You can open a bank account at any age, but the rules change depending on how old you are
There is no minimum age to have a bank account in the United States. However, the way you open one and what you can do with it depends on whether you are a minor (under 18) or an adult. If you are under 18, you will need a parent or guardian to open and manage the account with you. If you are 18 or older, you can open and manage an account on your own.
The specific rules vary slightly between banks and credit unions, so it is worth calling ahead or checking the website of the institution you want to use. Some banks have special accounts designed for young people, while others use the same account for everyone but require a parent's involvement if you are under 18.
Key Takeaways
- Minors (under 18) can have a bank account, but a parent or guardian must open it and be listed on the account.
- At 18, you can open your own account without a parent's permission or involvement.
- Some banks offer youth accounts with features like spending limits or parental controls; others use standard accounts for all ages.
- You will need a Social Security number and proof of identity (or your parent will need to provide theirs) to open an account at any age.
How accounts work for children and teenagers under 18
If you are under 18, you cannot open a bank account by yourself. A parent or legal guardian must be present and sign the paperwork. Most banks list the parent as a joint account holder, which means both you and your parent have access to the account and can see all transactions.
Some banks call these custodial accounts or youth accounts. The parent controls the account until the child reaches a certain age — usually 18, but sometimes 21. At that point, the account either converts to a standard adult account in the young person's name alone, or the parent must formally transfer ownership.
Having a parent on the account means they can deposit money, withdraw money, and monitor spending. This is useful for teaching money management, but it also means your parent will see every transaction you make. If privacy matters to you, this is something to discuss with your parent before opening the account.
What you need to bring to open an account under 18
To open an account as a minor, you and your parent will need to bring documents to the bank or credit union in person. Most institutions require:
- Your Social Security number
- A government-issued ID or birth certificate for you
- Your parent's government-issued ID (driver's license, passport, or state ID)
- Proof of your parent's address (a utility bill, lease, or bank statement dated within the last 60 days)
Some banks also ask for a second form of ID or additional proof of address. Call ahead to confirm what your specific bank needs — this saves a trip if you are missing something.
Opening an account when you turn 18
Once you reach 18, you become a legal adult and can open a bank account without a parent's involvement. You will need your Social Security number and a government-issued ID (driver's license, passport, or state ID). Some banks also ask for proof of address, which can be a utility bill, lease, or recent bank statement.
If you already have an account that your parent opened with you, you do not have to do anything on your 18th birthday. The account will either automatically convert to your name alone, or the bank will send you paperwork to sign. Check with your bank about their specific process — some require you to visit in person, while others handle it by mail or online.
If you want to move your money to a different bank or close the account your parent opened, you can do that at 18 as well. You have full control over your money once you are an adult.
Types of accounts available for young people
Many banks and credit unions offer accounts designed specifically for minors. These often come with features like lower or no monthly fees, no minimum balance requirement, and parental controls. Some examples include Chase First Banking, Bank of America's Student Banking, and various credit union youth accounts, though the names and features change over time.
Standard checking and savings accounts are also available to minors through most banks — your parent just needs to be present to open them. There is no rule that says you must use a youth account; some families prefer a regular account because it is simpler or because the bank does not offer a youth product.
The main difference between youth accounts and standard accounts is usually the parental controls and fee structure. If your parent wants to set spending limits or monitor your account closely, a youth account may be a better fit. If your parent just wants a place for you to keep money, a standard account works fine.
What happens to the account when you become an adult
When you turn 18, the account your parent opened does not automatically close. Instead, it converts to an adult account. The exact process depends on your bank. Some banks automatically remove the parent from the account on your 18th birthday. Others send you a form to sign, or they may require you to visit a branch in person.
Once the conversion is complete, you have sole control of the account. Your parent can no longer see transactions, withdraw money, or make changes without your permission. If your parent is still listed on the account after you turn 18 and you want them removed, contact the bank and ask them to take your parent off.
If you want to keep your parent on the account after you turn 18 — for example, if they help you manage your money — you can request that the account remain a joint account. This is your choice to make.
Frequently Asked Questions
Can a 10-year-old have their own bank account?
Yes, but a parent or guardian must open it and be listed on the account. The child cannot open or manage the account alone. Some banks allow children as young as five or six to have accounts, though rules vary by institution.
What if my parent won't take me to open an account?
If you are under 18 and your parent refuses to help you open an account, you have limited options. Some credit unions or community banks may work with a legal guardian other than a parent, such as a grandparent or aunt. If you are in an unsafe situation, a school counselor or social worker can help you find resources.
Can I have a bank account without my parent knowing?
No, not until you are 18. A parent or guardian must be present to open an account for a minor, and they will be listed on it. Once you turn 18, you can open accounts without telling anyone.
Do I need a Social Security number to open a bank account as a minor?
Yes, most banks require a Social Security number for anyone opening an account, including minors. If you do not have one, you can explore for one through the Social Security Administration. Your parent can help you with this process.
What if I turn 18 but still live with my parents?
Living with your parents does not change anything. At 18, you are legally an adult and have the right to open accounts, manage money, and make financial decisions on your own — even if you live under their roof. Your parents cannot access your accounts without your permission.