The basic rule: you must be at least 18

You must be 18 years old to open a bank account in your own name. This is the legal threshold across all U.S. banks and credit unions. At 18, you have the legal capacity to sign a contract, which is what a bank account agreement is.

If you are under 18, you cannot open an account alone. You will need a parent or legal guardian to co-own the account with you, or to open a custodial account in your name with themselves as the custodian.

Key Takeaways

  • You must be 18 to open a bank account by yourself; under 18 requires a parent or guardian on the account.
  • A custodial account lets a minor use the account while a parent or guardian controls it until the minor turns 18 or 21, depending on the account type and state.
  • Some banks allow minors as young as 13 to open accounts with parental permission, but these are always joint accounts where the parent has full control.
  • When you turn 18, you can convert a joint account to your own name, though some banks require you to open a new account instead.
  • The age requirement applies to opening the account, not to having money in it — a parent can deposit money into a custodial account for a child of any age.

Custodial accounts for minors under 18

A custodial account is a bank account opened in a minor's name but controlled by a parent or guardian until the minor reaches a certain age. The custodian can deposit money, withdraw money, and manage the account. The minor can use a debit card and make deposits, but cannot close the account or change the terms.

Custodial accounts come in two main types. An UGMA account (Uniform Gifts to Minors Act) transfers to the minor at age 18 or 21, depending on your state. An UTMA account (Uniform Transfers to Minors Act) works the same way but allows more types of assets to be held. Most banks offer one or both. The age of transfer varies by state — some states use 18, others use 21. Ask your bank which applies in your state.

The custodian's responsibility ends when the minor reaches the transfer age. At that point, the account becomes the minor's to control fully. Some banks automatically convert the account; others require the young adult to open a new account and transfer the balance themselves.

Joint accounts for minors: how they work

A joint account is different from a custodial account. Both the parent and the minor are legal owners, but the parent retains full control. The minor's name appears on the account, and the minor can use a debit card, but the parent can withdraw all the money, close the account, or change the terms without the minor's permission.

Banks that allow minors as young as 13 to open accounts typically offer joint accounts, not custodial ones. The age varies by bank — some start at 13, others at 15 or 16. Check with your specific bank for their minimum age. The parent must be present to open the account and must provide identification.

Joint accounts do not automatically convert when the minor turns 18. You will need to contact the bank and ask to remove the parent from the account or to open a new account in your name alone. Some banks allow this over the phone; others require both parties to visit a branch.

What happens when you turn 18

At 18, you have the legal right to open your own account without a parent or guardian. If you already have a custodial or joint account, you do not have to keep it — you can open a new account at the same bank or a different one.

If you want to keep your existing account, contact the bank to find out their process. For a custodial account, the bank will convert it to your name automatically or will ask you to sign new paperwork. For a joint account, you can ask the parent to be removed, though the bank may require both of you to request this in writing or in person.

Some people keep a joint account even after turning 18 if they want the parent to help monitor spending or if they are still living at home. This is a choice, not a requirement. The parent can still withdraw money from a joint account even after you turn 18, so understand the terms before you decide to keep it.

Age limits for specific account types

Most checking and savings accounts follow the standard rules above — 18 to open alone, younger with a parent. Some account types have different rules. A money market account typically requires 18, the same as a regular savings account. A certificate of deposit (CD) also requires 18 to open in your own name.

Credit cards have a separate age requirement: you must be 18 to open a credit card account, and you must have income or a co-signer. A debit card, by contrast, can be issued to a minor on a custodial or joint account with no income requirement.

If you are under 18 and want to build credit history, ask your bank whether they offer a secured credit card for minors or whether a parent can add you as an authorized user on their card. These are different from opening your own account, and the rules vary by bank and card issuer.

Documentation you will need

To open an account at 18, bring a government-issued photo ID (driver's license, state ID, or passport) and proof of address (a utility bill, lease, or bank statement). Some banks also ask for a Social Security number, which you should have on hand.

If you are opening a custodial or joint account as a minor, the parent or guardian must bring their own ID and proof of address as well. The bank will verify both identities. Some banks allow you to open an account online if you are 18, but custodial accounts usually require an in-person visit.

Frequently Asked Questions

Can I open a bank account at 16 or 17?

Not in your own name. You can open a joint account with a parent at some banks if they allow minors as young as 13 or 16, but the parent must be on the account and has full control. A custodial account is another option, where your parent or guardian is the custodian until you reach 18 or 21.

What is the difference between a custodial account and a joint account?

In a custodial account, the parent is the custodian and has control until you reach a set age (18 or 21), then the account becomes yours. In a joint account, both you and the parent are owners, but the parent can withdraw money or close the account even after you turn 18 unless you ask them to be removed.

Do I have to close my joint account when I turn 18?

No. You can keep a joint account if you want to. However, the parent can still withdraw money from it without your permission. If you want full control, contact your bank to have the parent removed or open a new account in your name alone.

Can my parent open a bank account for me without me being there?

Yes, a parent can open a custodial account in your name without you present. They will need your Social Security number and their own ID. You can use the account and debit card once it is set up, but the parent controls it until the transfer age.

What happens to a custodial account when I turn 18?

The account transfers to your control at 18 or 21, depending on your state and account type. The bank will either convert it automatically or send you paperwork to sign. After the transfer, the parent has no access unless you add them back as a joint owner.