Yes, you can open a bank account at 17, but with limits
Most banks will open a checking or savings account for you at 17 without a parent or guardian present. However, the account comes with restrictions: you cannot overdraft, you may not be able to use certain features like wire transfers or bill pay, and the bank can freeze the account if you turn 18 and do not update your information. The specific rules depend on the bank and the account type.
At 17, you are considered a minor in all 50 states, which is why banks treat your account differently from an adult's. Some banks require a parent or guardian to co-sign or be listed as a co-owner. Others let you open an account solo but keep it in a limited "minor" status until you turn 18. A few banks do not offer accounts to anyone under 18 at all.
Key Takeaways
- Most major banks let 17-year-olds open a checking or savings account without a parent present, but the account operates under minor restrictions.
- You will not be able to overdraft, and some features like wire transfers or international payments may be blocked until you turn 18.
- When you turn 18, you must contact the bank to convert your account to an adult account, or the bank may freeze it.
- Credit unions and online banks often have fewer restrictions than traditional banks, though rules vary by institution.
What you can and cannot do with a minor account
A minor account at 17 typically lets you deposit money, withdraw cash, use a debit card, and check your balance. You can set up direct deposit for paychecks. Most banks will let you use online banking and mobile apps the same way an adult would.
What you cannot do: overdraft (the transaction will be declined if you do not have enough money), initiate wire transfers or ACH transfers to other banks, open a credit card, or take out a loan. Some banks block international transfers or prevent you from adding authorized users. A few banks do not let minors use bill pay, though this is less common now.
The restrictions exist because minors cannot legally enter into certain contracts. A bank cannot enforce an overdraft agreement with you at 17 the way it can with an 18-year-old, so it straightforward does not allow overdrafts. The same logic applies to other features that require a binding contract.
Banks that let 17-year-olds open accounts solo
Chase, Bank of America, Wells Fargo, and Citibank all let 17-year-olds open a checking account without a co-signer, though each has its own minor account rules. Chase calls theirs a "Teen Checking" account and allows debit card use and online banking but no overdraft. Bank of America has similar terms. Wells Fargo requires a parent to be listed as a co-owner on the account, which is different from a co-signer — the parent can see transactions and withdraw money.
Credit unions often have more flexible policies. Many let 17-year-olds open accounts with fewer restrictions than big banks. Navy Federal Credit Union, for example, lets minors open accounts and use most features a regular member would use. You will need to be may be able to access for membership (military-connected, in most cases), but if you are, the account restrictions are lighter.
Online banks like Ally, Charles Schwab, and Chime have different age policies. Ally does not open accounts for anyone under 18. Charles Schwab lets 17-year-olds open accounts but requires a parent to be a co-owner. Chime lets minors open accounts with fewer restrictions than traditional banks, though you still cannot overdraft.
What happens when you turn 18
When you turn 18, your bank will expect you to convert your minor account to an adult account. Some banks do this automatically; others send you a notice and give you 30 days to update your information. If you do not respond, the bank may freeze the account or close it.
To convert, you will usually need to visit a branch in person or complete an online form confirming your new legal status. Bring your ID — a driver's license, state ID, or passport. The bank will verify that you are now 18 and update your account type. Once converted, you will have access to overdraft (if you choose to enroll), wire transfers, and other adult features.
If you move to a different bank before turning 18, you can open a new adult account as soon as you turn 18. There is no waiting period. You can then close the minor account at your original bank or leave it open if you want to keep it.
How to open an account at 17
Visit a branch or go online to the bank's website. If you go in person, bring your Social Security number and a government-issued ID (driver's license, state ID, or passport). Some banks will let you open an account on their website or app without visiting a branch, though you may need to verify your identity through a video call or by uploading a photo of your ID.
You will need to choose between checking and savings (or both). A checking account is for regular spending and bills; a savings account is for money you want to keep separate and earn interest on. Most banks let you open both at the same time.
The bank will ask for your address, phone number, and email. If the bank requires a parent to co-sign or co-own, the parent will need to be present or complete a separate form. Ask the bank upfront whether a parent is required — policies differ, and you do not want to start the process only to find out you need someone else there.
Banks that require a parent or guardian
Wells Fargo requires a parent to be a co-owner on any account opened by someone under 18. This means the parent can see all transactions, withdraw money, and close the account. It is not the same as a co-signer, who straightforward agrees to be responsible if you do not pay back a loan.
Some smaller regional banks and credit unions also require a parent to be involved, though the terms vary. Before you go to open an account, call the bank and ask: "Can a 17-year-old open an account alone, or does a parent need to be present or co-own the account?" This one question will save you a trip.
Why some banks do not let minors open accounts
A few banks, including Ally and some online-only institutions, do not open accounts for anyone under 18. They make this choice to avoid the legal complexity of minor accounts and the extra compliance work required. If you want to bank with one of these institutions, you will have to wait until you turn 18.
This is not common among the largest banks, but it is worth checking the bank's website or calling before you make a trip. Most banks are willing to serve 17-year-olds; a few straightforward are not.
Frequently Asked Questions
Can I open a bank account at 17 without my parents knowing?
Yes, most banks will let you open an account without a parent present. However, if the bank requires a parent to co-own the account (like Wells Fargo does), you will need them involved. Check with your specific bank first. If you are concerned about privacy, ask whether the parent will receive statements or alerts.
Will I be able to use a debit card at 17?
Yes. Most banks issue a debit card with a minor account, and you can use it to buy things, withdraw cash, and pay online just like an adult would. The main difference is that you cannot overdraft — if you do not have enough money, the transaction will be declined.
What if I want to transfer money to another bank at 17?
Most banks block wire transfers and ACH transfers from minor accounts. You can withdraw cash and deposit it elsewhere, or ask a parent to help transfer the money. Once you turn 18, you will be able to transfer money on your own.
Do I need a Social Security number to open an account at 17?
Yes. Banks are required to collect your Social Security number for tax reporting and fraud prevention. If you do not have one, you can explore for one through the Social Security Administration before you open a bank account.
What happens if I do not convert my account when I turn 18?
The bank will send you a notice asking you to update your account status. If you do not respond within the timeframe (usually 30 days), the bank may freeze the account or close it. Contact your bank as soon as you turn 18 to avoid this.