You can open a bank account for a minor online at most banks in under 15 minutes, but a parent or legal guardian has to be on the application as a joint owner or as custodian. Before you start, decide which of those two structures you want, then gather Social Security numbers and government-issued ID for both yourself and your child. The bank verifies the adult’s identity, collects the child’s identifying information, and opens the account once an initial deposit clears.
Pick the Account Structure First
Two structures dominate, and they behave differently once the money is in.
A joint account puts both the adult and the minor on as co-owners. Either of you can deposit or withdraw, which gives your child hands-on practice while you keep full visibility. Because both names are on the account, the balance can be reached by creditors of either owner.
A custodial account is set up under the Uniform Transfers to Minors Act (UTMA) or the older Uniform Gifts to Minors Act (UGMA). The child legally owns the money, and you manage it as custodian until the child reaches the transfer age set by your state, typically between 18 and 25.1Legal Information Institute (LII) / Cornell Law School. Uniform Transfers to Minors Act As custodian you have a fiduciary duty to use the money for the child’s benefit, and only you can authorize transactions until the transfer. Joint accounts tend to fit everyday spending and debit card use; custodial accounts are more common for savings and investing.
What You Need Before You Start
Federal rules require banks to collect four pieces of identifying information from every customer: name, date of birth, address, and a taxpayer identification number.2eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements For U.S. individuals that means a Social Security number, and the bank has to collect the full SSN directly from the customer before opening the account.3FDIC. Collecting Identifying Information Required Under the Customer Identification Program (CIP) Rule You’ll need your SSN and your child’s SSN both ready before you log in.
For yourself, have your driver’s license or passport in reach, including document number, issue date, and expiration date. You’ll also enter your residential address, phone, email, and basic employment information.
For your child, you’ll enter their legal name exactly as it appears in official records, their date of birth, and their Social Security number. Some banks also ask for a birth certificate number or a state-issued child ID as an extra verification step; many don’t.
Most bank sites include an upload tool so you can attach scans or clear photos of these documents during the application.
Age Rules and Who Qualifies
Each bank sets its own minimum age for a minor’s account, and the floor varies by institution and account type. Some banks accept children as young as six; others require the minor to be at least 13 for a checking account with a debit card. Savings-only custodial accounts can often be opened at any age, including for a newborn, because the adult handles every transaction.
The adult on the application has to meet the bank’s own standards: generally at least 18, with a valid SSN, and able to pass the bank’s identity check. A negative record in a banking database such as ChexSystems, from something like a previously overdrawn and closed account, can lead a bank to deny the application even though the account is for your child.
Filling Out the Online Application
On the bank’s website, look for a section called “Personal Banking,” “Student Banking,” or “Youth Accounts,” then follow the link to open an account and pick the specific product designed for minors. The form will have a section for the adult and a section for the child.
Fill out your own section first: name, address, employment, date of birth, SSN. Then move to the child’s section and enter their legal name, date of birth, and SSN. Go slowly here. Even a small mismatch between what you type and what’s in government records can push the application into manual review or get it rejected outright.
Once every field is complete, the application moves to disclosures and a digital signature. You’ll see the account’s terms of service, fee schedule, and privacy policy, and then click to consent. Under federal law, an electronic signature carries the same legal weight as a handwritten one, so clicking “I agree” is binding.4Office of the Law Revision Counsel. 15 USC 7001 – General Rule of Validity
Funding the Account and Waiting for Approval
Most banks ask you to make the opening deposit as soon as you submit. The usual method is an ACH transfer from an existing account at another bank, where you enter the external account’s routing and account numbers. Some platforms also accept a debit card transfer for faster funding, sometimes with a small processing fee. Minimum opening deposits for youth accounts are generally modest, often around $25.
After submission, the bank’s compliance team reviews and verifies everything. Approval typically arrives within one to three business days, along with a confirmation email containing the new account number and instructions for setting up online banking. If a debit card is part of the account, it ships separately and usually arrives in seven to ten business days. The card has to be activated through the app, website, or an automated phone line before your child can use it.
Parental Controls You’ll Want to Set Up
Most youth account platforms include controls that let you supervise spending without having to look over your child’s shoulder:
- Real-time push notifications when your child makes a purchase, showing amount, merchant, and time.
- Spending caps per transaction or per week, and daily ATM withdrawal limits that are typically lower than those on adult accounts.
- Merchant category blocks that stop transactions at certain types of businesses, such as those selling age-restricted products.
- A card lock switch in the app that instantly freezes the debit card if it’s lost or if you want to pause spending.
Most teen-focused accounts also limit or remove overdraft capability. Instead of letting a transaction go through and charging a fee, the bank declines the purchase. Certain pending transactions or fees can still take the balance slightly negative at some institutions, so it’s worth reading the overdraft terms rather than assuming the account can’t go below zero.
Fees and the Age-Out Trap
Many banks waive the monthly maintenance fee on youth and student accounts as long as an account owner is under a certain age, often 25. Once that birthday passes, the account converts to a standard product with its regular fees, so note the cutoff in your calendar before the waiver expires. Also look at charges for out-of-network ATM use, paper statements, replacement debit cards, and wire transfers. Online-only banks tend to carry fewer of these than traditional brick-and-mortar institutions.
Taxes on Interest
Interest earned in the account is unearned income belonging to the child, and the bank reports it to the IRS under the child’s SSN. For a typical youth savings account, the dependent’s standard deduction absorbs the small amount of interest and nothing further is required. If total unearned income across all of the child’s accounts crosses $2,700, part of it can be taxed at the parent’s marginal rate under the “kiddie tax.”5Internal Revenue Service. Topic No. 553, Tax on a Child’s Investment and Other Unearned Income (Kiddie Tax) When the child’s only income is interest and dividends and their gross income is under $13,500, parents can elect to report it on their own return using IRS Form 8814 rather than filing a separate return for the child.6IRS. 2025 Instructions for Form 8814 – Parents’ Election to Report Child’s Interest and Dividends
What Happens When Your Child Turns 18
What happens next depends on which structure you opened.
A joint account doesn’t automatically convert at 18. Both owners stay on, and neither is removed by default. If your now-adult child wants sole control, the usual route is to open a new individual account and close the joint one. Some banks will remove a co-owner with both parties’ consent, but policies vary.
A custodial UTMA or UGMA account transfers by law when the child reaches the termination age set by state statute. That age is 18 in many states but can be 21 or even 25, depending on the state and the terms specified when the account was opened.1Legal Information Institute (LII) / Cornell Law School. Uniform Transfers to Minors Act At that point the custodian has to hand over the assets, and the young adult becomes sole owner with no further legal authority sitting above the account. If you’re uneasy about full access at 18, some states let you specify a later transfer age when you open the account, so check your state’s rules before you set one up.