You can open a bank account at any age, but the rules change based on whether you're a minor or an adult
A child under 18 can have a bank account, but a parent or guardian must open it and co-own it with them. Most banks call this a custodial account or minor account. Once you turn 18, you can open your own account without anyone else's permission or involvement. The specific age at which a bank will let a child start using the account independently varies by bank and by state — some allow it at 13, others at 16 — but the parent remains the legal owner until the child reaches the age of majority in their state, usually 18.
The reason for this structure is straightforward: minors cannot sign binding contracts, and a bank account is a contract. A parent's signature makes the account legally valid. Some banks will let a minor as young as 5 or 6 have an account in their name if a parent co-owns it; others set the minimum at 13. There is no federal rule that sets this age — each bank decides.
Key Takeaways
- Children under 18 need a parent or guardian to open and co-own a custodial account with them; the parent controls the account until the child reaches 18.
- The minimum age a bank will allow a child to have a custodial account ranges from 5 to 13 depending on the bank, not the state.
- At 18, you can open your own account without a parent's involvement, though some banks may still require proof of income or a Social Security number.
- Some banks let minors aged 13 or older use a debit card and online access on a custodial account; others restrict these features until age 16 or 18.
- If you're under 18 and your parent won't help you open an account, you cannot legally open one on your own, but you can ask a school counselor or trusted adult to talk to your parent about it.
How custodial accounts work while you're under 18
A custodial account is owned by both the child and the parent, but the parent has full legal control. The parent can deposit money, withdraw money, and close the account without the child's permission. The child's name is on the account, and the child can see the balance, but the parent makes all the decisions. This protects the bank because it has a responsible adult on the account who can be held accountable if something goes wrong.
Most banks issue a debit card to the child on a custodial account, though some restrict this until age 13 or 16. The debit card works like any other — the child can use it to buy things or withdraw cash — but the parent can see all transactions and can set spending limits or freeze the card. Some banks also let the child log into a mobile app or website to check the balance, while others restrict online access to the parent only.
Money in a custodial account belongs to the child legally, even though the parent controls it. If the parent dies, the account transfers to the child (or to the child's guardian if the child is still a minor). The parent cannot take the money for their own use — that would be theft, even though they have access to it. In practice, most parents use custodial accounts to teach their children about money, not to raid them.
What happens when you turn 18
At 18, the custodial account automatically converts to a regular account in your name alone. The parent's name comes off, and you have full control. You can withdraw all the money, close the account, or keep it open. The parent no longer has access unless you add them back as an authorized user, which you can choose to do.
Some banks require you to visit a branch in person to complete the conversion; others do it automatically. A few banks ask you to sign new paperwork or confirm your identity online. Call your bank before your 18th birthday to ask what they require — it usually takes less than 10 minutes.
If you don't have a custodial account and you turn 18, you can walk into any bank and open a regular account on your own. You will need a government-issued ID (driver's license, passport, or state ID) and usually a Social Security number. Some banks also ask for proof of address, like a utility bill or lease, though not all do.
Banks with the lowest minimum age for custodial accounts
| Bank | Minimum Age for Custodial Account | Debit Card Available |
|---|---|---|
| Ally Bank | Under 18 with parent | Yes, at any age |
| Chase | Under 18 with parent | Yes, at age 6 and up |
| Bank of America | Under 18 with parent | Yes, at age 8 and up |
| Wells Fargo | Under 18 with parent | Yes, at age 13 and up |
| Discover Bank | Under 18 with parent | No debit card; savings only |
These are examples only — policies change, and your local bank or credit union may have different rules. Call the bank directly or visit their website to confirm the current minimum age and what features are available at each age.
What to do if your parent won't help you open an account
If you are under 18 and want a bank account but your parent refuses to help, you cannot open one legally on your own. A bank will not accept an account process from a minor without a parent or guardian co-signing. However, you have options.
Talk to a school counselor, trusted teacher, or another adult you know well — a relative, coach, or mentor. Explain that you want to learn about money and save, and that you need help convincing your parent. Sometimes a conversation from a trusted adult outside the family can shift a parent's perspective. If your parent is abusive or you are in danger, contact a local child protective services office or call the Childhelp National Child Abuse Hotline at 1-800-422-4453.
If you are 16 or 17 in some states, you may be able to open an account with a court order declaring you emancipated — legally independent from your parents. This is a formal legal process and requires a reason the court finds valid, such as abuse or abandonment. It is not straightforward and not quick. A family law attorney or legal aid office in your state can tell you whether emancipation is possible in your situation.
What you need to bring to open an account at 18
At 18, bring a government-issued photo ID (driver's license, passport, or state ID card) and your Social Security number. Some banks also ask for a second form of ID, like a school ID or work badge, or proof of address such as a utility bill, lease, or bank statement. A few banks ask for proof of income, though this is less common for basic checking or savings accounts.
If you do not have a Social Security number, you can still open an account at most banks, but you will need an Individual Taxpayer Identification Number (ITIN) instead. You can explore for an ITIN through the IRS website or by mail using Form W-7.
If you do not have a government-issued ID, some banks will accept a school ID plus a birth certificate, or will let you open an account online and verify your identity through other means. Call ahead to ask what your specific bank accepts.
Frequently Asked Questions
Can a 10-year-old have their own bank account?
Yes, but only as a custodial account with a parent or guardian. The parent co-owns the account and controls all transactions. At 18, the account converts to the child's name alone. Some banks allow custodial accounts starting at age 5 or 6; others require the child to be at least 13.
What if I'm 16 and want to open an account without my parent knowing?
You cannot open a bank account without a parent or guardian's involvement if you are under 18. Banks are required by law to have a parent co-sign. If you are in an unsafe situation, talk to a school counselor or call a local child protective services office.
Do I need a job to open a bank account at 18?
No. Most banks do not require proof of income to open a checking or savings account at 18. You will need a government-issued ID and a Social Security number. Some banks ask for proof of address, but not employment.
What happens to a custodial account if the parent dies?
The account transfers to the child, or to the child's legal guardian if the child is still a minor. The money in the account belongs to the child and cannot be claimed by the parent's creditors or estate. The bank will ask for a death certificate and may require the child's guardian to provide new paperwork.
Can I have two bank accounts at the same time?
Yes. Once you are 18, you can open as many accounts as you want at different banks or at the same bank. There is no legal limit. Some people keep one account for bills and another for savings, or use different banks for different purposes.