Yes, you can open a bank account for your son, but what you can do depends on his age
You can open a bank account in your son's name at any age, but the rules about who controls the account and what he can do with it change as he gets older. If he is under 18, you will be the account owner and have full control—he cannot withdraw money or make decisions about the account without your permission. Once he turns 18, he becomes the legal owner and can do anything with the account, including closing it or moving the money elsewhere. Most banks let you open a youth or minor account online or in a branch within a few minutes.
The main choice you face is whether to open an account in his name alone (with you as a custodian), a joint account where you both own it equally, or a savings account where you are the owner and he is just an authorized user. Each option works differently and has different tax and legal consequences, which we explain below.
Key Takeaways
- You can open a custodial account in your son's name at any age, and you keep full control until he turns 18 or 21 depending on your state.
- A joint account means you both own the money equally and can both withdraw it, which is simpler but can create tax and legal complications.
- An authorized user account means you own the money and your son can withdraw it with your permission, but the account stays in your name.
- Custodial accounts have tax advantages for money your son earns himself, but money you deposit is taxed as your income.
- When your son turns 18, a custodial account becomes his to control completely—you lose all access unless he adds you as a joint owner.
Custodial accounts: you control the money until he reaches the age of majority
A custodial account is opened in your son's name, but you are the custodian—meaning you have legal control of the money until he reaches the age of majority. In most states that age is 18, but in some states it is 21. When he reaches that age, the account automatically becomes his, and you lose all access unless he chooses to add you as a joint owner.
Custodial accounts are designed to hold money you are saving for your son—birthday gifts, inheritance, money from relatives, or your own savings set aside for his future. You can withdraw money from the account at any time while he is a minor, but the money must be spent on his benefit (education, medical care, living expenses, and so on). You cannot use a custodial account to pay your own bills or debts.
The main advantage of a custodial account is the tax treatment. If your son earns money himself—from a job, a side business, or investment income—the first portion of that income is taxed at his rate, which is usually lower than yours. Money you deposit yourself is taxed as your income, not his. Many banks offer custodial savings accounts with no minimum balance and no monthly fees, making them a low-cost way to teach your son about saving.
Joint accounts: both of you own the money and can withdraw it
A joint account means you and your son are both legal owners of the money. Either of you can withdraw all of it at any time without permission from the other. Joint accounts are simpler to set up than custodial accounts—most banks treat them the same way they treat a joint account between two adults—but they create complications you should understand before opening one.
The first complication is tax. If your son earns income and deposits it into a joint account, the IRS may treat part of the money as a gift from you to him, which can affect how much he can earn before owing taxes. The second is legal: if your son is sued or gets into debt, creditors can go after money in a joint account, even the portion you deposited. The third is control: once your son turns 18, he can withdraw all the money and close the account without your knowledge or permission.
Joint accounts work best when your son is a teenager and you want to give him some control over spending money while keeping oversight. They are less suitable for long-term savings or money meant to be protected until he is older.
Authorized user accounts: you own the account, he can use it with permission
An authorized user account stays in your name, but you give your son permission to withdraw money or make deposits. He cannot close the account, change the terms, or do anything you have not authorized. This option gives you the most control and is useful if you want your son to have a debit card or the ability to make withdrawals without asking you every time.
The downside is that the account is legally yours, not his. Money in the account is considered your asset for tax purposes, and if you die, the account goes through your estate rather than automatically passing to him. If you want to teach your son about managing his own money, an authorized user account does not give him the same sense of ownership as a custodial or joint account.
What documents and information you will need
To open any account for your son, you will need his Social Security number (or an Individual Taxpayer Identification Number if he does not have one). You will also need a government-issued ID—yours, not his, since he is a minor. Bring a document that shows your current address, such as a utility bill or lease.
Some banks ask for a second form of ID or proof of address. A few banks require your son to be present in the branch, even though he is a minor. Most banks now let you open a custodial or joint account online without visiting a branch, though you may need to verify your identity by uploading a photo of your ID or answering security questions.
If you are opening the account at a bank where you already have an account, the process is usually faster because the bank already has your information on file. If you are opening an account at a new bank, expect the process to take 10 to 15 minutes online or 20 to 30 minutes in a branch.
What happens when your son turns 18
If you opened a custodial account, it automatically converts to a regular account in your son's name when he reaches the age of majority (18 or 21, depending on your state). You lose all legal access to the account at that moment. Your son can see the balance, withdraw money, close the account, or move it to another bank without telling you.
If you opened a joint account, you both keep ownership and access. Your son can still withdraw all the money or close the account without your permission, but you retain the legal right to do the same. If you want to keep a relationship with the account after he turns 18, you will need to have a conversation with him about it—there is no automatic mechanism to keep you involved.
If you opened an authorized user account, your son's access depends on what you set up with the bank. Some banks automatically remove authorized users when they turn 18; others keep them on unless you call and remove them. Check with your bank about their policy before opening the account.
Choosing between a custodial account, joint account, and authorized user account
Use this table to compare the three options based on what matters most to you:
| Feature | Custodial Account | Joint Account | Authorized User |
|---|---|---|---|
| Who owns the money? | Your son (you control it until age 18 or 21) | Both of you equally | You |
| Can your son withdraw without permission? | No, not until he reaches age of majority | Yes, at any time | Only what you authorize |
| Can you withdraw without permission? | Yes, but only for his benefit | Yes, at any time | Yes, at any time |
| Tax advantage for his earned income? | Yes | Possibly, but complicated | No |
| What happens at age 18? | Account becomes his; you lose access | You both keep access | Depends on bank policy |
| Best for teaching money management? | Yes, he owns it but you supervise | Partial—he has control but so do you | Limited—it is still your account |
Choose a custodial account if your goal is to save money for your son's future and teach him about banking while keeping control until he is old enough to manage it himself. Choose a joint account if your son is a teenager and you want to give him real spending power while keeping some oversight. Choose an authorized user account if you want him to have a debit card or the ability to withdraw money without asking, but you want to keep the account in your name.
Frequently Asked Questions
Can my son use the debit card on a custodial account?
Yes. Most banks issue debit cards for custodial accounts. You can set spending limits or turn the card off if needed. Your son can use the card to make purchases or withdraw cash, but you can still see all the transactions and freeze the card if he overspends.
What if I die—does my son get the money in a custodial account?
Yes. A custodial account is owned by your son, not by you, so it does not go through your will or estate. The money is his automatically. If your son is still a minor when you die, the bank will appoint a successor custodian (usually someone you named in advance, or a court-appointed guardian) to manage the account until he reaches the age of majority.
Can I open a custodial account if my son is already 16 or 17?
Yes, you can open a custodial account at any age. However, the account will only be custodial for one or two years before he reaches the age of majority. After that, it becomes his to control. If your main goal is to teach him about banking in those final years before adulthood, a custodial account still works, but a joint account might give him more hands-on experience.
Do I need my son's permission to open an account in his name?
No. As a minor, your son cannot legally consent to opening a bank account. You can open a custodial account in his name without his knowledge, though most parents tell their child about it. If you want to involve him in the process, you can bring him to the bank or explain what you are doing.
Can my son have his own account without me on it?
Not until he turns 18. Before that, the bank requires a parent or guardian to open and control the account. Once he turns 18, he can open his own account without you, and you will have no access unless he adds you as a joint owner or authorized user.