Yes, you can open a bank account before 18, but a parent or guardian must be involved

Most banks allow people under 18 to open accounts, but they require a parent or guardian to co-own the account or sign off on it. The account is usually called a youth account, teen account, or minor account, depending on the bank. You and your parent will both need to be present at the bank, or you may be able to start the process online with your parent's involvement.

The specific rules depend on which bank you choose and what state you live in. Some banks let you open an account at 13, others at 16. A few will work with younger children if a parent opens it for them. The best first step is to call or visit the bank you're interested in and ask what age they allow and what documents you'll need to bring.

Key Takeaways

  • A parent or legal guardian must be present or give permission to open an account if you're under 18, and they will have access to the account.
  • Different banks set different minimum ages — some start at 13, others at 16 — so you'll need to check with your specific bank.
  • You will need a government-issued ID (usually a state ID or passport) and proof of your Social Security number, even if your parent has to provide the documents.
  • Youth accounts often have limits on how much you can withdraw or transfer each day, and some charge monthly fees if you don't keep a minimum balance.
  • Once you turn 18, you can convert the account to a regular adult account, or your parent can remove themselves as co-owner.

What documents you need to bring

You'll need a government-issued photo ID. For people under 18, this is usually a state ID card or passport. A school ID does not count. You'll also need to show proof of your Social Security number — your Social Security card itself, a birth certificate, or a tax return all work.

Your parent or guardian will need their own government ID and proof of their Social Security number as well. Some banks also ask for proof of address, like a utility bill or lease in your parent's name. Call ahead to ask what the bank requires so you don't make a trip and find out you're missing something.

How much control you have over the account

When your parent co-owns the account with you, they can see all transactions and withdraw money just like you can. This is different from a custodial account, where the parent manages the money on your behalf but you're the legal owner — most banks don't offer custodial accounts for checking and savings, though some do for investment accounts.

Some youth accounts let you set a PIN or password that your parent doesn't know, so you have some privacy. Others give your parent full visibility. Ask the bank what privacy settings are available. As you get older, you can usually ask the bank to remove your parent from the account once you turn 18, though some banks require your parent to agree to this.

Limits on withdrawals and transfers

Many youth accounts cap how much you can withdraw or transfer each day or month. For example, a bank might let you withdraw up to $500 per day but no more than $2,000 per month. These limits are meant to protect you and give your parent oversight, but they can be frustrating if you need access to more of your own money.

Some banks will raise or remove these limits as you get older, or if you ask. Others keep them in place until you turn 18. Check the account terms before you open it, and ask whether the limits can change. If the limits feel too tight, you can compare what other banks offer.

Monthly fees and minimum balances

Youth accounts are often free, but not always. Some banks charge a monthly maintenance fee of $5 to $10 if you don't keep a minimum balance — often $100 or $500. Others waive the fee if you set up direct deposit, like from a job or allowance. A few youth accounts are completely free with no strings attached.

Before you open an account, ask the bank directly: "Is there a monthly fee? If so, what's the minimum balance to avoid it? Can I waive the fee by setting up direct deposit?" Write down the answers so you remember them. A free account is worth seeking out if you're just starting to save.

What happens when you turn 18

When you reach 18, you have options. You can keep the account as-is with your parent still co-owning it, or you can ask the bank to convert it to a regular adult account with just your name. Some banks do this automatically; others require you to ask. Your parent may need to sign a form to remove themselves, or they may be able to do it on their own.

If you want to switch to a different bank at 18, you can open a new account in your name alone and transfer your money over. There's no penalty for closing the youth account. Some people stay with the same bank because they're used to it; others switch to find better rates or fewer fees.

Alternatives if your parent won't help

If your parent is unwilling or unable to co-own an account with you, you have limited options. Some credit unions (which are member-owned financial institutions, similar to banks) have different rules and may work with younger people without a parent present. Call credit unions in your area and ask.

Another option is to ask a trusted adult — a grandparent, aunt, uncle, or older sibling — to co-own the account with you instead. They would have the same access and responsibility as a parent would. If none of these options work, you may need to wait until you turn 18 to open an account in your own name.

Frequently Asked Questions

Can I open a bank account online if I'm under 18?

Some banks let you start the process online, but you'll still need your parent to verify their identity and consent. A few banks require you to visit a branch in person with your parent. Check the bank's website or call to ask whether they offer online account opening for minors.

What if I want to hide the account from my parent?

You cannot hide a co-owned account from your parent — they have legal access to it. If you need privacy for safety reasons (for example, if you're saving money to leave an unsafe situation), talk to a trusted adult like a school counselor, teacher, or relative about safer options.

Do I need a job to open a youth account?

No. You can open an account whether or not you work. You can deposit money from allowance, gifts, or babysitting. Some banks offer incentives like higher interest rates if you set up direct deposit from an employer, but it's not required.

Can my parent close the account without asking me?

Yes, because they co-own it. If you're worried about this, talk to your parent about what you're saving for and why. If you're in an unsafe situation, talk to a school counselor or trusted adult about how to protect your money.

What's the difference between a youth account and a regular account?

A youth account requires a parent or guardian to co-own it and usually has withdrawal limits and lower fees. A regular account is in your name alone with no restrictions. You can open a regular account once you turn 18.