Yes, but the account belongs to a parent or guardian
A 10-year-old cannot open a checking account in their own name. Banks require the account owner to be at least 18 years old to sign a contract. What you can do instead is open a custodial checking account — an account held in the child's name but controlled by a parent or guardian until the child reaches the age of majority (usually 18 or 21, depending on your state).
The parent or guardian is the legal account holder and makes all decisions about the account. The child can use a debit card and write checks (if the bank offers them), but the parent can see all transactions and set limits. This is different from a savings account — a checking account is designed for frequent deposits and withdrawals, which makes it useful for teaching a child how money moves in and out.
Not every bank offers custodial checking accounts for children as young as 10. Some start at age 13, and a few have no age minimum. You will need to call or visit banks in your area to find out what they offer.
Key Takeaways
- A custodial checking account is opened in the child's name but controlled by a parent or guardian until the child turns 18 or 21.
- The parent can see all transactions, set spending limits, and close the account at any time.
- Not all banks offer custodial checking accounts for children under 13, so you will need to ask your bank directly.
- A checking account teaches a child how to use a debit card and manage regular deposits and withdrawals.
- The child does not need a Social Security number to open the account, but the parent will need to provide theirs.
What the parent controls in a custodial account
When you open a custodial checking account, you remain the legal owner. You can deposit money, withdraw money, and monitor every transaction the child makes. You can also set rules — for example, you might allow the child to use the debit card only at certain stores, or you might require them to ask permission before spending above a certain amount.
Some banks let you set daily spending limits on the debit card, which means the card will be declined if the child tries to spend more than you have allowed. This is a useful tool for teaching limits without having to say no every time.
You can close the account at any time. You also receive the monthly statement, and you are responsible for any overdraft fees if the account goes negative. The child is not liable for those fees — you are.
When the account transfers to the child
At the age of majority in your state (usually 18, sometimes 21), the custodial account automatically converts to a regular account in the child's name alone. You no longer have access to it, and the child becomes fully responsible for managing it.
Some banks send a notice before this happens so you can prepare the child. Others do not. It is worth asking your bank what their process is when you open the account, so you know what to expect and can have a conversation with your child about taking over the account before it happens.
If your child is not ready to manage the account alone at that age, you can close it and help them open a new account with different terms, or you can keep it open and let them learn by doing.
What you need to bring to open the account
You will need your government-issued photo ID (driver's license or passport) and your Social Security number. Bring the child with you if possible — most banks want to see them in person, though some allow you to open the account online or by phone.
You do not need the child's Social Security number. The bank will use your Social Security number to run a background check on you. Some banks ask for proof of address (a recent utility bill or lease) and will ask how much money you plan to deposit initially.
Call ahead to confirm what your specific bank requires. Requirements vary by bank and by state.
Banks that offer custodial checking for young children
Large national banks like Chase, Bank of America, and Wells Fargo offer custodial accounts, though the minimum age varies. Chase allows custodial accounts for children as young as 6. Bank of America starts at age 8. Wells Fargo starts at age 13.
Credit unions often have lower fees and may be more flexible about age. Many credit unions offer youth checking accounts starting at age 10 or younger. If you belong to a credit union, ask them what they offer.
Online banks like Ally and Discover have fewer physical branches, which can make it harder to deposit cash, but they often have lower fees. Some online banks do not offer custodial accounts at all, so check their website or call before you visit.
A few banks market accounts specifically for children and include features like savings goals, chore tracking, or parental controls. These are not necessary — a regular custodial checking account works fine — but they can make the experience more engaging for a child who is learning.
Checking account versus savings account for a 10-year-old
A checking account is for money you use regularly. It comes with a debit card, and you can write checks. There is no interest — the bank does not pay you to keep money there. A checking account teaches a child how to spend and track spending.
A savings account earns interest, which means the bank pays you a small amount of money for letting them hold your money. Savings accounts have limits on how many withdrawals you can make per month. A savings account teaches a child how to save and watch money grow.
Many families open both: a checking account for the child's spending money and a savings account for money they are saving toward a goal. Some banks offer a combined package that includes both. Ask your bank what they recommend for a 10-year-old.
Fees to watch for
Some custodial checking accounts have monthly maintenance fees (usually $5 to $15 per month). Others are free as long as you meet a minimum balance or set up direct deposit. A few banks waive fees for accounts opened for minors.
Overdraft fees happen when the account goes negative — the child spends more than is in the account. These fees can be $25 to $35 per overdraft. You can prevent this by keeping the balance low or by setting a daily spending limit on the debit card.
Ask your bank about all fees before you open the account. Some banks publish their fee schedule online, but it is worth calling to ask specifically about custodial accounts, because fees sometimes differ for those.
Frequently Asked Questions
Can my 10-year-old use the debit card without my permission?
That depends on the rules you set. You can require the child to ask before using the card, or you can let them use it freely up to a daily limit. Most banks let you set a daily spending cap on the card itself, so it will be declined if the child tries to spend more than you allow. You can also monitor transactions online and have a conversation about spending afterward.
What happens if the account goes negative?
You will be charged an overdraft fee, usually $25 to $35. The child is not responsible for paying it — you are. To prevent this, keep the account balance low (only deposit what the child needs to spend that week) or set a daily spending limit on the debit card so it cannot go over.
Can I add another parent or guardian to the account?
Yes. Most banks allow you to add a co-owner to a custodial account. Both parents can see transactions and make deposits or withdrawals. Ask your bank whether they allow co-owners and what documents you need to bring to add someone.
Does my child need a Social Security number?
No. The bank will use your Social Security number. However, if you want to open a savings account that earns interest, the bank may ask for the child's Social Security number so they can report the interest to the IRS. Ask your bank whether they need it for a checking account specifically.
What if my bank does not offer custodial checking for 10-year-olds?
Try a different bank or a local credit union. If no bank in your area offers custodial checking for that age, you can wait until your child is older, or you can open a savings account instead and teach them to manage money that way. Some families also use prepaid cards designed for children, though these do not build a banking relationship the way a real account does.