How to Open a Savings Account for Someone Else

When your child has a bank account, he can start saving money.

When your child has a bank account, he can start saving money.

Once little ones start to arrive, your mind will fill with all the responsibilities and different ways you need to provide for them. It’s important to set your youngsters on the road to saving and a useful method for doing this is by opening a savings account. Once you have this account open, grandparents and others can even make deposits for your kids, too. You’ll need a Social Security number to qualify for an account when you open a savings account for someone else.

Items you will need

  • Social Security numbers
  • Child's birth certificate

Contact financial institutions to inquire about opening a savings account. Using your own bank where you already have accounts would be a convenient place to open your child’s account. Alternatively, choose a bank that’s located near your home or work.

Ask for information about opening a savings account. Tell the representative that you’re opening the account for your minor child and ask for recommendations for this type of situation. The representative may recommend a joint account with both the child’s name and the parents’ names or a custodial account since the child is a minor. Ask about minimum balances, service charges and other policies to determine which financial institution you want to use. Select the bank with the most attractive policies and with a convenient location.

Visit the bank where you wish to open an account. Bring your verification documentation -- driver’s license, one other form of identification and your Social Security card. Bring the child’s birth certificate and Social Security card. Bring the money you wish to deposit.

Complete the paperwork connected with opening the savings account. Usually, you will sit with a representative while you fill out the forms. Place one or both parents’ names on the account as well as the minor child’s name. Show the verification documentation to the representative upon request.

Sign a signature card for the savings account – one or both parents listed on the account. Give the representative the initial deposit you intend to make for the savings account.

Receive the account register and verify the balance against the money you deposited.


  • Many financial institutions have special savings accounts for minors, often waiving fees and balance requirements. Shop around until you find a bank that has the best rates and policies to benefit your child.
  • Some financial institutions offer online custodial accounts. You can fill out the application form online and fund the account with a credit card or electronic funds transfer.

About the Author

Kathryn Hatter is a veteran home-school educator, as well as an accomplished gardener, quilter, crocheter, cook, decorator and digital graphics creator. As a regular contributor to Natural News, many of Hatter's Internet publications focus on natural health and parenting. Hatter has also had publication on home improvement websites such as Redbeacon.

Photo Credits

  • Ryan McVay/Photodisc/Getty Images