What you need to open an account for a child

A parent or legal guardian opens the account. The child does not sign anything or appear in person at most banks. You will need your own government-issued ID, the child's Social Security number, and proof of your address — usually a recent utility bill or lease. Some banks also ask for the child's birth certificate, though not all do.

The account itself is held in both names: yours as the custodian and the child's as the owner. This means you control the account while the child is a minor, but the money legally belongs to the child. When the child turns 18 or 21 (depending on your state and the bank), the account converts to their name alone and they take full control.

You can open the account entirely online at most major banks, or in person at a branch. Online is faster — usually 10 to 15 minutes — and you do not need to visit a location. In-person accounts sometimes take longer because the bank may ask additional questions, but you can walk out with a debit card the same day at some institutions.

Key Takeaways

  • You as the parent or guardian open the account using your ID and the child's Social Security number; the child does not need to be present or sign anything.
  • The account is held in both your names, meaning you control it until the child reaches 18 or 21, but the money belongs to the child legally.
  • Most banks let you open the account online in 10 to 15 minutes, or in a branch if you prefer to pick up a debit card when ready.
  • Minimum deposits range from zero to $100 depending on the bank, and many accounts for minors have no monthly fees.
  • The child can use a debit card to spend money once the account is open, but cannot borrow money or overdraft without your permission.

What documents to bring or have ready

If you are opening the account online, have these items in front of you: your government-issued ID (driver's license, passport, or state ID), the child's Social Security number, and your current address. You will type this information into the bank's website. The process asks you to verify your identity by answering security questions or uploading a photo of your ID.

If you are opening the account in person at a branch, bring your ID and the child's birth certificate or Social Security card. Some banks ask for both; others ask for one. Call the branch ahead of time to confirm what they need, because requirements vary by location and by bank. Bring a recent utility bill or lease if the bank asks for proof of address.

You do not need the child present, and you do not need their signature. Some banks offer the option to have the child sign a signature card later, but this is optional and does not affect the account's operation.

Minimum deposits and account fees

Most banks that offer accounts for minors require no minimum deposit to open. You can open the account with zero dollars and add money later. A few banks ask for $25 or $100 to start, but these are less common. Check the specific bank's website or call their customer service line to confirm the minimum for the account type you want.

Monthly maintenance fees are rare on accounts for minors. Many banks waive fees entirely on youth accounts, or charge a fee only if the account sits inactive for several months. Some banks charge a small fee — typically $3 to $5 per month — if the balance drops below a certain amount, often $100 or $500. Read the fee schedule on the bank's website before you open the account so you know what to expect.

Debit card fees also vary. Most banks issue a debit card for free, but some charge $5 to $15 for a replacement card if the child loses it. ATM fees depend on whether you use the bank's own ATMs (usually free) or another bank's ATMs (typically $2 to $3 per withdrawal).

How the account works once it is open

You can deposit money by transferring it from your own account, depositing cash or a check at a branch or ATM, or setting up automatic transfers from your paycheck. The child can withdraw money using the debit card at ATMs or in stores, or you can withdraw it yourself. The child cannot overdraft the account — if they try to spend more than the balance, the transaction is declined.

You receive statements online or by mail showing all deposits and withdrawals. Most banks let you set up alerts so you get a text or email when the balance drops below a certain amount or when a withdrawal is made. This is useful if you want to monitor the child's spending without checking the account constantly.

The child can see the account balance using the bank's mobile app or website once they are old enough to remember a password. Some banks let you set this up when ready; others wait until the child is 13. You always have full access to the account, regardless of the child's age.

When the account converts to the child's name

The conversion happens automatically on the date the child turns 18 in most states, or 21 in a few states including Alabama, Nebraska, and Wyoming. The bank sends you a notice before this happens, usually 30 to 60 days in advance. On the conversion date, the account becomes solely in the child's name and you lose the legal right to access it or make withdrawals.

The child does not need to do anything for the conversion to happen. The debit card remains active, the account number stays the same, and all the money stays in the account. If the child wants to keep the account open, they straightforward do nothing. If they want to close it or move the money elsewhere, they can do that once they turn 18 or 21.

Some banks offer the option to convert to a different account type at the same time — for example, switching from a youth savings account to a checking account with overdraft protection. The bank will explain these options in the notice they send you.

Differences between banks and account types

Large national banks like Chase, Bank of America, and Wells Fargo offer youth savings accounts with no fees and low or zero minimums. Credit unions often have similar accounts and sometimes offer slightly higher interest rates on the balance. Online banks like Ally and Marcus have accounts for minors, though you may not be able to deposit cash in person since they have no physical branches.

Some accounts are savings-only, meaning the child can deposit and withdraw but cannot write checks. Others are hybrid accounts that include both savings and checking features. Savings-only accounts usually have higher interest rates but fewer features. Checking accounts offer more flexibility but may have more fees if the balance drops too low.

Interest rates on youth savings accounts are typically very low — often 0.01% to 0.05% annually on the balance. This means a $1,000 balance earns less than $1 per year in interest. Some online banks offer slightly higher rates, but the difference is usually small. The main purpose of these accounts is to teach the child about saving and money management, not to earn significant interest.

What the child can and cannot do with the account

The child can use the debit card to buy things in stores or online, withdraw cash from ATMs, and check the balance. They cannot overdraft the account, take out a loan, or set up automatic payments without your permission. They also cannot close the account or transfer the money out without your approval, depending on the bank's rules.

If the child is old enough to use the bank's app or website, they can see the balance and transaction history. You control whether they have this access. Some parents give the child read-only access so they can see what they spent, while others keep the account private until the child is older.

The child cannot add another person to the account or change the account settings. Only you as the custodian can do that. This protects the account from unauthorized changes and keeps the money safe until the child is old enough to manage it independently.

Frequently Asked Questions

Can I open a savings account for a child if I do not have a Social Security number?

No. Banks are required by federal law to collect the child's Social Security number to open any account. If the child does not have one, you can request one from the Social Security Administration before opening the account. This takes about two weeks by mail or can be done in person at a local Social Security office.

What happens if the child loses the debit card?

Call the bank when ready and they will cancel the card and issue a replacement. Most banks send the replacement card within 5 to 10 business days. In the meantime, the child can still access the money by withdrawing cash at an ATM using a PIN, or you can withdraw it for them. Some banks charge $5 to $15 for a replacement card.

Can I set limits on how much the child can spend with the debit card?

Some banks let you set daily spending limits through their app or website. Others do not offer this feature. Check with your bank to see if they have parental controls. Even without limits, the card will decline if the child tries to spend more than the account balance.

Does opening a savings account for a minor affect my credit score?

No. Savings accounts do not appear on credit reports and do not affect your credit score or the child's credit score. Only loans and credit cards are reported to credit bureaus. Opening a savings account is purely a banking transaction with no credit impact.

Can I move money out of the account without the child's permission?

Yes, while the child is a minor. You are the custodian and have full legal control of the account. However, the money legally belongs to the child, so using it for your own expenses can create tax and legal complications. The account is meant to hold the child's money — money they earned, received as gifts, or that you set aside for their future.