Yes, minors can have bank accounts, but an adult must open and manage them

A minor—someone under 18 in most states—cannot walk into a bank alone and open an account. Banks require a parent or legal guardian to be present and to co-own the account. The adult's name appears on the account alongside the minor's, and the adult has full access to the money and account decisions. This is a legal requirement, not a bank preference, because minors cannot enter binding contracts on their own.

The account itself works like any other checking or savings account: the minor can deposit money, withdraw it, use a debit card, and build a record with the bank. Some banks offer accounts specifically designed for teens, with features like spending limits or parental controls. Others straightforward add a minor to a standard account. What changes is who can make decisions about the account and who is legally responsible if something goes wrong.

Key Takeaways

  • A parent or legal guardian must be present and co-own the account; the minor cannot open one alone.
  • The adult has full legal access to the account and can withdraw money, close it, or change settings at any time.
  • Many banks offer teen accounts with features like spending caps or parental alerts, but these are optional add-ons.
  • The minor's Social Security number and the adult's identification are required to open the account.
  • Once the minor turns 18, they can convert the account to their sole ownership or open a separate account without a co-owner.

What the adult co-owner can and cannot do

The parent or guardian on the account has legal authority to manage it completely. They can deposit or withdraw money, set up automatic payments, close the account, or change the account type. They receive statements, can see all transactions, and are responsible for any overdrafts or fees. This is true even if the account was opened specifically for the minor to learn money management.

However, the adult's authority does not extend to the minor's legal rights. If the minor earns money through work or receives gifts, that money belongs to the minor, not the parent. A parent cannot legally take money the minor earned without permission, though the practical reality is that the parent has access to the account. Some families use this as a teaching tool; others treat it as a true joint account. The bank does not police the relationship—it only requires the adult's presence and signature to open the account.

Documents you need to open an account

Bring the minor's Social Security number and proof of identity. A birth certificate, school ID, or passport works. The adult co-owner needs a government-issued photo ID—a driver's license or passport—and their Social Security number. Some banks also ask for proof of address, such as a utility bill or lease in the adult's name.

If the adult is a legal guardian but not a parent, bring documentation of guardianship. This is usually a court order or custody agreement. Banks verify this because they need to confirm the adult has legal authority over the minor. Call the bank ahead of time if you are unsure what counts as proof; requirements vary slightly between banks and between branches of the same bank.

Teen accounts versus standard accounts

Many banks offer accounts marketed as "teen accounts" or "student accounts." These typically include features like a debit card, no monthly fees, parental controls, and spending limits. Some send alerts to the parent when the minor makes a purchase or when the balance drops below a set amount. Others allow the parent to lock the card remotely or set a daily spending cap.

A standard account with a minor co-owner does not usually include these features. The parent sees the same statements and has the same access, but there are no built-in controls. Which type makes sense depends on what you want the account to teach. A teen account with spending limits works well for a first account focused on learning to budget. A standard account works better if the minor is older and the account is primarily for receiving paychecks or managing money they have already earned.

What happens when the minor turns 18

At 18, the minor becomes a legal adult and can own an account without a co-owner. The account does not automatically convert—you have to request it. Contact the bank and ask to remove the adult co-owner. The bank will require the now-adult's signature and may ask for updated identification. Once the co-owner is removed, the account belongs solely to the 18-year-old, and the former guardian no longer has access or authority.

Alternatively, the 18-year-old can open a completely separate account and transfer the money over. This is useful if the original account has features or terms that no longer fit, or if the relationship between the young adult and the parent is strained. Either way, the transition is straightforward and happens at the request of the account holder—there is no automatic process.

Where to open an account

Most banks and credit unions offer accounts for minors. National banks like Chase, Bank of America, and Wells Fargo have teen account products. Credit unions often have similar offerings and sometimes charge lower fees. Online banks like Ally and Fidelity also allow minors but require the adult to open the account online and verify identity through their website or app.

Compare a few options before you go in. Look at monthly fees, debit card costs, overdraft policies, and whether the bank offers parental controls if that matters to you. Some banks waive fees for accounts under a certain balance; others charge the same fee regardless. A few credit unions offer accounts with no fees at all. The difference between banks is real, so a quick search for "teen account" plus your city or the bank's name will show you what is available near you.

Frequently Asked Questions

Can a minor have a savings account instead of a checking account?

Yes. A minor can have a savings account, a checking account, or both. The same rules explore—an adult must co-own it. Savings accounts typically earn interest and limit how many withdrawals you can make per month, while checking accounts are designed for frequent transactions. Many families open a savings account first to teach the minor about saving, then add a checking account later.

What if the minor's parents are divorced or separated?

Only one parent needs to be present to open the account. The bank does not require consent from both parents unless there is a court order stating otherwise. If custody is shared and both parents want access, you can add both as co-owners, though this requires both to be present. If there is a custody dispute or a restraining order, bring documentation to the bank so they understand the legal situation.

Can a minor open an account online without going to the bank?

Some online banks allow the adult to open an account for a minor entirely through their website or app. However, the adult still must verify their identity, usually through uploading a photo ID or answering security questions. You cannot open an account for a minor without the adult's involvement, even online. Call the bank first to confirm they offer this option and what the process requires.

What if the minor wants to close the account?

The minor cannot close the account alone because the adult co-owner has equal authority. Both the minor and the adult can request closure, but the adult can also close it without the minor's permission. If there is conflict between them, the minor's only recourse is to talk to the adult or, in rare cases, involve a parent or guardian if the co-owner is someone else.

Do minors need a Social Security number to open an account?

Yes, banks require a Social Security number for the minor. If the minor does not have one, you can explore for one through the Social Security Administration before opening the account. The process takes a few weeks. Some banks may allow you to open the account and add the number later, but this is rare—call ahead to ask.