Yes, you can open a bank account for your child, but the rules depend on their age and the bank
Most banks will let you open a savings account for a child under 18, but you will be the account owner until they reach the age of majority in your state (usually 18). You sign all documents, you control the money, and you receive statements. The child's name appears on the account, but they cannot withdraw funds or make decisions about the account without your permission.
Some banks have no age minimum and will open an account for an infant if you bring a birth certificate and Social Security number. Others require the child to be at least 13 or 16 before they can have their own debit card or online access. A few banks offer teen checking accounts starting at age 13, which give the young person limited control while you retain oversight.
The account type matters. A custodial savings account is the simplest: you deposit money, it earns interest, and the child cannot touch it. A custodial checking account or teen account gives the child a debit card and the ability to make purchases, but you can set spending limits and review transactions. A 529 education savings plan is a different product altogether, designed for college savings with tax advantages, and requires a separate application.
Key Takeaways
- You can open a custodial savings account for a child of any age by providing your ID, the child's birth certificate, and their Social Security number.
- Until your child reaches 18, you own the account and control all withdrawals, even if their name is on it.
- Teen checking accounts (usually available at age 13 or older) let your child use a debit card while you monitor spending and set limits.
- Different banks have different age requirements for debit cards and online access, so call ahead or check the bank's website before visiting.
- Money in a custodial account is considered your child's asset for financial aid purposes, which may reduce college aid may be able to access.
What documents you need to bring
Bring your government-issued photo ID (driver's license or passport), the child's birth certificate, and the child's Social Security number. If you do not have the Social Security number yet, you can apply for one at your local Social Security office or online at ssa.gov. Some banks will let you open the account and add the number later, but most require it before they process the application.
If the child is old enough to come to the bank with you, bring them along. Many banks require the child to be present and to sign documents (or make a mark if they cannot write). Even if the child does not have to be there, bringing them can help the bank verify their identity and can make the experience more real for the child.
Custodial accounts versus teen accounts
A custodial account is a straightforward savings account in your child's name, with you as the custodian. You deposit money, you decide when to withdraw it, and the child has no access until they turn 18 (or 21 in some states). The account earns interest, and you receive monthly or quarterly statements. This is the right choice if you want to save money for your child without giving them control—for example, money from a grandparent's gift or your own savings for their future.
A teen account or youth checking account is designed for children ages 13 and up. The child gets a debit card and can make purchases, but you retain full control. You can set daily spending limits, block certain types of transactions (like online purchases), and review every transaction in real time through a mobile app. The child learns to use money responsibly while you stay informed. Banks that offer teen accounts include Chase (Chase First Banking, age 6+), Bank of America (BankAmericard for Students, age 13+), and Fidelity (Youth Account, age 13+), though availability varies by state.
A custodial account costs nothing to open and typically has no monthly fee. Teen accounts sometimes charge a small monthly fee ($5 to $10) or waive the fee if you maintain a minimum balance. Compare the fee structure before you choose.
What happens when your child turns 18
On or shortly after your child's 18th birthday, the account automatically converts from a custodial account to a regular account in their name alone. You lose access and can no longer see the balance or transactions. The bank will notify both of you in advance, usually 30 to 60 days before the conversion date.
If you want to stay involved after they turn 18, you will need to ask your child to add you as an authorized user or to give you power of attorney. This is their choice, not yours. Some families have a conversation about this before the birthday so there are no surprises.
Money in the account remains the child's money. You cannot take it back or redirect it, even if you contributed all of it. The account is legally theirs once it converts.
How custodial accounts affect financial aid
Money in a custodial account counts as your child's asset when they fill out the Free Application for Federal Student Aid (FAFSA) for college. The formula assumes your child will contribute a larger percentage of their own assets to college costs than you will contribute from your income or savings. This can reduce the amount of need-based aid they receive.
The impact is real but not always large. A child with $10,000 in a custodial account might lose $1,200 to $1,500 in aid, depending on the school and other factors. If you are saving for college and want to minimize the hit to financial aid, consider a 529 plan instead. Money in a 529 plan is treated as a parent asset (not a child asset) on the FAFSA, which reduces the aid penalty.
If you are saving for a purpose other than college—a car, a gap year, a first apartment—a custodial account is simpler and has no special tax rules. The interest earned is taxed at your child's rate, which is usually lower than yours.
Comparing banks and account types
| Bank | Account Type | Minimum Age | Debit Card Available | Monthly Fee |
|---|---|---|---|---|
| Chase | Chase First Banking | 6 | Age 13+ | $0 |
| Bank of America | BankAmericard for Students | 13 | Yes | $0 with direct deposit |
| Fidelity | Youth Account | 13 | Yes | $0 |
| Ally Bank | Custodial Savings | Any age | No | $0 |
| Marcus by Goldman Sachs | Custodial Savings | Any age | No | $0 |
Online banks like Ally and Marcus offer higher interest rates on custodial savings accounts than brick-and-mortar banks, but your child cannot deposit cash or withdraw it in person. If you want to teach your child to use an ATM and visit a teller, choose a bank with physical branches. If you want the highest interest rate and do not mind managing deposits online, an online bank is cheaper.
Teaching your child about money
Opening an account is a concrete way to show your child that money can grow. If you deposit $50 and show them the interest earned three months later, they see the concept in action. A teen account with a debit card teaches spending decisions: if they have $100 and spend $30, they see the balance drop and understand the trade-off.
Set clear rules before you open the account. Will you match deposits they make from chores or a job? Will they earn interest on their own money? Can they withdraw whenever they want, or only for specific purposes? Different families answer these questions differently, but having the rules in writing prevents arguments later.
A custodial account is not the same as giving the child the money. You are teaching them that saving is possible while you retain control. A teen account is a step toward independence. Both are tools, not the lesson itself. The lesson comes from the conversations you have about why you are saving and what the money is for.
Frequently Asked Questions
Can I open an account for my child without them being present?
Most banks allow you to open a custodial savings account with just your ID and the child's birth certificate and Social Security number. You do not need the child there. However, if you want a teen checking account with a debit card, many banks require the child to be present to sign documents and verify their identity. Call your bank first to confirm their policy.
What if my child's other parent and I are separated?
You can open a custodial account in your name as the custodian, even if the other parent has custody or visitation rights. The account is yours to control. If both parents want equal access, you will need to open a joint account or have a conversation with the bank about adding the other parent as a custodian. Some banks allow this; others do not.
Can my child have more than one bank account?
Yes. Your child can have a savings account at one bank and a checking account at another. There is no legal limit. However, each account will be reported separately on the FAFSA, so multiple accounts increase the financial aid penalty. For most families, one account is enough.
What if I want to save for college instead of a regular account?
A 529 college savings plan is a separate product that offers tax advantages. Money grows tax-free if used for college expenses, and it counts as a parent asset (not a child asset) on the FAFSA, which is better for financial aid. You open a 529 through a brokerage, mutual fund company, or your state's plan, not through a bank. It requires a separate application and has different rules about withdrawals.
Can I take money out of my child's custodial account whenever I want?
Legally, yes—it is your account to control until they turn 18. However, the money is considered a gift to your child for tax and legal purposes. If you take it back for your own use, you are taking their money, not your own. This can damage trust and may have legal consequences if the child or another family member challenges it later. Treat the account as belonging to your child, even though you control it.