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How to open a bank account for a child: 5 tips for parents
4-min. read
To open a bank account for a minor, a parent or legal guardian must act as a joint owner or custodian. Once you've selected the type of account that fits your child's needs, you may be able to open the account online or in-person.
Key takeaways
Minors under 18 generally can’t open a bank account alone; a parent or guardian opens a joint or custodial account.
Look for a low or no minimum balance requirement, and FDIC insurance.
Have your child’s Social Security number, your photo ID, and an initial deposit ready (if required).
Involve your child in setting up the account and making deposits to help them learn smart money habits.
As children grow, introduce skills like earning interest on savings, budgeting, understanding taxes and avoiding scams.
Table of contents
Joint vs custodial accounts for children
In general, a parent or guardian needs to be involved in opening a bank account for a minor. That usually means choosing either a custodial account or a joint account.
Custodial accounts are owned by the child, but as a parent or guardian, you control the money until the child reaches the age of majority (often 18; some states allow a later age). The child typically can’t withdraw funds on their own until control of the account transfers to them.
Joint accounts give both parent and child access. This can work well if you want your child to practice spending with guardrails and oversight.
Once your child reaches adulthood, either type can be transitioned to an account in their name only, with full ownership.
What you need to open an account for a child
You can open a bank account for a child of any age online, then visit a branch together if needed to complete setup. Use this checklist to prepare:
- Your child’s full legal name and birthdate
- Your child’s Social Security number
- Your photo ID (such as a driver’s license or passport)
- Your Social Security number
- Contact information (address, phone number, email)
- An initial deposit
Why opening a bank account for your child matters
Children learn money habits early, often starting with coins, allowance and saving for a toy. A bank account helps those lessons come to life by giving children a safe place to save, a simple routine for making deposits, and results they can see and track as they work toward a goal.
If your child is starting to earn or receive money (allowance, chores or cash gifts), that’s a natural time to open an account together. Use the first few deposits to set a simple goal (for example, saving for a game or outing), then check the balance occasionally and talk through choices: “Spend now, or keep saving for the bigger goal?”
5 tips for parents and guardians
Use these tips as you open a bank account for a minor child and help them learn to save and spend wisely.
1. Connect saving to a goal that interests your child
Children save more consistently when they can picture what they’re saving for. Start small (a toy, a game or a special treat) and talk about how deposits add up over time. As your child gets older, shift to longer-term goals like a bike, a first car or future school expenses and help them set a target amount and timeline.
2. Make opening the account a hands-on experience
Early positive experiences can make banking feel familiar and help the saving routine stick. If you enroll in online banking, involve your child in setup so the account feels like “theirs.” Have the needed info ready and let them ask a simple question, like “How do I make a deposit?”
3. Build a simple deposit routine
Create a routine such as once a week so you can deposit allowance, earnings, or gift money together. While you’re at it, talk through everyday money decisions (saving for a trip, choosing a store brand, skipping an impulse buy). Children learn as much from what you do as from what you say.
4. Use incentives to reinforce saving
Explain interest simply: “When money stays in the bank, it can earn a little extra, so saving longer pays off.” To boost motivation, offer a goal-based match. For example, “Save $10 this month and I’ll add $10.” This helps children see their progress.
5. Add new money skills over time
Start with basics (save vs. spend). As children grow up, add skills so they can manage new money tasks. Help them read bank statements, track deposits and withdrawals, set a savings goal, and understand paycheck taxes. Once they’re online, make sure they know how to spot a scam. Tell them to skip offers that seem too good to be true and never share bank account or debit card details.
Frequently asked questions
Can a minor (under 18) open a bank account?
Minors under 18 typically can’t open a bank account on their own. You can open a joint or custodial account for a child of any age. Explore youth bank accounts at U.S. Bank.
What documents are needed to open a bank account for a minor?
You’ll typically need your child’s name, birthdate, and Social Security number, plus your photo ID and Social Security number. You may need to make an initial deposit to open the account.
What are the benefits of a child bank account?
A child's bank account (checking or savings) can help them practice saving, learn how deposits work, and build money habits early. Over time, it can also support bigger skills like budgeting, tracking spending and understanding interest.
Do children’s bank accounts have fees?
When you open a Bank Smartly® Checking account for your teen (ages 13 to 17), there is no Monthly Maintenance Fee. The $12 fee is waived.1
If you open a Bank Smartly® Savings account with a minor under age 18, the $5 Monthly Maintenance Fee is waived.2
Give kids valuable real-life experience managing their money with Greenlight®
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