Does Your Child Need a Social Security Number to Open an Account?

Almost always, yes. Any account in your child's name needs your child's own taxpayer identification number, and for a U.S. citizen child that's a Social Security number (SSN). A few banks and 529 plans accept an Individual Taxpayer Identification Number (ITIN) instead, but a Trump Account and most brokerages require the SSN itself.

Why does an account in your child's name need their number?

Because your child is the owner, and the owner is who the IRS taxes. The interest, dividends and gains in a custodial account are your child's income. The bank or brokerage reports that income each year on a Form 1099 under the child's number, not yours.

Federal identity rules also require a taxpayer identification number for every account owner. For a U.S. person that can be an SSN or an ITIN, so whether an ITIN works comes down to each institution's own policy.

The tax side is small for most kids. For 2026, the first $1,350 of a child's investment income is tax-free and the next $1,350 is taxed at the child's rate. Above $2,700, the kiddie tax can apply your rate.

Which kids' accounts need an SSN, and which accept an ITIN?

The SSN is the standard for every account below. An ITIN works only where the institution says so.

The Trump Account rule is the strictest. The IRS requires a valid SSN, and the name, number and birth date have to match Social Security records. The $1,000 federal seed also requires U.S. citizenship and a birth date from 2025 through 2028. The details are in the Trump Accounts guide.

How do you get a newborn's Social Security number?

The easiest way is at the hospital. When you fill out the birth registration form, check the box asking for a Social Security number. This is called Enumeration at Birth.

• The state sends the birth record to Social Security electronically. You don't file a separate application.
• The hospital may give you a receipt showing you asked for the number. Keep it.
• The card is mailed to you. Processing times vary by state, so it can take a few weeks.

If you skipped that box, or your child was born at home, apply later with Form SS-5, the Application for a Social Security Card. You'll need proof of your child's age, identity and U.S. citizenship, usually starting with the birth certificate, plus your own ID. The newborn money checklist puts the SSN first for this reason.

What is an ITIN, and when would a child get one?

An ITIN is a tax ID number the IRS issues to people who need one but can't get an SSN. You apply with Form W-7, usually attached to a tax return.

• A child born in the U.S. is eligible for an SSN, so the IRS won't issue them an ITIN.
• A child who isn't a citizen and isn't eligible for an SSN may need one, often so a parent can claim them as a dependent.
• A child whose adoption is still pending gets a different number, an Adoption Taxpayer Identification Number (ATIN), through Form W-7A.

An ITIN is for taxes only. It doesn't grant work authorization, and it doesn't qualify a child for a Trump Account.

What can you do while you wait for the number?

You can still save. The money just can't be in your child's name yet.

• Open a 529 with yourself as the beneficiary. Many plans, including New York's, allow this for an expected baby. Once your child has a number, you change the beneficiary to them. A child is a family member of the old beneficiary, so the switch doesn't trigger tax. See how 529 plans work.
• Park gift money in your own savings. It's legally yours until you move it, so it counts as your income and asset. Once it's in a custodial account, it becomes a permanent gift to your child.
• Get the paperwork ready. Gather your own SSN and ID, your child's birth date and a funding account, so opening the custodial account takes minutes once the card arrives.
• Claim the Trump Account once the card arrives. The election can't be made until the SSN is issued, and the earlier it's made, the longer the money grows.

Where MemoryBank fits

Once the accounts are open in your child's name, MemoryBank connects the ones you've opened, from the custodial account to the 529, and shows your child one kid-friendly view of what's theirs. Savings bonds and other accounts can be added by hand.

What MemoryBank does not do

MemoryBank doesn't open accounts or request Social Security numbers for your child. MemoryBank is not a brokerage. It cannot receive, keep or transfer securities.

Requirements are as the Social Security Administration, the IRS, TreasuryDirect and the named institutions described them in October 2026, and each institution sets its own ID policy. Confirm with the provider before you apply. For tax questions, talk with a tax professional.

Frequently asked questions

Can I open a custodial account without my child's Social Security number?

Usually not. A custodial account is registered under the child's taxpayer identification number, and most brokerages require the SSN. A few banks and many 529 plans accept an ITIN instead, so ask the institution before you apply.

Can I use my child's ITIN instead of a Social Security number?

Sometimes. Many 529 plans and some banks accept an ITIN for a minor, while most brokerages ask for an SSN. A Trump Account requires a valid SSN, so an ITIN won't work there.

What is a tax ID number for a child?

For a U.S. citizen child it's their Social Security number, which doubles as their taxpayer identification number. A child who can't get an SSN may receive an ITIN from the IRS through Form W-7, and a child in a pending adoption may get an ATIN.

How long does it take to get a baby's Social Security number?

If you request it on the hospital birth registration form, the card usually arrives by mail within a few weeks, though timing varies by state. If you didn't request it there, you apply with Form SS-5 and proof of your child's age, identity and citizenship.

Can I open a 529 before my baby has a Social Security number?

Yes, at many plans, by naming yourself as the beneficiary. Once your child has a number, you change the beneficiary to them, and because a child is a family member of the old beneficiary, the change doesn't trigger tax. Plan rules vary, so check yours.

Can MemoryBank open an account for my child?

No. You open accounts directly with a bank, brokerage or 529 plan, and MemoryBank connects to the ones you've opened to show your child what they own. MemoryBank is not a brokerage. It cannot receive, keep or transfer securities.

What to do next

1. Request the SSN at the hospital, or file Form SS-5 if you didn't.
2. Ask each provider you're considering whether it accepts an ITIN, if your child has one.
3. Claim the Trump Account and open the other accounts once the number arrives.