How to Open a Savings Account for Your Child: Step-by-Step Guide
Updated 11 April 2026
Opening a kids savings account takes 10 to 15 minutes online or 20 to 30 minutes in a branch. The process varies slightly by bank and account type, but the fundamentals are the same everywhere.
What You Need
Required Documents
- 1. Parent's government-issued photo ID (driver's license or passport)
- 2. Parent's Social Security number
- 3. Child's Social Security number
- 4. Child's date of birth
- 5. Proof of address (utility bill, bank statement, or lease)
Steps to Open
- 1. Choose your account type (custodial or joint)
- 2. Select a bank or credit union
- 3. Complete the online or in-branch application
- 4. Fund the account with an initial deposit
- 5. Set up automatic monthly transfers
- 6. Add your child to the account (for joint accounts)
Bank-Specific Requirements
Capital One Kids Savings
Apply through Capital One website or app. Link parent's existing account for transfers. Goal tracking features available immediately.
Alliant Credit Union
Must join Alliant first via $5 donation to Foster Care to Success (done during application). High-yield rate (3.10% APY) available immediately.
Chase First Banking
Parent must have a qualifying Chase checking account. Both parent and child should visit the branch. Debit card arrives by mail within 5-7 days.
Greenlight
Download the Greenlight app and create a parent account. Add children within the app. Debit card ships within 7-10 business days. Monthly subscription starts immediately ($5.99-$14.98/mo).
Copper Banking
Download the Copper app. Free basic plan. Debit card ships within 7-10 days. Parent and child each have their own app login.
Age Requirements by Bank
| Bank | Child's Age | Account Type | Includes 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 |
Set Up Automatic Transfers
This is the most important step. Parents who automate contributions save an average of 3 to 4 times more than those who deposit manually. Even $25 per month on autopilot builds significant savings over a decade. Set up the automatic transfer on the day you open the account. At $50/month starting at birth with 3.5% APY, your child will have approximately $12,400 by age 18. Use our savings growth calculator to model your specific scenario.
Common Mistakes to Avoid
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.
Frequently Asked Questions
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, as long as 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 2-4 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 all allow fully online applications. Chase requires an in-branch visit for First Banking accounts. Some credit unions may require you to visit a branch for initial membership setup.
What is the minimum deposit to open a kids savings account?
It varies by bank. Capital One and Chase require $0 minimum deposit. Alliant requires $5. Some credit unions require $5-$25. Online-only banks like Ally have no minimum. Check the specific bank's requirements 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 purposes. For custodial accounts, the child's SSN is used because the account is legally in their name. For joint accounts, it may be required for the child to be listed as a co-owner.
How long does it take to open the account?
Online applications at Capital One, Alliant, or Ally typically take 10-15 minutes. The account is usually accessible within 1-3 business days after identity verification. In-branch applications at Chase take 20-30 minutes and the account is available immediately.