The age you can open an account depends on the type of account and your bank
Most banks let you open a checking or savings account at age 18 without a parent or guardian. Before 18, you can open an account, but it must be a custodial account — one where a parent or guardian has legal control and can see all transactions. Some banks allow custodial accounts starting at age 13 or 14; others have no minimum age. A few banks let minors open independent accounts at 16 or 17, but this is less common.
The rules vary by bank and by state. A bank in your state may have different rules than one in another state. Your best move is to call or visit the bank you want to use and ask what age they require for each account type.
Key Takeaways
- You can open a custodial account (with a parent or guardian) at most banks starting at age 13 or 14, though some have no age minimum.
- At age 18, you can open a checking or savings account in your own name at any bank without a parent's involvement.
- A few banks offer independent accounts for 16- and 17-year-olds, but you will need to ask your specific bank whether they do.
- Custodial accounts let the parent or guardian see all activity and withdraw funds, so the minor does not have full control.
- Once you turn 18, you can convert a custodial account to a regular account or open a new one entirely.
How custodial accounts work before age 18
A custodial account is held in your name, but the parent or guardian is the legal owner until you reach the age of majority — usually 18 or 21, depending on your state. The adult can deposit money, withdraw money, and see every transaction. You can use a debit card tied to the account, but the parent controls the account.
Custodial accounts are useful for teaching money habits because the parent can set limits and monitor spending. Some banks let you set up alerts so the parent knows when the balance drops below a certain amount or when a large purchase happens. When you turn 18 (or 21 in some states), the account automatically becomes yours, and the parent's access ends.
Opening an account at 18 without a parent
Once you turn 18, you can walk into a bank or explore online and open a checking or savings account on your own. You will need a government-issued ID (a driver's license or passport) and a Social Security number. Some banks also ask for proof of address, like a utility bill or lease agreement.
You do not need a parent to co-sign or be present. The account is yours from the start, and no one else can see your transactions or withdraw your money without your permission. If you already have a custodial account at that bank, you can ask them to convert it to a regular account instead of opening a new one.
What happens if you want an account before age 13
If you are under 13, most banks will not open any account in your name, even a custodial one. However, some banks and credit unions have special youth accounts or savings programs for younger children. These are usually very basic — a savings account with a debit card and parental controls — and the rules vary widely.
If your bank does not offer an account for your age, you can ask a parent to open a regular savings account in their name and let you use it. This is not a formal custodial account, so the parent has full legal control, but it can work as a practical solution while you wait to open your own account.
Banks that let 16- and 17-year-olds open independent accounts
A small number of banks and online banks let minors aged 16 or 17 open accounts without a parent or guardian. These are not custodial accounts — you have full control. Examples include some online banks and credit unions, but the list changes and varies by location. If you are 16 or 17 and want to know whether your bank offers this, call and ask directly.
If your bank does not offer independent accounts for your age, a custodial account is still an option, and you can switch to a fully independent account once you turn 18.
What you need to bring or provide
For a custodial account, you and the parent or guardian will both need government-issued ID and Social Security numbers. For an account at age 18 or older, you need your own ID and Social Security number. Some banks ask for a second form of ID or proof of address.
If you are opening an account online, you may be able to upload photos of your ID instead of visiting in person. Some banks also let you verify your identity through video call. Call ahead to ask what your bank accepts, because the process varies.
What to do if you turn 18 and want to switch banks
If you had a custodial account as a minor and want to move to a different bank once you turn 18, you can. Open the new account at your new bank, then transfer your money from the old account. You can do this by asking the new bank to pull the funds (they can usually do this within a few business days) or by withdrawing cash and depositing it yourself.
Once the money is moved, you can close the old account. If the old account was custodial, it will close automatically once you move the funds and the parent's access ends. There is no penalty for closing an account, but check whether there is a minimum balance requirement or monthly fee you need to know about before you leave.
Frequently Asked Questions
Can I open a bank account at 16?
Most banks require you to be 18 or to have a parent open a custodial account. A few banks and credit unions let 16- and 17-year-olds open independent accounts, but this is uncommon. Contact your bank directly to ask whether they offer accounts for your age.
What if my parent won't let me open a custodial account?
You cannot open any bank account without a parent or guardian if you are under 18 at most banks. If your parent refuses, you could ask another trusted adult — a grandparent, aunt, or uncle — whether they would be willing to open a custodial account with you instead.
Does a custodial account hurt my credit?
A custodial checking or savings account does not build credit because it is not a loan or line of credit. Credit reports track borrowed money you repay. A custodial account is just a place to store money, so it will not appear on your credit report or affect your credit score.
Can I have two bank accounts at the same time?
Yes. You can have a custodial account and a regular account at different banks, or multiple accounts at the same bank. There is no law against it. However, the bank may have rules about how many accounts one person can hold, so check with them first.
What happens to a custodial account when I turn 18?
The account automatically becomes yours, and the parent's access ends. You do not have to do anything — the bank handles the conversion. The parent will no longer be able to see transactions or withdraw money. The account number and debit card usually stay the same.