Age requirements depend on the account type and the bank

You can open a bank account at any age, but the rules change depending on whether you're a minor or an adult. A minor (usually anyone under 18) can have a checking or savings account, but it must be a joint account with a parent or guardian who takes legal responsibility for it. An adult (18 or older) can open an account alone without anyone else's permission or involvement.

Some banks let you open a youth or teen account starting at age 13 or younger, while others wait until you're 16. A few banks have no stated minimum age as long as a parent or guardian co-owns the account. The specific age and rules vary by bank, so if you have a particular bank in mind, call them or check their website for their policy.

Key Takeaways

  • Minors can open bank accounts, but a parent or guardian must be a joint owner and is legally responsible for the account.
  • Adults (18 and older) can open accounts on their own without a co-owner.
  • Some banks offer youth accounts starting at age 13, while others have different age thresholds; you'll need to check with your specific bank.
  • A parent or guardian will need to bring identification and proof of the minor's identity (birth certificate or Social Security card) to open a joint account.

What you need to open an account as a minor

When a parent or guardian opens a joint account for a minor, the bank will ask for documents from both the adult and the child. The parent or guardian typically needs a government-issued ID (driver's license, passport, or state ID) and proof of address (a recent utility bill or lease). The minor usually needs a birth certificate or Social Security card to verify their identity.

Some banks also ask for a second form of ID or additional proof of address. A few banks let you start the process online if a parent has an existing account with them, but most require at least one in-person visit to the branch. Call ahead to find out exactly what documents your bank needs, since requirements vary.

Joint accounts and what the parent or guardian can do

A joint account means both the parent (or guardian) and the minor have equal legal rights to the money in the account. The adult can deposit, withdraw, and manage the account, and so can the minor once they're old enough to use the debit card or visit the branch. The parent or guardian is legally responsible for any overdrafts or fees, and they can close the account at any time.

Some banks let you set spending limits on a debit card linked to a joint account, which gives the minor access to money while the adult keeps some control. Others don't offer this feature. If controlling how much your child can spend is important to you, ask the bank whether they allow card limits before you open the account.

Accounts for teenagers who want more independence

Many banks now offer teen or youth accounts designed for older minors (typically ages 13 to 17) who want more control over their own money. These accounts are still joint accounts with a parent or guardian, but they often come with their own debit card and online banking access in the teen's name. The teen can check their balance, transfer money, and make purchases, while the parent can monitor activity and set rules.

Teen accounts sometimes include financial education tools, savings goals features, or rewards for good money habits. They're meant to teach financial responsibility before the person turns 18. Not all banks offer them, and the features vary widely, so compare what's available at banks near you if this type of account interests you.

What happens when you turn 18

When you reach 18, you become a legal adult and can open your own account without a parent or guardian. If you already have a joint account, you have a few options: you can keep the joint account as-is (the parent or guardian stays on it), you can convert it to an account in your name alone, or you can open a new account and move your money. The choice is yours, and the bank can walk you through the process.

Some people keep a joint account with a parent even after turning 18 for convenience or trust reasons. Others prefer to separate their finances. There's no penalty either way, and you can change your mind later if you want to add or remove the other person from the account.

Opening an account if you don't have a Social Security number

If you're a minor without a Social Security number (for example, if you're not a U.S. citizen), some banks will still open a joint account using an Individual Taxpayer Identification Number (ITIN) or a passport instead. Not all banks accept these documents, so you'll need to call ahead and ask. A few banks have specific policies for non-citizens or immigrants, so it's worth asking whether they work with people in your situation.

If your local bank won't open an account for you, try a credit union in your area. Credit unions sometimes have more flexible policies than large banks, and they may be willing to work with you even if you don't have a Social Security number yet.

Frequently Asked Questions

Can a 10-year-old open a bank account?

Yes, but only as a joint account with a parent or guardian. The parent or guardian must be present and sign all paperwork. Some banks set their own minimum age (like 13), so check with your bank first.

Do I need a Social Security number to open an account as a minor?

Most banks require a Social Security number, but some accept an ITIN or passport instead. Call your bank to ask what documents they accept if you don't have a Social Security number yet.

Can a minor have an account without a parent or guardian?

No. Anyone under 18 must have a parent or guardian as a joint owner. Once you turn 18, you can open and manage accounts on your own.

What if the parent or guardian wants to remove themselves from the account after the child turns 18?

Once you're 18, you can convert the joint account to an account in your name alone, and the other person can be removed. Visit your bank's branch or call them to make this change.

Can I open an account at a different bank than my parent uses?

Yes. Your parent or guardian can open a joint account with you at any bank, regardless of where they bank. You don't have to use the same bank as your parent.