Many banks, credit unions and fintechs offer checking accounts for kids, often designed for teenagers. But kids can’t open checking accounts on their own — they’ll need an adult’s help.
Can I open a checking account for my child?
Yes, parents can open checking accounts for their children.
To open a deposit account, like checking or savings, you must be at least 18 in most states. So, if you want your kiddo to have their first bank account before they turn 18, you’ll need to help them open it.
You have two main options to get your kid a checking account:
Open an account for them under your name, and you maintain full ownership while they use it.
Open a joint kids’ account with your kid, where you and the child are co-owners.
To apply for a kids’ bank account where you’re co-owners, both you and the kiddo will need to provide the following information:
Full name and birthday
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
Parents’ government-issued ID, such as a driver’s license or passport
Contact information, such as address, phone number and email
Your child’s student ID if you’re opening a student bank account
For the most part, you’ll be able to apply for a kids’ checking account online. While there are a handful of banks that require you to visit a branch to apply, it’s not super common nowadays.
Hot tip: Some banks require parents to be customers of that bank before they can open a checking account for their kid. For example, the kids' checking Chase First Banking account must be linked to a qualifying Chase checking account.
Cash App is a financial services platform, not a bank. Banking services are provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block,Inc. brand. Prepaid debit cards issued by Sutton Bank, Member FDIC. See Terms and Conditions. *Teens aged 13 to 17 can join with approval from eligible parent or guardian. To view the eligibility requirements for sponsoring a teen, please visit the Sponsored Accounts section of the Cash App Terms of Service. **Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. To earn the highest interest rate on your Cash App savings balance, you need to (a) have a Cash App Card or sponsor one or more sponsored accounts and receive at least $300 in paycheck direct deposits each month; or (b) have a sponsored account with sponsor approval to earn interest. Exceptions may apply. Savings yield rate is subject to change. ***Brokerage services provided by Cash App Investing LLC, member FINRA / SIPC, subsidiary of Block, Inc. See our BrokerCheck. Bitcoin services are not licensable activity in all U.S. states and territories. Block, Inc. operates in New York as Block of Delaware and is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Investing and bitcoin are non-deposit, non-bank products that are not FDIC insured and involve risk, including monetary loss. Cash App Investing does not trade bitcoin and Block, Inc. is not a member of FINRA or SIPC. For additional information, see the Bitcoin and Cash App Investing disclosures. Additional fees for securities may apply such as regulatory fees and fees to transfer securities externally. Please see our House Rules for more information. Fractional shares investing may involve additional risks such as non-transferability. For additional information regarding the unique risks and limitations of fractional shares, please see the Investing Customer Account Agreement. ***Cash App waives ATM fees for all in-network withdrawals when you deposit at least $300 monthly into Cash App.
If you’re comparing traditional banking options, like the large national banks or local credit unions, most kids’ checking accounts require children to be at least 13 or 14. For example, Wells Fargo Clear Access Banking requires kids to be at least 13 to open, and teens 17 and under must apply at a branch.
Digital banking options tend to be more lenient when it comes to age requirements. Acorns Early requires kids to be at least 6 years old, BusyKid starts at age 5 and the Greenlight debit card doesn’t have an age requirement.
Are kids’ checking accounts safe?
Yes, checking accounts from accredited and insured banks and credit unions are generally safe.
Alongside regular protections that come with adult checking accounts, like debit card zero-liability protection, kids’ checking accounts usually come with extra parental controls. These can include custom spending limits, spending alerts and store restrictions. Parents often have the ability to lock the card, too.
Kids’ checking accounts typically come loaded with these protections:
Zero-liability fraud protections, such as Visa and Mastercard’s protection policies
Transaction monitoring and alerts
Hot tip: Most kids' debit cards won't allow transactions to go through for adult-related purchases, such as the lottery and alcohol.
Costs of kids’ checking accounts
If you just want something basic for your kiddo, many traditional banks and credit unions waive their monthly fees for teen checking accounts, usually until they turn 24 or 25.
If you go with a digital banking option, such as Greenlight or BusyKid, those apps usually start at $5 per month. However, these accounts tend to come with extra perks, like chore and allowance tracking, custom controls and investing options.
Aside from monthly fees, be aware of these other common fees with checking accounts:
Overdraft fees. While most kids’ checking accounts don’t allow overdrafts, if the account does allow it, it may cost around $30 per incident, so watch out for those.
Inactivity fees. Some accounts charge $5 to $15 per month if the account isn’t used at all.
Paper statement fees. Usually around $5 per month to get paper statements mailed, but you can typically opt into estatements and waive that fee.
Cash deposit fees. Digital banking apps that allow cash deposits at retail locations through Green Dot usually charge around $5 per reload, whereas traditional options don’t charge fees for deposits at ATMs or branches.
What is the most you'd pay for a kids' checking account?
Are there kids’ savings accounts?
Of course! You actually have a lot of kids’ savings and investment options.
There are kids’ savings accounts, such as the Alliant Kids Savings Account, offering up to 3.1% APY with a waiveable $1 monthly fee.
There are also custodial accounts that adults can set up for a minor, such as the Schwab One Custodial Account. In this case, parents have control over the account until the child comes of age. Other options include UTMA/UGMA and 529 accounts, which parents or other family members often open to save for college or other expensive life expenses.
Bottom line
If you want your kid to have their own checking account, and they’re under 18, you’ll need to open the account with them.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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