You need the child's Social Security number, your ID, and proof of address — then you and the child visit a bank together

A savings account for a child works almost the same as an adult account, except a parent or guardian must open it and stay on the account. You'll need your child's Social Security number (the nine-digit ID the government issues), your own government-issued ID, and a recent utility bill or lease showing your address. Most banks let you open the account in person at a branch or online through their website. Some banks require the child to be present in the branch; others don't. Call ahead to ask what your bank requires.

The account will have both your name and your child's name on it. You control the account until your child reaches the age of majority in your state — usually 18 or 21. At that point, the account becomes solely theirs, though you can stay on it if they agree. The money in the account belongs to your child legally, even though you manage it.

Key Takeaways

  • You will need your child's Social Security number, your government ID, and proof of your address to open an account at a bank or credit union.
  • Most children's savings accounts have no monthly fee, no minimum balance requirement, and pay a small amount of interest on the money saved.
  • You and your child are both on the account, but you have full control until your child reaches the age of majority in your state.
  • Some banks offer accounts designed for teens that let them use a debit card and online banking while you monitor activity.
  • The money in the account belongs to your child and may affect their may be able to access for certain need-based programs later.

Where to open the account: bank, credit union, or online bank

You have three main choices: a traditional bank with physical branches, a credit union (a member-owned financial institution), or an online-only bank. Traditional banks and credit unions let you walk in and open an account same-day. Online banks are often faster and sometimes offer higher interest rates, but you cannot meet anyone in person.

Credit unions often have lower fees and friendlier terms for children's accounts than large banks do. To join a credit union, you usually need to live or work in a certain area or belong to a particular group — for example, teachers, military families, or employees of a specific company. Check whether you're already a member through your job or location. If not, some credit unions let you join by making a small donation to a nonprofit.

Online banks like Ally, Marcus, or Discover have no branch locations, but you can open an account from home using your phone or computer. They typically have no monthly fees and pay more interest than brick-and-mortar banks. The tradeoff is that you cannot deposit cash in person — you'll need to transfer money from another account or use mobile check deposit.

What documents to bring to the bank

Bring your government-issued ID (driver's license, passport, or state ID card), your child's Social Security number, and a recent document showing your address. The address document can be a utility bill, lease agreement, mortgage statement, or bank statement dated within the last 60 days. Some banks accept a government notice with your address instead.

If you're opening the account online, you'll upload photos of these documents through the bank's website or app. The bank will verify your identity electronically — this usually takes a few minutes to a few hours. If you're opening in person, bring the originals; the bank will make copies.

If your child does not yet have a Social Security number, you can request one from the Social Security Administration. You'll need your child's birth certificate, your ID, and proof of your address. The process takes about two weeks by mail, or you can explore in person at a local Social Security office.

Types of children's accounts and what they offer

Most banks offer a basic savings account for children, which is straightforward a place to store money and earn interest. Interest is the small amount the bank pays you for letting them use your money — typically a fraction of a percent per year. Some banks also offer a checking account for children, which comes with a debit card and online banking so your child can spend money and see their balance.

Teen accounts are a middle ground: they include a debit card and online access, but you can set spending limits and see every transaction. Banks like Chase, Bank of America, and Ally offer these. They're designed to teach money management without giving your teen full independence. Some teen accounts charge a monthly fee ($5 to $15) if you don't meet certain conditions, like setting up direct deposit or maintaining a minimum balance.

A basic children's savings account usually has no monthly fee, no minimum balance, and no spending limits — you and your child straightforward deposit money and watch it grow. This is the simplest option if your goal is to save for your child's future rather than teach them to spend responsibly.

How to fund the account and teach your child about saving

You can deposit money into the account by transferring it from your own bank account, depositing cash at a branch, or using mobile check deposit if the bank offers it. Some parents set up automatic transfers — for example, $25 per week — so money moves into the account without them having to remember.

If your child is old enough to understand, show them how the account works. Let them see the balance grow, explain that interest is money the bank pays them, and talk about what they're saving for. If the account has online access, let them log in and check the balance themselves. This builds the habit of paying attention to money.

Some parents tie deposits to chores or allowance. Others deposit birthday money or a portion of gifts from relatives. There's no single right way — the goal is to help your child see saving as normal and rewarding.

What happens to the account when your child turns 18

When your child reaches the age of majority in your state — 18 in most places, 21 in a few — the account legally becomes theirs alone. You will no longer have access unless they add you back. Some banks automatically remove the parent from the account; others require your child to visit a branch and request the change.

Contact your bank before your child's 18th birthday to ask what happens automatically and what steps you need to take. Some banks send a notice in advance. If you want to stay on the account to help manage it, your child can choose to keep you on — but they have the right to remove you.

The money in the account is your child's property. If your child later needs financial aid for college, the money in their savings account will be counted as their asset and may reduce the amount of aid they receive. This is something to keep in mind when deciding how much to save in their name versus your own.

Frequently Asked Questions

Do I need to be at the bank with my child to open the account?

It depends on the bank. Some require both of you to be present in person; others let you open the account alone online or in a branch. A few banks require only the child to visit. Call your bank before you go, or check their website — they'll tell you exactly what's required.

What if my child doesn't have a Social Security number yet?

You can request one from the Social Security Administration using your child's birth certificate, your ID, and proof of address. explore online at ssa.gov, by mail, or in person at a local Social Security office. The process takes about two weeks. Some banks will let you open an account while you're waiting and add the number later.

Can my child access the money without my permission?

Not if it's a basic savings account — you control all withdrawals. If the account includes a debit card or online access, your child can spend the money, but you can usually set limits or review transactions. With a teen account, you decide how much control your child has.

Will the money in my child's account affect their college financial aid?

Yes. Money in your child's name is counted as their asset when they explore for college financial aid, which can reduce the amount of aid they receive. Money in your name is counted differently and has less impact. Talk to a financial aid counselor if this is a concern.

What's the difference between a bank and a credit union?

Both hold your money safely and offer similar accounts. Credit unions are member-owned and often have lower fees and better rates. Banks are for-profit companies. Credit unions sometimes have stricter membership rules — you may need to live in a certain area or work in a certain field to join.