I have an opened a bank account for my son which has all the money he was gifted. Does zakāt have to be paid on that money?

Answer:

No. Zakāt is due on the money and assets owned by adults. Children do not pay zakāt. When your son becomes bāligh, then that Islamic date should be noted and kept as his zakāt anniversary. The following year on that same date, if he has money to the value of niṣāb, then he will pay zakāt.

Allah knows best

Ibrāhīm ibn Muḥammad