Yes, minors can open bank accounts, but an adult must be involved

A minor — someone under 18 — can have a bank account, but the account must be opened and managed by a parent or legal guardian. The adult's name appears on the account alongside the minor's, and the adult has full control over the money until the minor reaches the age of majority (usually 18, though it varies by state).

Most banks offer accounts specifically designed for minors, often called youth accounts or teen accounts. These accounts work like regular checking or savings accounts, but with features built around teaching money management rather than earning high interest. Some banks let minors as young as 13 open accounts with parental permission, while others have no age minimum as long as a parent co-owns the account.

Key Takeaways

  • A parent or legal guardian must open the account and co-own it; minors cannot open accounts alone.
  • Youth accounts typically come with a debit card, online banking access, and limited overdraft protection to prevent debt.
  • The parent retains full legal control of the money until the minor reaches 18, even if the minor earned it.
  • When the minor turns 18, the account can be converted to a standard adult account, or the parent can remove themselves as co-owner.
  • Different banks have different minimum age requirements and features, so comparing a few options helps you find the right fit.

What a parent needs to bring to open a minor's account

To open an account for a minor, you will need to bring your own identification and the minor's identification. Acceptable forms include a birth certificate, passport, or state ID card for the minor. Some banks also ask for a Social Security number for both the parent and the child.

You may also need proof of address — a recent utility bill, lease, or mortgage statement in your name. Call the bank ahead of time to ask exactly what documents they want, because requirements vary by bank and by state. Some banks let you open accounts online if you have a valid ID and can verify your identity through their app; others require an in-person visit.

How youth accounts differ from adult accounts

Youth accounts are designed to teach money management without the risk of serious debt. Most youth accounts do not allow overdrafts — if there is not enough money in the account to cover a purchase, the transaction is declined rather than approved with a fee. This prevents a young person from accidentally spending money they do not have.

Many youth accounts also come with spending limits set by the parent. You might set a daily limit on debit card purchases or a monthly limit on total spending. Some accounts let you turn off certain types of transactions — for example, you could disable online purchases while allowing in-store ones. These controls give a young person real spending power while keeping you informed and in charge.

Youth accounts typically do not earn much interest on savings. If interest is important to you, compare what different banks offer, but expect rates to be low — often less than what a regular savings account would earn. The real value is in the learning and the safety features, not in growing money through interest.

When and how the account transitions to the minor's name alone

When the minor turns 18, the account does not automatically become theirs alone. You have a choice: you can stay on the account as a co-owner, or you can remove yourself and make it a solo account in the minor's name. Some banks call this process "converting" the account; others call it "removing a co-owner."

If you stay on the account, you keep full legal access to the money and the ability to see all transactions. If you remove yourself, the account becomes entirely the young person's responsibility — you will no longer be able to see what they spend or move money around. Many parents stay on for a few more months or years to offer guidance, then step back once the young person has shown they can manage money responsibly.

Contact your bank to ask about their specific process. Some banks require you to visit in person to remove a co-owner; others let you do it online or by phone. The young person may need to sign paperwork or verify their identity, depending on the bank's rules.

Comparing youth accounts at different banks

Large national banks like Chase, Bank of America, and Wells Fargo all offer youth accounts, as do many regional and community banks. Credit unions — member-owned financial institutions — often have youth accounts too, and sometimes with lower fees or better features than big banks.

When comparing accounts, look at these things: the minimum age to open, whether there is a monthly fee (and whether it is waived if you meet certain conditions), what the debit card costs, whether the account earns any interest, what spending limits you can set, and whether the bank offers online banking and a mobile app. Some banks also offer financial education tools or rewards for saving.

You do not need to use the same bank where you have your own account. If your bank's youth account does not fit what you are looking for, you can open one at a different bank. Many families use a youth account at a bank with good teen features and keep their own accounts elsewhere.

Teaching money management through a minor's account

A bank account gives a young person a real place to see their money and practice decisions. Some parents use the account to teach saving by matching deposits — for every dollar the young person saves, the parent adds a dollar. Others use it to teach spending by giving an allowance or letting the young person keep money they earn from chores or a job.

The debit card that comes with most youth accounts lets a young person make purchases without carrying cash, which is safer and creates a record you can both review. Many young people find it easier to understand spending when they can see their balance go down in real time on a phone app.

Set clear rules together: What is the account for — saving, spending, or both? Can the young person withdraw cash, or is it debit-card only? What happens if they overspend their allowance? Talking through these questions before opening the account prevents confusion later.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. Minors cannot open accounts alone. A parent or legal guardian must be present and co-own the account. Some banks allow minors to manage the account online once it is open, but the adult must set it up first.

What if the minor earned the money themselves — does the parent own it?

Legally, yes. Money in a joint account belongs to both the parent and the minor, and the parent has full control. However, many parents treat money the young person earned as theirs to keep and spend. Discuss this clearly with your child so there are no surprises.

Can a minor have their own account at age 16 or 17?

Not typically. Most banks require a parent to co-own the account until the minor turns 18. A few banks may allow a minor to open a solo account at 17 with parental consent, but this is uncommon. Check with your bank about their specific age policy.

What happens to the account if the parent dies?

The account does not automatically close. The minor can usually continue using it, though the legal situation depends on whether the parent named a beneficiary and on state law. Talk to your bank about what happens in this scenario, and consider naming a backup guardian who can help manage the account if needed.

Do youth accounts help build credit?

No. Bank accounts — even youth accounts — do not appear on a credit report. Credit is built through loans, credit cards, and other credit products. A young person can start building credit at 18 with a secured credit card or by becoming an authorized user on a parent's credit card account.