Yes, minors can have their own bank account, but a parent or guardian must open it with 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 sign the paperwork. However, once the account is open, the minor can use it to deposit money, make withdrawals, and learn how banking works. The account belongs to the minor, not the parent, though the parent retains legal responsibility until the minor turns 18.
The exact rules depend on the bank and your state. Some banks allow minors as young as 13 to have their own account; others set the minimum at 16. A few banks have no minimum age if a parent co-owns the account. The best approach is to call your bank or visit in person to ask what age they require and what documents you will need to bring.
Key Takeaways
- A parent or guardian must be present to open a minor's account, but the account is in the minor's name and belongs to them.
- Different banks set different minimum ages — typically 13 to 16 — so you will need to check with your specific bank.
- Most banks offer checking accounts, savings accounts, or both for minors, often with lower fees than adult accounts.
- A parent can usually see the account activity and set spending limits, but the minor controls the card and can make purchases.
- When the minor turns 18, the parent's access typically ends and the account becomes a standard adult account.
What documents you need to bring to open a minor's account
Bring the minor's birth certificate or passport to prove their age and identity. The parent or guardian will need a government-issued photo ID — a driver's license or passport. Some banks also ask for proof of address, such as a recent utility bill or lease in the parent's name.
A few banks may ask for a Social Security number for the minor. If the minor does not have one yet, you can request one from the Social Security Administration before opening the account, or ask the bank whether they will accept an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to confirm what your bank accepts so you do not make a trip for nothing.
Checking accounts versus savings accounts for minors
A checking account is meant for money you use regularly. It comes with a debit card and a checkbook, so the minor can pay for things at stores or online. Many checking accounts for minors have no monthly fee, no minimum balance requirement, and no overdraft fees — the bank straightforward declines the transaction if there is not enough money.
A savings account is meant for money you want to keep and grow. It earns interest, which means the bank pays you a small amount for letting them use your money. Savings accounts have fewer transactions per month than checking accounts, and they are better for teaching a minor to save rather than spend.
Many banks offer both in one package. A minor might have a checking account for everyday spending and a linked savings account for money they want to set aside. Ask your bank what combinations they offer and what the fees are — some accounts are free for minors, while others charge a small monthly fee if the balance drops below a certain amount.
How much control a parent has over a minor's account
When a parent co-owns or co-signs a minor's account, they usually have the right to see all transactions, deposits, and withdrawals. This means the parent can check the account online or on paper statements to see what the minor is spending money on.
Some banks let parents set rules, such as a daily spending limit on the debit card or a requirement that large withdrawals need parent approval. Other banks do not offer these controls. The minor can still use the card and make purchases within whatever limits the parent sets, but the parent can monitor the activity.
The parent's access is not the same as ownership. The money in the account belongs to the minor, and the parent cannot straightforward take it out. If the parent and minor disagree about how the money is used, the legal situation can become complicated — which is why it is important to talk openly about expectations before opening the account.
What happens to the account when the minor turns 18
On or shortly after the minor's 18th birthday, the account converts to a standard adult account. The parent's access and any spending limits the bank imposed typically end automatically. The young adult now has full control and responsibility for the account.
Some banks send a notice before the conversion happens, and some require the young adult to visit in person or confirm the change online. The account number and the bank usually stay the same, so any direct deposits or automatic payments do not need to change. If the young adult wants to remove the parent's name from the account entirely, they can usually do that at the same time, though some banks do it automatically.
Banks and credit unions that offer accounts for minors
Most large national banks — including Chase, Bank of America, Wells Fargo, and Citibank — offer checking and savings accounts for minors, though the minimum age and features vary. Credit unions, which are member-owned financial institutions, often have accounts for minors as well and sometimes offer better rates or lower fees than banks.
Online banks such as Ally and Charles Schwab also offer accounts for minors, though you may need to open the account online or by phone rather than in person. Some online banks have no monthly fees and no minimum balance, which can be a good option if you want to keep costs low.
The best choice depends on what matters to you: whether you want a physical branch to visit, what fees the bank charges, what features the account has, and what the interest rate is on savings. Call or visit the websites of banks near you to compare.
Teaching a minor to use an account responsibly
Having their own account is a chance for a minor to learn how money works in the real world. They see how deposits add up, how purchases subtract from the balance, and how interest grows a savings account over time. This is much more concrete than talking about money in the abstract.
Many parents use a minor's account to teach budgeting. For example, a parent might deposit an allowance each week and let the minor decide how much to spend and how much to save. Others use the account to show the minor how a job works — depositing paychecks from a part-time job and letting the minor see their earnings grow.
The account also teaches consequences. If a minor spends all their money on one thing, they learn that they cannot buy something else. If they save for a goal, they see the satisfaction of reaching it. These lessons are valuable preparation for managing money as an adult.
Frequently Asked Questions
Can a minor open an account without a parent present?
No. Banks require a parent or legal guardian to be present and to sign the paperwork. A minor cannot open an account alone, even if they have a job and their own income. Some banks may allow a minor to manage the account online once it is open, but the initial setup must happen with a parent or guardian in person or by phone.
What if a parent and minor disagree about spending?
This is a family conversation, not a banking one. The bank will not take sides. If the parent set spending limits on the card, they can adjust those limits through the bank's app or website. If the minor wants to dispute a limit, they would need to talk to the parent, not the bank. Once the minor turns 18, the parent has no authority over the account.
Can a minor have a debit card without a checking account?
Most debit cards are tied to a checking account, so the minor would need one. However, some banks and fintech companies offer prepaid debit cards that work differently — the parent loads money onto the card, and the minor spends from that balance. These are not bank accounts and do not build banking history, but they are an option if a full account feels like too much.
Does a minor's bank account affect their credit score?
No. A checking or savings account does not appear on a credit report and does not affect credit score. Credit scores are based on borrowed money — credit cards, loans, and payment history. A minor can have a bank account for years without building any credit history. To build credit, they would need a credit card or loan, which typically requires being 18 or older.
Can a minor close their account?
This depends on the bank and the minor's age. Some banks allow minors to close their own accounts online or in person. Others require a parent to be present. Call your bank to ask what their policy is. If the minor is unhappy with the account, closing it and opening one elsewhere is usually possible, though it may take a few days for the process to complete.