You can open a bank account for your child at any age, but the rules change depending on whether you're a joint owner or they're acting alone
Most banks let you open a savings account in your child's name from birth, with you as the custodian or joint owner. Your child can then open their own account without you once they turn 13 to 18, depending on the bank — some allow it at 13 with parental permission, others require 16 or 18. A few banks have no age minimum if a parent co-signs. The key difference is control: a custodial account is yours to manage until they reach the age of majority (18 or 21, depending on your state), while an independent account belongs to them alone.
The age your child can open an account solo matters most if you want them to build their own financial habits, receive direct deposit paychecks, or manage money without your oversight. If you're opening an account mainly to hold money safely and teach saving, a custodial account works from day one. If they're working and need to deposit paychecks themselves, you'll need to know when your bank allows independent accounts.
Key Takeaways
- You can open a custodial or joint savings account for your child at birth with most banks, though some require the child to be at least a few days old.
- Your child can open their own account without you at ages 13 to 18 depending on the bank, and some banks allow it younger if you co-sign.
- Custodial accounts stay under your control until your child reaches the age of majority in your state (usually 18 or 21), then automatically transfer to them.
- Teen checking accounts often come with debit cards and spending limits, letting your child practice managing money while you monitor activity.
- You will need your child's Social Security number and proof of identity or birth certificate to open any account in their name.
Opening an account when your child is a baby or young child
A custodial account is the standard way to bank for children under 13. You own and control the account, but it's registered in your child's name and Social Security number. The money belongs to your child legally, but you decide when and how it's spent until they reach the age of majority. Most banks allow you to open one as soon as your child has a Social Security number, which you can get at the hospital or explore for afterward.
You'll need your child's Social Security number, a birth certificate or other ID, and your own ID and proof of address. Some banks require the child to be at least a few days old; a few have no age restriction. Once opened, you can deposit money, set up automatic transfers, and earn interest. Your child's name appears on statements and tax forms, which means any interest earned is reported under their Social Security number — this can be useful for tax purposes if your child has little or no income.
A joint account is another option, where both you and your child are owners with equal rights. Either of you can withdraw money or close the account. Joint accounts are simpler if you want your child to see the account as theirs from the start, but they offer less legal protection if your child later disputes a withdrawal or if creditors come after your assets.
When your child can open an account on their own
The age at which your child can open an account without you varies by bank. Most major banks allow it between 13 and 16 with parental permission, usually given over the phone or in person. Some banks require 16 or 18. A smaller number of banks allow younger teens to open accounts if a parent co-signs the paperwork, making them a joint owner.
If your child wants to open an account at 13 or 14, call your bank first — don't assume they can based on another bank's policy. The bank will tell you whether they offer teen accounts, what age they start, and whether you need to be present or can give permission remotely. Many banks have a specific teen checking product with a debit card, spending limits, and parental monitoring tools built in.
At 18, your child can open any account the bank offers without your involvement. They'll need their own ID, Social Security number, and proof of address. If they're in college and don't have a local address, some banks accept a school ID and mailing address instead.
What documents you'll need
| Account Type | Your Documents | Child's Documents |
|---|---|---|
| Custodial (birth to age of majority) | Photo ID, proof of address | Social Security number, birth certificate or state ID |
| Teen account (age 13–17, with permission) | Photo ID, proof of address | Social Security number, school ID or state ID, sometimes birth certificate |
| Independent account (age 18+) | Not required | Photo ID, Social Security number, proof of address |
Proof of address usually means a recent utility bill, lease, or mortgage statement in your name. Some banks accept a bank statement or government document instead. For your child, a school ID often works for teens; for younger children, a birth certificate is standard. A few banks now accept digital verification, letting you upload photos of documents instead of visiting in person.
If your child doesn't 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 a custodial account and add the Social Security number later, but most require it upfront.
How custodial accounts work when your child turns 18
When your child reaches the age of majority in your state — 18 in most states, 21 in a few — a custodial account automatically becomes theirs to control. You lose the right to withdraw money or make decisions about it. The account doesn't close or transfer; it straightforward changes from custodial to independent. The bank will notify you and your child when this happens, usually a few months before the birthday.
This transition is important to plan for. If you want to discuss how they'll manage the money, do it before the birthday. If there's money in the account you intended for a specific purpose — college, a car — make sure they understand that. Once they turn 18, it's legally theirs, and you have no say in how they spend it.
Some states allow you to extend custodial control past 18 if your child has a disability or special needs, but this requires a separate legal arrangement, not just a bank account. Talk to a lawyer if this applies to your situation.
Teen checking accounts and monitoring tools
Many banks offer teen checking accounts designed for ages 13 to 17, usually with a debit card, limited overdraft protection, and parental monitoring. You can see transactions in real time through a mobile app, set spending limits, and sometimes lock the card remotely. These accounts teach your child to manage money while you stay informed.
Features vary by bank. Some let you set a daily spending limit; others let you block certain types of purchases (like online shopping). Some send you alerts when your child makes a purchase over a certain amount. A few allow you to move money into the account as an allowance and let your child track it. Read the fine print — some teen accounts charge monthly fees if the balance drops below a minimum, while others are free.
Teen accounts are not required to open an account for your child, but they're useful if your child is working, receiving an allowance, or learning to budget. If your bank doesn't offer one, a regular savings account with you as a joint owner works just as well.
Frequently Asked Questions
Can I open a bank account for my newborn?
Yes. Most banks let you open a custodial savings account as soon as your child has a Social Security number, which you can get at the hospital or explore for afterward. A few banks require the child to be at least a few days old. You'll need your child's Social Security number, a birth certificate, and your own ID and proof of address.
What's the difference between a custodial account and a joint account?
In a custodial account, you control the money until your child reaches the age of majority (usually 18), then it becomes theirs. In a joint account, you're both owners with equal rights — either of you can withdraw money or close it. Custodial accounts offer more legal protection; joint accounts are simpler if you want your child to feel ownership from the start.
Can my 12-year-old open a checking account?
Not on their own. Most banks require you to open a custodial or joint account for children under 13. Some banks offer teen checking accounts starting at 13 with parental permission. Call your bank to ask what age they allow and whether you need to be present or can give permission remotely.
What happens to a custodial account when my child turns 18?
The account automatically becomes theirs to control. You lose the right to withdraw money or make decisions. The bank will notify you both a few months before this happens. The money is legally theirs at that point, and you have no say in how they spend it.
Do I need to be present in person to open an account for my child?
It depends on the bank and your child's age. Many banks now let you open custodial accounts online or by mail if you upload copies of documents. For teen accounts, some banks require you to visit in person or give permission over the phone; others let you do it entirely online. Ask your bank about their process before you start.