Yes, but the account type depends on your child's age and your bank's rules

You can open a bank account for your child at most banks, but what you can actually do with it changes based on how old they are. A bank account for a young child is usually held in your name as custodian, with your child named as the beneficiary — you control the money and make all decisions. Once your child reaches their early teens, many banks let you add them as a joint account holder, meaning they can make deposits and withdrawals alongside you. At 18, your child can open and manage their own account without you.

The specific age thresholds vary by bank. Some allow joint accounts starting at age 13; others wait until 16. Some banks have no minimum age for a custodial account; others require the child to be at least a few months old. The best first step is to call or visit your own bank and ask what account types they offer for children and what age each one requires.

Key Takeaways

  • Custodial accounts let you open and control an account in your child's name from birth, with you as the legal custodian.
  • Joint accounts, available starting around age 13 to 16 depending on the bank, let your child make transactions while you retain access and oversight.
  • At age 18, your child can open a standard account in their own name without you, though you can still be a joint holder if both of you agree.
  • Different banks set different age minimums, so check with your bank directly rather than assuming a competitor's rules apply to yours.
  • Custodial accounts in most states convert to the child's sole control at age 18 or 21, depending on state law and the account type.

Custodial accounts: You control the money until your child reaches adulthood

A custodial account is opened in your child's name, but you are the legal custodian and have full control over deposits, withdrawals, and how the money is used. You can open one at any age — even for a newborn — and you do not need your child's permission or signature for any transaction. The account is held under your child's Social Security number, which means the child builds a financial record from the start.

The catch is timing: in most states, custodial accounts automatically transfer to your child's sole control at age 18 or 21 (depending on your state and the account type). Once that happens, the money is theirs to spend however they want, and you have no legal claim to it. This is by design — custodial accounts are meant to hold money for your child's benefit, not as a way for you to control their assets indefinitely.

Custodial accounts come in two legal forms: UGMA (Uniform Gifts to Minors Act) and UTMA (Uniform Transfers to Minors Act). UTMA is newer and available in all 50 states; UGMA is older and available in most states. The practical difference is small for a basic savings account — both work the same way at a bank. Ask your bank which one they use.

Joint accounts: Your child can deposit and withdraw, but you stay involved

A joint account is held in both your name and your child's name, and both of you can make deposits and withdrawals. Your child sees the account as their own and can use a debit card or visit the branch to move money. You retain full access and can monitor what is happening. Most banks allow joint accounts starting at age 13 to 16, though some have no minimum age if a parent is present to sign.

Joint accounts do not automatically convert at age 18 — they stay joint unless one of you closes the account or removes the other person. This means you can keep the account open together into your child's adulthood if you both want to. However, once your child is 18, they have the legal right to withdraw all the money without your permission, so a joint account is not a way to restrict their access.

Joint accounts are useful if you want your child to learn to manage money while you keep visibility. They are less useful if your goal is to set aside money that your child cannot touch until a certain age — for that, a custodial account is the right tool.

What documents and information you will need

To open any account for your child, bring your own government-issued photo ID (driver's license or passport) and your child's Social Security number. If your child is old enough to sign, bring them with you so they can sign the account agreement. Some banks also ask for a second form of ID or proof of address, though this varies.

For a custodial account, you typically only need your ID and your child's Social Security number — your child does not have to be present. For a joint account, most banks want both account holders present and both to sign the paperwork. Call ahead to confirm what your bank requires; some allow you to open accounts online or by mail, while others require an in-person visit.

How to choose between custodial and joint accounts

Use a custodial account if your goal is to save money for your child's future without them having access to it yet. This works well for money from gifts, inheritance, or your own savings that you want to grow until they are older. You control the money completely, and it is protected from your child's impulses or poor decisions.

Use a joint account if your goal is to teach your child to manage money, deposit paychecks, or handle everyday banking while you stay involved. This works well for teenagers who have part-time jobs or regular allowance and need to learn how to use a bank. You can monitor their spending and talk through their choices, but they are doing the actual banking.

Some families use both: a custodial account for long-term savings (college fund, inheritance) and a joint account for day-to-day spending money. There is no rule against opening multiple accounts at the same bank.

What happens when your child turns 18

Custodial accounts convert to your child's sole control at age 18 or 21, depending on your state and the account type. The bank will notify you when the conversion is coming and may ask your child to sign new paperwork. Once the conversion happens, the account is legally theirs, and you have no access unless they add you as a joint holder.

Joint accounts stay joint unless one of you closes them or removes the other person. At 18, your child has the legal right to remove you from the account or withdraw all the money without your permission. Some parents have a conversation with their child before this happens to agree on what will happen to the account.

If you want to continue managing money for your child after 18 — for example, if they are in college or have special needs — you will need to set up a different legal arrangement, such as a power of attorney or a trust. A custodial account alone does not give you that authority.

Frequently Asked Questions

Can I open an account for my child if I don't have a Social Security number?

No. Banks require a Social Security number to open any account. If your child does not have one, you can request one from the Social Security Administration before you go to the bank. The process takes a few weeks. Some banks will let you apply for an account online and provide the number later, but this varies by bank.

Will opening an account for my child affect my taxes?

Possibly. If the account earns interest or dividends, that income may be taxable to your child. The rules depend on how much income is earned and your child's age. Talk to a tax professional or review IRS Publication 929 (Tax Rules for Children and Dependents) if the account will earn significant interest.

Can I use my child's account to pay my own bills?

Legally, no. Money in a custodial account is held for your child's benefit, and using it for your own expenses is a violation of your duty as custodian. In a joint account, the money belongs to both of you, but using it for your bills rather than your child's needs can create problems if you later need to prove the account was for them.

What if my child's other parent and I disagree about opening an account?

If you share custody, both parents typically have the right to open accounts for the child. However, if there is a custody order that restricts one parent's authority, that order takes precedence. If you are unsure, check your custody agreement or ask a family law attorney before opening the account.

Can I open an account for my grandchild or other relative's child?

You can open a custodial account for any child, not just your own. You would be the custodian, and the child would be the beneficiary. The child's parent or legal guardian does not have to be involved, though it is a good idea to tell them. At age 18 or 21, the account becomes the child's to control, regardless of who opened it.