The numbers vary by age and by year

There is no single answer to how many teens have opened a bank account, because the figure depends on which teens you are counting and when you measure them. A 13-year-old is far less likely to have an account than a 17-year-old. The data also shifts year to year as more banks lower their minimum age requirements and more parents open accounts for younger children.

The most recent broad surveys suggest that somewhere between 50 and 75 percent of teenagers have some form of bank account, but that range reflects real differences in how researchers define "account" and which age groups they include. Some surveys count only teens who opened an account themselves; others include accounts opened by parents on their behalf. Some measure only checking accounts; others include savings accounts, money market accounts, or prepaid cards.

What matters more than a single percentage is understanding what the variation tells you: teen banking is now common enough that most families have access to it, but it is not yet universal, and the likelihood increases sharply with age.

Key Takeaways

  • Bank account ownership among teens ranges from roughly 50 to 75 percent depending on age, the year measured, and how the survey defines "account".
  • Younger teens (13 to 15) are less likely to have accounts than older teens (16 to 18), and this gap has narrowed as banks have lowered minimum age requirements.
  • Parent-opened accounts are more common than teen-initiated accounts, so the total percentage of teens with access to banking is higher than the percentage who opened accounts themselves.
  • The trend has moved upward over the past decade as more banks introduced teen checking products and digital-first account options.

Why the numbers differ between surveys

When you see different percentages cited for teen bank account ownership, the difference usually comes from how the survey was designed. The Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) asks whether a household member under 18 has a checking or savings account at a bank or credit union. The Consumer Financial Protection Bureau (CFPB) has asked similar questions but sometimes includes prepaid cards or digital wallets, which changes the result.

Age grouping matters too. Some surveys lump all teens together from 13 to 19, while others separate younger teens (13 to 15) from older teens (16 to 18). Younger teens have lower account ownership rates, so a survey that weights heavily toward that group will show a lower overall percentage. A survey that focuses on 16- to 18-year-olds will show a higher one.

Geography and income also shift the numbers. Teens in urban areas with more bank branches tend to have higher account ownership than teens in rural areas. Teens in higher-income households are more likely to have accounts than teens in lower-income households, though this gap has narrowed as online banking has removed the need to visit a physical branch.

How teen account ownership has changed over time

Teen banking has expanded significantly in the past 10 to 15 years. In the early 2010s, many banks did not offer accounts to anyone under 16 or 18, and those that did often required a parent to co-sign or visit a branch in person. That barrier meant that account ownership among younger teens was substantially lower than it is now.

The shift accelerated after 2015, when more banks began offering digital-first teen checking accounts that could be opened entirely online. Major banks like Chase, Bank of America, and Wells Fargo introduced teen products. Credit unions followed. Fintech companies built accounts specifically designed for teens, often with parental controls and spending limits built in.

This expansion means that a teen today is more likely to have an account at a younger age than a teen in 2010 would have been. The percentage of 14-year-olds with accounts, for example, has likely increased by 15 to 25 percentage points over the past decade, though exact figures vary by source.

The difference between parent-opened and teen-initiated accounts

Most teen bank accounts are opened by a parent, not by the teen themselves. A parent opens an account for a child, adds the child as an authorized user or joint account holder, and may or may not give the child a debit card or online access. This is the most common entry point into banking for teens under 16.

Teen-initiated accounts—where the teen opens the account themselves, usually online—are more common among older teens (16 and up) and have grown as more banks allow teens to open accounts with just a parent's consent rather than requiring a parent to be physically present. Some surveys count both types; others count only one. This distinction can shift the reported percentage by 10 to 20 points.

Understanding which type of account is being counted matters if you are trying to understand what "teen bank account ownership" actually means. A 12-year-old with a parent-opened savings account is counted as a teen with a bank account in most surveys, but that teen may have no control over the account and no debit card. A 17-year-old who opened their own checking account online is also counted, but the situations are very different.

What accounts are included in the count

Not all surveys count the same products. Some count only checking and savings accounts at traditional banks and credit unions. Others include prepaid cards, which function like debit cards but are not technically bank accounts. Some include digital wallets or money transfer apps. This matters because a teen might have a prepaid card but no bank account, or vice versa.

The CFPB has found that when prepaid cards are included in the count, the percentage of teens with access to some form of banking product rises significantly—sometimes by 10 to 15 percentage points. When only traditional bank accounts are counted, the percentage is lower. Neither number is wrong; they are measuring different things.

Regional and demographic variation

Teen bank account ownership is not evenly distributed. Teens in states with more bank branches per capita tend to have higher account ownership rates than teens in states with fewer branches, though this gap has narrowed as online banking has become standard. Teens in metropolitan areas have higher rates than teens in rural areas, partly because rural areas have fewer physical bank locations and partly because rural families may have less access to information about online banking options.

Income is also a factor. Teens in households earning over $75,000 per year are more likely to have bank accounts than teens in households earning under $30,000 per year. However, this gap has narrowed over time as more banks have eliminated or lowered minimum balance requirements and as online banking has removed the cost barrier of traveling to a branch.

Race and ethnicity show variation too, though the data is less consistent across surveys. Some research suggests that white and Asian American teens have slightly higher account ownership rates than Black and Hispanic American teens, but these differences are often explained by differences in household income and parental banking habits rather than by age or geography alone.

Why the percentage matters less than the trend

The exact percentage of teens with bank accounts is less important than understanding the direction of change. The trend is clearly upward: more teens have accounts now than five years ago, and more will likely have accounts five years from now. The barriers to teen banking—minimum age requirements, the need to visit a branch, high fees—have all fallen.

What this means in practical terms is that teen banking is becoming a normal part of growing up, not an exception. Most teens will have access to a bank account at some point during their teenage years, whether they open it themselves or their parent opens it for them. The percentage will likely continue to rise as more banks introduce teen products and as more parents become comfortable with digital banking.

Frequently Asked Questions

What age can a teen open a bank account?

Most banks allow accounts to be opened for children as young as 13, though some allow younger children if a parent is a co-owner. Teens 16 and older can often open accounts online without a parent present, though they may still need parental consent. The exact age varies by bank and by state.

Do most teens have their own debit card?

Not all teens with bank accounts have their own debit card. Many parent-opened accounts do not issue a card to the child, or the card is held by the parent. Teens who open their own accounts are more likely to have a debit card, but this varies by bank and by the teen's age.

Is a prepaid card the same as a bank account?

No. A prepaid card is a payment tool that can be loaded with money, but it is not a bank account. Some surveys count prepaid cards as banking products; others do not. A teen might have a prepaid card but no bank account, or both.

Why do some surveys show different percentages?

Surveys differ in how they define "account" (checking only, savings only, or both), which ages they include, whether they count parent-opened accounts, and whether they include prepaid cards or digital wallets. These differences can shift the reported percentage by 10 to 20 points.

Has teen bank account ownership increased in recent years?

Yes. Teen account ownership has risen over the past decade as banks have lowered minimum age requirements, eliminated the need to visit a branch, and introduced digital-first teen products. The increase has been most dramatic among younger teens (13 to 15).