Can I open a bank account for my child?

You can open either a custodial or joint account with a child under the age of 18. After they turn 18, that account can be converted into their name alone.

Which banks allow you to open an account for a minor?

Almost any bank will allow you to open a joint or custodial account for your minor child. As long as you sign on as the custodian or joint bank account holder, a bank knows it has an adult it can contact if there's an issue with the account.

Can a minor open a bank account for themselves, without an adult?

No, most states require a parent or guardian to be a joint account holder. Even if you live in a state that has no law on the books regarding minors and banking, chances are strong that any bank you approach will have its own rules requiring a parent or guardian to be jointly responsible for the account.

How to Open a Bank Account for a Minor

It's never too soon to begin teaching your kids (or grandkids) about money and the role a bank account plays in their financial well-being. The earlier you begin, the earlier you can teach them healthy banking habits and how to harness the power of money.

4 steps to opening a bank account for a minor

Here, we'll show you how to open a bank account for a minor and offer a few tips for getting them off to a good start.

1. Choose the type of account you want to open for your minor

While there is no federal law stating a minor can't open an account in their name alone, some state laws say that anyone under the age of 18 can only be named on a joint account. In other words, they need a parent or legal guardian to set up a custodial or joint account for them. Even if you live in a state without such a requirement, most banks insist that children under the age of 18 have an adult who will serve as a joint account holder. When you think about it, it makes sense. After all, what bank wants to talk business with a 6 year old?

In addition, most banks won't allow a child under the age of 13 to be named on a checking account. You may want to wait on a checking account until a child is old enough to have a job. It's around that age that learning how to balance a checking account becomes easier, too.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account	APY	Bonus	Next Steps
Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC. 4.90/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 3.80% Rate info Min. to earn: $0	Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Open Account for EverBank Bank High-Yield Savings Account from Raisin On Raisin's Secure Website. Member FDIC.	4.15% Rate info Min. to earn: $1	Earn up to $1,200 when you sign up and fund your account using code SUMMER26.¹	Open Account for EverBank Bank High-Yield Savings Account from Raisin On Raisin's Secure Website.
Open Account for CIT Platinum Savings On CIT's Secure Website. Member FDIC. 4.80/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 4.10%* Rate info Min. to earn: $5,000	Earn up to 4.10% APY with promo code CITBoost	Open Account for CIT Platinum Savings On CIT's Secure Website.

Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.

* Platinum Savings APY Boost Promotion Terms and Conditions

This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.

Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.

The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.

The promotion can end at any time without notice.

For complete list of account details and fees, see our Personal Account disclosures.

CIT General Disclosure

For complete list of account details and fees, see our Personal Account disclosures. https://www.cit.com/cit-bank/resources/forms

¹New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers can earn up to $60 for depositing between $10,000 and $24,999 ($50 welcome bonus + $10 bonus boost when you set up two recurring deposits or more totaling $100), up to $150 for depositing between $25,000 and $49,999 ($125 welcome bonus + $25 bonus boost when you set up two recurring deposits or more totaling $250), up to $300 for depositing between $50,000 and $99,999 ($250 welcome bonus + $50 bonus boost when you set up two recurring deposits or more totaling $500), up to $600 for depositing between $100,000 and $199,999 ($500 welcome bonus + $100 bonus boost when you set up two recurring deposits or more totaling $1,000), and up to $1,200 for depositing $200,000 or more ($1,000 welcome bonus + $200 bonus boost when you set up two recurring deposits or more totaling $2,000).

To qualify for the bonus, you must be a new Raisin customer who signs up between June 1, 2026, and July 31, 2026, and the promo code SUMMER26 must be entered at the time of sign-up. Deposit at least $10,000 within 14 days of your first deposit. You can make one or multiple deposits during this window, and your total deposited amount determines your bonus tier. You may add more funds during the 14-day window to reach a higher bonus tier. Satisfying these base requirements is mandatory to unlock and earn the optional recurring deposit boost. You can add this boost during your 14-day window by setting up an automated schedule that posts at least twice during the 90-day holding period. The recurring deposit boost is an extra cash reward earned by setting up an automated savings schedule within your first 14 days that posts at least twice during the 90-day holding period. Your base welcome bonus tier sets the maximum cap for this extra reward. If you choose to skip it, you will still earn your base welcome bonus by meeting the standard qualifying terms. However, you cannot earn the recurring boost on its own; satisfying the base welcome bonus requirements is mandatory to unlock it.

Once the deposit window closes, your balance must remain at or above your qualifying bonus tier for 90 days. If your balance drops below that amount during the 90-day period, you may no longer be eligible for that bonus. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus.

Bonus cash will be deposited by Raisin into the customer’s Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.

2. Decide on the type of bank

Part of the beauty of opening a savings account for a child is teaching them about the magic of compound interest and how the interest an account earns eventually earns interest of its own. The truth is, the best interest rates on savings accounts are currently offered by online banks, primarily because they have less overhead than brick-and-mortar banks and can pass those savings on to their customers.

However (and this is a big however), there's something to be said for making it an "experience." As convenient as online banking may be, making it an experience is easier to do at a brick-and-mortar bank or credit union. We'll touch more on this topic in a moment.

3. Find a bank for your kids' account

Here are some of the hallmarks of a great kids' savings account:

No fees
No minimum balance requirements
FDIC insured
Pays interest (even if it's a low rate)

One more thing. Look for a bank where customer service seems kid-centric. We know it can be hard to tell, but a kid-centric bank offers materials for children (like coloring books) and employees appear happy to work with children.

4. Make it fun

A moment ago, we mentioned that opening an account at a brick-and-mortar bank or credit union can be a fun experience that gets your child excited about banking. The first step is to make opening the account memorable. Here are some ways to do that:

Call ahead and request an appointment. Let them know you're opening a joint account with your child and want to get them started on the right foot.
Ask if it's possible for your child to have a tour of the bank, including a peek into the safe deposit room.
If there's a coin counting machine, allow your child to cash out some coins to deposit into their new account.
Allow your child to carry the documents they need to open the account into the bank.

What to bring to the bank

Because you'll be opening a joint account with your child, you'll need information about each of you, including:

Your photo ID
Your Social Security number
Your child's name, birth date, and Social Security number
Address (or each of your addresses if you reside in different homes)
Phone number
Your email address
An initial deposit to open the account (either cash or check)

If you have a teenager

If your child is working and wants to open a teen checking account, you'll still need to be a joint account holder if they're under the age of 18. The fun thing about helping a teen open an account is how much you can involve them in the process. Invite them to help you find a bank with no minimum balance requirements or fees.

If access to a mobile banking app is important to your teen, make sure it's part of your search parameter. For example, you could ask a bank, "If my teenager opens an account with your bank, will they be able to download a mobile app?" Better yet, ask if the bank has an app designed for young people (some do).

When it's time to open the account, be prepared to provide the same identifying documents and to make an initial deposit. You know your child best. If you're concerned about how they might handle a debit or ATM card, lay down strict ground rules. That may include a requirement they check with you before using either card.

Advantages of opening a kid's account

Opening a bank account of any kind with your child is chock full of benefits, including:

Gives you the opportunity to discuss money in a casual way with your child, teaching them what you've learned through the years.
Allows your child to get into the habit of checking their balances and managing their money.
Instills the importance of saving money.
Gives your minor the opportunity to learn the difference between interest rate and APY and to see, firsthand, how compound interest works.
By the time a child is ready to leave home, they've already become familiarized with both checking and savings accounts, giving them a leg up on those who leave home with little financial knowledge.
The joint account can be converted into the child's name only when they turn 18 years old, giving them years of banking history.

Finally, the best thing about opening a bank account for your minor is the opportunity it allows you to teach them about finances while they're young and impressionable, offering financial confidence they may not find anywhere else.

FAQs

You can open either a custodial or joint account with a child under the age of 18. After they turn 18, that account can be converted into their name alone.
Almost any bank will allow you to open a joint or custodial account for your minor child. As long as you sign on as the custodian or joint bank account holder, a bank knows it has an adult it can contact if there's an issue with the account.
No, most states require a parent or guardian to be a joint account holder. Even if you live in a state that has no law on the books regarding minors and banking, chances are strong that any bank you approach will have its own rules requiring a parent or guardian to be jointly responsible for the account.

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