A parent or guardian opens the account, but the minor's name goes on it

A minor cannot walk into a bank alone and open a savings account. An adult—usually a parent or legal guardian—has to open it. The account will have both names on it: the adult's and the child's. The adult controls the account until the child reaches the age of majority (18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi), at which point the account becomes the child's to manage alone.

The specific process varies slightly by bank, but the basic steps are the same everywhere. You'll bring documents proving who you are, who the child is, and your relationship to them. The bank will verify this information, set up the account, and issue a debit card or passbook. Some banks let you do this online; others require you to visit a branch in person.

The account itself works like any other savings account—money earns interest, you can deposit and withdraw, and the bank protects the funds up to $250,000 through FDIC insurance. The main difference is that the adult has legal control over withdrawals and account decisions until the child comes of age.

Key Takeaways

  • A parent or legal guardian must open the account in person or online, and the child's name appears on the account alongside the adult's.
  • You will need a government-issued ID for yourself, proof of the child's identity (birth certificate or Social Security card), and proof of your address.
  • The adult retains full control of the account until the child reaches age 18 (or 19–21 in some states), when it typically converts to a standard account in the child's name alone.
  • Most banks offer accounts with no minimum balance and no monthly fees for minors, though some charge fees if the balance drops below a certain amount.
  • The child can use a debit card to make purchases and withdrawals once the account is open, giving them hands-on experience managing money.

What documents you need to bring

Bring your own government-issued photo ID—a driver's license, passport, or state ID card. The bank needs to verify that you are who you say you are before they'll open any account in your name.

For the minor, bring a birth certificate or Social Security card. Some banks accept either one; others want both. If you don't have the child's Social Security number yet, you can apply for one at your local Social Security office or online at ssa.gov. The process takes about two weeks, so plan ahead if you're opening the account soon.

You'll also need proof of your current address—a utility bill, lease, mortgage statement, or recent bank statement with your name and address on it. The bank uses this to verify where you live. A document dated within the last 60 days usually works.

Choosing between custodial and UTMA accounts

Most banks offer a custodial savings account, which is the simplest option. You (the parent or guardian) are the custodian, meaning you control the account and make all decisions about deposits and withdrawals. The child's name is on the account, and they can see the balance and use a debit card, but they cannot withdraw money or close the account without your permission. When the child turns 18 (or the age of majority in your state), the account automatically becomes theirs to control.

Some banks and investment firms also offer UTMA accounts (Uniform Transfers to Minors Act accounts). These are similar to custodial accounts but have a key difference: when the child reaches the age of majority, the account and all the money in it legally becomes theirs, and you lose control. You cannot tell them what to do with it. UTMA accounts are often used for larger gifts or long-term savings meant specifically for the child's future. Custodial accounts are more common for everyday savings.

Ask the bank which type they offer. Most community banks and credit unions stick with custodial accounts. If the bank mentions UTMA, ask them to explain the difference before you decide.

What happens when the child turns 18

On or shortly after the child's 18th birthday (or the age of majority in your state), the bank will convert the account. In a custodial account, it typically becomes a standard savings account in the child's name alone. You will no longer have access to it or control over it. The child will receive new account documents and a new debit card if needed.

Some banks send a notice before the conversion happens; others do it automatically. Contact your bank a few months before the child's birthday to ask what their process is. If you want to stay involved in the account after the child turns 18, you can ask the child to add you as an authorized user, but that is their choice to make.

If the account is an UTMA account, the conversion is the same, but the legal transfer of ownership is automatic and irreversible. You cannot reverse it or take the money back.

Fees and minimum balances to watch for

Many banks offer minor savings accounts with no monthly maintenance fee and no minimum balance requirement. This makes them a low-cost way to start teaching a child about saving. However, some banks do charge fees, so ask before you open the account.

Common fees include a monthly maintenance fee (usually $5 to $10 if the balance falls below a certain amount) or an inactivity fee if no deposits or withdrawals happen for several months. Some banks waive fees if you set up direct deposit or maintain a linked checking account. A few banks charge a fee to issue a debit card or to close the account early.

Read the fee schedule the bank gives you. It will list every fee they charge and the conditions that trigger it. If a fee applies, ask whether it can be waived by meeting certain conditions—like keeping a $100 minimum balance or making one deposit per month.

Online versus in-person account opening

Some banks let you open a minor's account entirely online. You upload photos of your ID and the child's birth certificate, answer questions about your identity, and sign electronically. The bank verifies everything and sends you a debit card in the mail within a few business days. This is faster and more convenient if your bank offers it.

Other banks require you to visit a branch in person. You'll bring the documents listed above, meet with a banker, and sign paperwork on the spot. The account opens immediately, and you may receive a debit card right away or by mail within a few days. In-person opening can be slower, but some people prefer it because they can ask questions face-to-face.

Call your bank or check their website to find out which option they offer. If you have a choice, online is usually faster. If your bank only offers in-person opening, plan to visit during a time when the branch is not busy—early morning or mid-week is often quieter than Friday afternoons.

Teaching the child to use the account

Once the account is open, the child can start using the debit card to make purchases and withdraw cash from ATMs. This is a practical way for them to learn how money moves in and out of an account. You can set spending limits on the debit card through your bank's app or website, which lets the child practice managing money within boundaries you set.

Show the child how to check the account balance online or through the bank's mobile app. Many banks have apps designed for families that let you see transactions, set savings goals, and send money between accounts. Some even offer a small interest rate on the balance, which teaches the child that money in savings grows over time.

Talk with the child about why you're opening the account. Whether it's to save for a specific goal (a bike, a trip, college) or to build the habit of saving, naming the purpose makes the account feel real and meaningful rather than abstract.

Frequently Asked Questions

Can I open a savings account for a child without their Social Security number?

Some banks will open the account and let you add the Social Security number later, usually within 30 days. Others require it upfront. Call your bank to ask. If the child doesn't have a number yet, you can get one from the Social Security Administration—the process takes about two weeks, so plan ahead.

What if I'm not the parent—can I open an account as a grandparent or other relative?

Yes, if you are the legal guardian. If you are not, most banks will not let you open an account in the child's name. You would need to be named as a guardian in court documents. If you're a grandparent or aunt or uncle without legal guardianship, ask the child's parent to open the account instead, or ask the bank whether they allow non-guardian adults to open accounts with parental permission in writing.

Does the child need to be present when I open the account?

No. You can open the account alone with the child's birth certificate and Social Security number. The child does not need to sign anything or be there. However, some banks ask to see the child in person to verify identity, especially if you're opening the account online. Call ahead to ask.

Will opening a savings account affect the child's credit score?

No. A savings account does not appear on a credit report and does not affect credit score. Credit scores are based on borrowing and repayment history. A savings account is simply a place to store money, not a loan.

Can the child withdraw money without my permission once they turn 18?

Yes. Once the account converts to their name alone, they have full control. They can withdraw all the money, close the account, or do anything else they want with it. You will have no say in how they use it. This is why some families use UTMA accounts if they want the money to be legally restricted until a later age, but that is a separate decision with tax and legal implications you should discuss with a financial advisor.