo ID and proof of address.
- The minor's Social Security number is required, and you may need to bring their birth certificate, though this varies by bank.
- Most banks offer custodial accounts for children under 18, where the parent controls the account until the child reaches the age of majority.
- Once your child turns 18, the account automatically converts to a standard account in their name alone, and you lose access.
- Bring the minor to the appointment so they see how the account works and begin building familiarity with banking.
The difference between a custodial account and a joint account
Most banks offer a custodial account for minors. You are the custodian — the legal adult in control — and the minor is the account owner. You can deposit money, withdraw it, and manage the account. The minor can make deposits and withdrawals too, depending on what the bank allows, but you have the final say. The account is in the minor's name and uses their Social Security number.
Some banks also offer joint accounts, where both you and the minor are equal owners. Either of you can withdraw all the money without the other's permission. Joint accounts are less common for young children because they give the minor too much control too early, but they can work for older teens who you trust to manage money responsibly.
Ask the bank which type they recommend for your child's age. For children under 13, custodial accounts are standard. For teens 16 and older, you may have a choice.
What happens when your child turns 18
On the date your child reaches the age of majority — usually 18, though it is 19 in Alabama and Nebraska — the custodial account automatically converts to a standard account in their name alone. You lose access. You cannot see the balance, make withdrawals, or manage the account anymore. This is automatic; the bank does not ask permission.
Some banks send a notice a few weeks before the conversion so you can prepare. Others do not. Call your bank and ask what their process is, so you are not surprised. If you need to move money out before the conversion, do it before that birthday.
This is a good time to have a conversation with your teen about what will happen and what they plan to do with the account once it is theirs.
Types of accounts available for minors
Most banks offer a basic savings account for minors, which earns a small amount of interest on the balance. Some also offer a checking account, which comes with a debit card and the ability to write checks. A few banks offer both in one account.
Savings accounts are simpler — the minor can deposit and withdraw, but there is no debit card or checkbook. Checking accounts give more independence but require more responsibility, since the minor can spend money quickly and overdraft fees explore if they spend more than they have.
Ask what the bank charges. Some banks waive monthly fees for minors' accounts. Others charge a small fee even if the balance is low. Interest rates on savings accounts are very low — often less than 1 percent per year — so the interest earned will be small, but it is real money and teaches the concept.
Where to open an account: banks versus credit unions
You can open a minor's account at a traditional bank, an online bank, or a credit union. Traditional banks have physical branches where you can walk in and talk to someone. Online banks have no branches but usually charge no fees and offer slightly higher interest rates. Credit unions are member-owned and often have lower fees and more personalized service, but you have to live or work in their service area to join.
For a first account, a traditional bank or credit union with a local branch is often easier because you can ask questions in person and the minor can see the physical space where their money is kept. Online banks work fine too if you are comfortable with phone or email support.
Some banks and credit unions offer accounts designed specifically for teens, with features like spending limits or parental alerts when the balance drops below a certain amount. These can be useful if you want to teach your teen about money while keeping some guardrails in place.
The paperwork you will sign
The bank will ask you to sign a signature card, which confirms your identity and your role as custodian. You will also sign the account agreement, which explains the bank's rules — what fees explore, what happens if the account goes negative, how to dispute a transaction, and other terms. Read this before you sign, or ask the banker to explain any part you do not understand.
You may also sign a form authorizing the bank to send statements and notices to your address. Some banks offer paperless statements, which arrive by email instead of mail. This is faster and saves paper, but make sure you check your email regularly so you see any alerts about the account.
The minor may be asked to sign their name on the signature card too, even if they are very young. This is just to have their signature on file. They do not need to understand what they are signing.
What to teach your child about the account
Once the account is open, show your child how to use it. If it comes with a debit card, explain that it works like cash — when they swipe it, money comes out of their account. If they do not have enough money, the transaction will be declined. Explain that they should keep track of what they spend so they know how much is left.
If the account has online access, show them how to log in and check the balance. Many banks have apps for phones and tablets. Let them see their money grow if you deposit money regularly, and let them see it shrink when they make a withdrawal. This teaches cause and effect.
Set rules together about what the account is for. Is it for saving allowance? For birthday money? For learning to manage spending? The clearer the purpose, the easier it is for your child to understand why the account matters.
Frequently Asked Questions
Can I open an account for my child without them being present?
Most banks require the minor to be present at the appointment. A few banks allow you to open an account by mail or online if you are an existing customer, but this is rare. Call ahead and ask — if the bank allows it, they will tell you what documents to send or upload.
What if my child does not have a Social Security number yet?
You can use an Individual Taxpayer Identification Number (ITIN) instead. If your child has neither, you can explore for a Social Security number at your local Social Security office or online at ssa.gov. The process takes a few weeks, so plan ahead if you need one.
Do I need to be the biological parent to open an account?
No. A legal guardian, grandparent, or other authorized adult can open an account as long as you have legal custody or guardianship. Bring documentation of your legal relationship — a guardianship order, custody agreement, or similar document. The bank will tell you what they need.
Will opening a bank account affect my child's credit?
No. A savings or checking account does not appear on a credit report and does not build credit. Credit is built through borrowing — loans, credit cards, or other debt. A bank account is separate from credit entirely.
What if the bank closes the account after my child turns 18?
Banks do not close accounts when minors turn 18. The account converts to a standard adult account automatically. Your child can keep using it, or they can close it and move to a different bank if they want. The choice is theirs once they turn 18.