No, your son's bank account is not taxable. He does not have to file a tax return to "declare" that he has a bank account. If you are giving him money, that is a gift to him. Gifts received are not taxable income.
The amount you mention does not rise to the level of requiring him to file to enter any interest received. If he -someday--has a job or receives other taxable income and files a tax return, then any interest he gets from that account can be entered, but it sounds like it would be a small amount.
And there is no tax deduction for you for the gift you are giving to him by putting money into his account. Money given to family members or other individuals is not deductible.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
