How to open a checking account for a minor

From counting the coins in their piggy bank to receiving their first paycheck, your child will eventually want a bank account of their own. Setting them up with a checking account can teach them how to manage money, spend responsibly, and even budget — all under your parental guidance.  

Minors can’t open bank accounts on their own, but a parent or guardian can open one on their behalf. Learn more about the different types of checking accounts for minors and how you can open one together. 

Age requirements for opening a checking account

In general, your child must reach the age of majority to open a checking account on their own. (This often means age 18, but it varies by state.) But they can still have a checking account before they hit that milestone — they just need your help to open one. 

There’s generally no age limit for a child to open a bank account, provided you or another adult is a co-owner or custodian of the account. However, some banks limit kids’ accounts to certain ages. For example, the Capital One MONEY Teen Checking account is available for kids eight and older, and Chase First Banking is for kids ages six through 17. 

Joint accounts vs. custodial accounts

When opening a checking account for your minor child, there are two options to choose from:  

• Joint account: A joint account is one that you and your child both own and can access. Some joint accounts are marketed as kids’ or student checking accounts. They may come with kid- and parent-friendly features, such as savings trackers, allowance features, and parental controls. Often, the child receives their own debit card and online banking login. 

• Custodial account: A custodial account is one you open on behalf of your child until they reach the age of majority. Uniform Gift to Minors (UGMA) and Uniform Transfer to Minors (UTMA) accounts are custodial accounts that let you save and invest for your child. However, custodial checking accounts are harder to find.

The best option depends on what your plans are for the account. If you want to start saving on behalf of your child, a custodial account might be best. But if you want to start teaching your kid about money management and give them more responsibility, go with the joint account.

How to open a checking account for a minor

Opening a checking account for a minor is similar to opening your own bank account. The only real difference is that you’ll need IDs and information for both you and your child.

Here’s the step-by-step process:

1. Choose a bank. If your bank offers a kid-friendly checking account, that can be a convenient place to start. But it’s worth comparing options at different banks if you’re looking for budgeting tools, parental controls, or other specific features. 

2. Gather your documents. Check with the bank to see what you need to open a new account. They may ask to see your driver’s license, passport, or military ID, as well as your child’s birth certificate or school ID. They’ll also likely need your email address, Social Security numbers (for both of you), and proof of address.

3. Complete the application. Depending on the bank, you can fill out the application in person or online. 

4. Make an initial deposit. Some checking accounts may require an initial deposit of around $25 to $100. Accounts designed for kids tend to be more lenient, though. You can usually make a deposit with cash, check, debit card, or electronic transfer.

5. Set up your online account. Most bank accounts today make it easy to bank online. After opening your account, both you and your child can create your own login credentials for online accounts. If you plan to bank online or use any mobile tools, be sure to download the bank’s app.

Features to look for in a kids’ checking account

With plenty of accounts on the market, you can find one that works for you and your child. For example, younger kids may just need a simple account for storing their allowance, while teens might want savings tools and a debit card of their own. 

Here are some features you may want to look for in a kids’ checking account: 

• No monthly fees

• No or low minimum balance requirements

• Parental controls and alerts

• Mobile app access

• ATM/debit card access

Common checking account fees to watch out for

Excessive fees are less common on bank accounts for minors. Still, as with any bank account, keep an eye out for common fees, and educate your child on how to avoid them:

• Monthly maintenance fees: Avoid them by keeping your balance above the minimum requirement.

• Overdraft fees: Avoid them by spending no more than what is in your account. 

• Out-of-network ATM fees: Avoid them by only using in-network ATMs.

What happens when my child turns 18?

When your child turns 18 (or reaches the age of majority in your state), they can have their own individual bank account. At some banks, kids’ checking accounts automatically transition into regular accounts, but your name will stay on the account until your child removes you. At other banks, you may need to close the account and have your child open a new one. If you don’t do anything, the bank may close the account after a period of time. 

Because each bank handles this transition differently, it’s worth checking ahead of time to find out what will happen to your child’s account once they are no longer considered a minor.