The current picture of teen banking

Roughly 6 in 10 teenagers in the United States have opened a bank account, though the exact percentage shifts depending on which survey you look at and when it was conducted. The Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) and the FDIC's National Survey of Unbanked and Underbanked Households both track this, but their numbers vary slightly—typically falling somewhere between 55% and 65% of teens aged 13 to 17.

The variation matters because it reflects real differences in how researchers define "having an account" (does a joint account with a parent count?), which age groups they include, and whether they survey online or by phone. What stays consistent across surveys is that teen banking rates have climbed steadily over the past decade, particularly as more banks and fintech companies created accounts specifically designed for minors.

Geography, household income, and race all shape whether a teen has an account. Teens in higher-income households and in suburban or urban areas are more likely to have accounts than teens in rural areas or lower-income households. These gaps exist partly because of branch availability, partly because of trust and familiarity with banking institutions, and partly because some families have had negative experiences with banks in the past.

Key Takeaways

  • Between 55% and 65% of U.S. teens aged 13 to 17 have a bank account, depending on the survey and year.
  • Teen banking rates have increased over the past decade as banks and fintech companies created accounts designed for minors.
  • Household income, geography, and race influence whether a teen has an account, with gaps widest between high-income and low-income families.
  • The percentage of unbanked teens is declining, but millions of teenagers still lack access to or use of a bank account.

Why the numbers vary between surveys

Different organizations measure teen banking in different ways, which is why you will see different percentages cited. The FDIC defines an account holder as someone who has used an account in the past 12 months, while other surveys may count anyone who has ever opened an account. Some surveys ask parents about their teen's account; others ask teens directly. These methodological differences can shift the reported rate by several percentage points.

The year matters too. Surveys conducted during the pandemic showed different patterns than those conducted before or after, partly because school closures and remote learning changed how teens interacted with money and banking. A survey from 2019 will not match one from 2023, even if both are measuring the same population.

When you see a statistic about teen banking, it is worth asking: who conducted the survey, when, and how did they define "having an account"? That context tells you whether the number is directly comparable to other figures you have seen.

Who has accounts and who does not

The teens most likely to have bank accounts are those whose parents have accounts themselves. If a parent banks with a traditional institution, they are more likely to open a teen account at the same bank. Teens in households earning above $75,000 per year have significantly higher banking rates than teens in households earning less than $25,000 per year.

Race and ethnicity also correlate with account ownership. White and Asian teens have higher banking rates than Black and Hispanic teens, a gap that reflects broader patterns of financial inclusion and historical exclusion from banking systems. These differences are not about individual choice but about access, trust, and the financial institutions available in different communities.

Rural teens face different barriers than urban teens. Rural areas often have fewer bank branches, which can make opening an account or depositing checks more difficult. Teens in areas with limited branch access are more likely to rely on online banks or credit unions, if they have accounts at all.

What changed over the past decade

Teen banking rates have climbed steadily since around 2011. A decade ago, roughly 40% to 45% of teens had accounts. Today that number is closer to 60%, a shift driven partly by increased awareness of financial literacy and partly by new account options designed specifically for teenagers.

The rise of fintech companies and online banks made it easier for teens to open accounts without visiting a branch. Many of these accounts require only a parent's consent and a Social Security number, removing a barrier that existed when teens had to go in person. Schools have also increased financial literacy instruction, which correlates with higher rates of account opening.

However, the growth has not been even. The gap between high-income and low-income teens has actually widened in some regions, even as overall rates have climbed. This means that while more teens overall have accounts, the divide between those with and without banking access has in some cases become more pronounced.

What "having an account" actually means

A teen with a bank account might have a savings account only, a checking account only, or both. Some accounts are in the teen's name alone; others are joint accounts where a parent retains full control. Some accounts come with a debit card; others do not. The type of account matters because it shapes what the teen can actually do with the money.

A joint savings account where the parent controls all transactions is very different from a teen checking account with a debit card and limited overdraft protection. When surveys report that 60% of teens have accounts, they are counting all of these variations together. The real picture is more granular: some teens have full banking access, while others have accounts that function mainly as savings vehicles their parents manage.

Why these numbers matter for teens and families

Having a bank account is correlated with better financial outcomes later in life—teens with accounts are more likely to save, less likely to use high-cost borrowing, and more likely to have accounts as adults. But the correlation is not the same as causation. Teens whose families have resources and financial stability are more likely to have accounts, and those same families are more likely to have better financial outcomes regardless of the account.

That said, an account can be a practical tool. It gives a teen a place to deposit money from a job or allowance, a way to practice managing money, and a record of transactions. For families without regular banking relationships, opening an account for a teen can be a first step toward building one.

The gap in teen banking rates also reflects broader questions about financial inclusion. If millions of teens grow up without bank accounts, they may face barriers when they turn 18 and need to open accounts on their own, get loans, or navigate other financial systems that assume banking history.

Frequently Asked Questions

What age can a teen open a bank account?

Most banks allow teens as young as 13 to open accounts, though some require parental consent or a joint account until age 18. A few banks have accounts for younger children with parental involvement. Check with your bank about their specific age requirements and whether they require a parent to be a co-owner.

Do these statistics include savings accounts, checking accounts, or both?

Most surveys count any type of account—savings, checking, or both—as long as the teen has used it in the past 12 months. This means the 60% figure includes teens with only a savings account and teens with full checking and debit card access. The breakdown between account types is not always reported separately.

Why do some teens not have bank accounts?

Reasons include lack of nearby branches, parents who distrust banks, insufficient income to justify an account, documentation barriers, and previous negative experiences with financial institutions. Cost can also be a factor if accounts have monthly fees, though many banks now offer free teen accounts.

Does having a teen bank account affect credit scores?

No. Checking and savings accounts do not appear on credit reports and do not build credit history. Credit cards and loans do. A teen can have a bank account for years without it affecting their credit score, though it can be a stepping stone toward credit-building products later.

Are these percentages the same across all states?

No. Banking rates vary by state, with higher rates in some regions and lower rates in others. These differences reflect variations in income, population density, and the availability of financial institutions. National surveys report overall percentages, but your state or local area may differ.