Chapter Seven · Practical Steps
How to open a savings account for your child
Updated 27 April 2026
Opening a kids savings account takes 10 to 15 minutes online or 20 to 30 minutes in a branch. The process varies by bank and account type, but the fundamentals are the same everywhere.
Before you begin
What you need
Required documents
- Parent's government-issued photo ID (driver's license or passport)
- Parent's Social Security number
- Child's Social Security number
- Child's date of birth
- Proof of address (utility bill, bank statement, or lease)
Steps to open
- Choose your account type (custodial or joint)
- Select a bank or credit union
- Complete the online or in-branch application
- Fund the account with an initial deposit
- Set up automatic monthly transfers
- Add your child to the account (for joint accounts)
By bank
Bank-specific requirements
Capital One Kids Savings
Apply through Capital One website or app. Link parent's existing account for transfers. Goal tracking available immediately.
Alliant Credit Union
Must join Alliant first via $5 donation to Foster Care to Success (done during application). 3.10% APY available immediately.
Chase First Banking
Parent needs a qualifying Chase checking account. Both parent and child should visit the branch. Debit card by mail in 5-7 days.
Greenlight
Download the Greenlight app and create a parent account. Add children within the app. Debit card ships in 7-10 days. Subscription starts immediately ($5.99 to $14.98/mo).
Copper Banking
Download the Copper app. Free basic plan. Debit card ships in 7-10 days. Parent and child each have their own login.
By age
Age requirements at a glance
| Bank | Child's age | Account type | Debit card? |
|---|---|---|---|
| Capital One | Any age | Custodial or joint savings | No |
| Alliant CU | Any age (under 13 for Kids Savings) | Joint or custodial | No (teen checking at 13) |
| Chase First Banking | Ages 6-17 | Joint checking / savings | Yes |
| Greenlight | Any age | Platform account | Yes |
| Copper | Ages 6+ | Platform account | Yes |
| Fidelity Youth | Ages 13-17 | Teen-owned brokerage + cash | Yes |
| Ally Bank | Any age (custodial) | Custodial savings | No |
The single most important step
Set up an automatic transfer on day one
Parents who automate contributions save an average of 3 to 4 times more than those who deposit manually. Even $25 a month on autopilot builds significant savings over a decade. At $50/month from birth at 3.5% APY, your child will have approximately $12,400 by age 18. Use our savings growth calculator to model your scenario.
Common mistakes
Four traps parents fall into on day one
Choosing by rate alone
A 7% rate on the first $1,000 is less valuable than 3.10% on the full balance if you plan to save more than $1,000.
Skipping automatic transfers
Manual deposits are inconsistent. Automate from day one.
Wrong account type for FAFSA
If financial aid matters, use a joint account or 529 instead of custodial.
Not involving the child
The account is a teaching tool. Show them the balance, explain interest, celebrate milestones.
Postbag
Setup questions parents ask most
Can I open a savings account for my newborn?
Yes. Most banks and credit unions allow you to open a savings account for a child of any age, including newborns, provided you have the child's Social Security number. Capital One and Alliant both accept online applications for children from birth. The SSN is typically available 2 to 4 weeks after birth.
Can I open a savings account for my child online?
Yes, at most online banks and credit unions. Capital One, Alliant, Ally, and Marcus allow fully online applications. Chase requires an in-branch visit for First Banking. Some credit unions may require a branch visit for initial membership setup.
What is the minimum deposit to open a kids savings account?
It varies. Capital One and Chase require $0. Alliant requires $5. Some credit unions require $5 to $25. Online-only banks like Ally have no minimum. Check the specific bank before applying.
Do I need my child's Social Security number?
Yes, for both joint and custodial accounts. The SSN is required for tax reporting. For custodial accounts, the child's SSN is used because the account is legally in their name.
How long does it take to open the account?
Online applications at Capital One, Alliant, or Ally typically take 10 to 15 minutes. The account is usually accessible within 1 to 3 business days after identity verification. In-branch applications at Chase take 20 to 30 minutes and the account is available immediately.