A minor can open a bank account, but the account must be in a parent's or guardian's name, with the minor listed as an authorized user or on a custodial account

You cannot walk into a bank alone at 14 and open an account in your own name. Banks are required by federal law to verify the identity of account holders, and minors cannot enter into binding contracts—which is what opening an account legally is. The account has to belong to an adult, usually a parent or legal guardian.

That said, the account is still yours to use. You get a debit card, online access, and the ability to deposit and withdraw money. The difference is that the adult on the account can see all transactions and can close the account or freeze it. This is by design: the adult is legally responsible for what happens in the account.

There are two main structures: a custodial account, where the parent holds the money in trust for you until you reach the age of majority (18 or 21, depending on your state), and a joint account, where both names appear and both can access the money. Most banks call their teen accounts one or the other, though the practical difference matters less than you might think—in both cases, the parent can see the account and the parent's name is on the paperwork.

Key Takeaways

  • A parent or legal guardian must open the account; you cannot open one alone, but you can use the card and online access once it exists.
  • Custodial accounts transfer to you automatically when you turn 18 or 21 (depending on state law), while joint accounts stay joint unless the parent removes themselves.
  • You will need to bring a parent, a form of ID (school ID or passport), and proof of address to the bank together.
  • Some banks offer teen accounts with no monthly fees and no minimum balance, while others charge fees or require a parent to maintain a separate account.
  • If a parent refuses to help you open an account, you have limited options—some credit unions allow minors to open accounts with a guardian who is not a parent, but this is rare.

What you need to bring to the bank

The parent or guardian brings their ID and proof of address (a utility bill, lease, or mortgage statement). You bring a form of ID—a school ID, passport, or state ID if you have one. If you do not have any of these, some banks will accept a birth certificate, though you should call ahead to confirm.

You both go to the bank together. The bank will ask the adult to verify their identity and sign paperwork. You may be asked to sign as well, depending on the bank's process. The whole thing usually takes 15 to 30 minutes. Some banks let you start the process online and finish it in the branch; others require you to do it all in person.

Bring a phone number where the bank can reach the account holder if there are questions later. Some banks will also ask for a Social Security number for both of you, though this is not always required for a minor's account.

Custodial accounts versus joint accounts

A custodial account is held by the parent "as custodian for" you. The money legally belongs to you, but the parent manages it until you reach the age of majority. At that point—usually 18 or 21, depending on your state—the account automatically becomes yours alone. The parent's name comes off, and you have full control. The parent cannot take the money back once you turn 18, though they can see the account balance and transactions until the transfer happens.

A joint account has both names on it from the start. Both the parent and you can withdraw money, and both can see all activity. Joint accounts do not automatically change when you turn 18. The parent stays on the account unless they actively remove themselves. This means the parent can still see your transactions and can still withdraw money, even after you are an adult.

For most teens, a custodial account is simpler because it has a clear end point. For parents who want to keep oversight longer, a joint account gives them that option. Ask the bank which type they are offering—the name of the account (like "Teen Checking" or "Student Account") does not always tell you which structure it is.

Banks and credit unions that offer teen accounts

Most large banks have a teen checking account option. Chase, Bank of America, Wells Fargo, and Citibank all offer accounts for minors, usually with no monthly fee if the account stays open and no minimum balance. These accounts come with a debit card and online access. Some have spending limits you can set or that the bank sets for you—for example, a daily ATM withdrawal limit of $300.

Credit unions often have similar products, sometimes with lower fees or more flexibility. If your parent belongs to a credit union, ask whether they offer teen accounts. Some credit unions will open an account for a minor with a non-parent guardian (an aunt, older sibling, or grandparent), which can matter if a parent is unavailable.

Online banks like Ally, Charles Schwab, and Fidelity do not offer accounts for minors under 18. They require you to be an adult to open an account in your own name. Some online banks have partnerships with brick-and-mortar banks that let you open a teen account through them, but you should confirm this before assuming it is possible.

What happens when you turn 18

If you have a custodial account, the bank will contact the account holder before or on your 18th birthday to let them know the account is about to transfer. The transfer is automatic—you do not have to do anything. After it transfers, the account is yours alone. The parent can no longer see transactions or withdraw money. You keep the same debit card and account number unless you ask to change them.

If you have a joint account, nothing changes automatically. The parent stays on the account. If you want them off, you have to ask the bank to remove them, and the bank will usually require both of you to agree. If the parent wants off, they can remove themselves without your permission in most cases, though some banks require both signatures.

Before you turn 18, think about whether you want the parent to stay on the account. If you do not, tell them ahead of time so there are no surprises. If you want them off and they refuse, you can open a new account in your own name once you turn 18 and move your money there.

If a parent will not help you open an account

If your parent refuses to open an account with you, your options are limited. You cannot open an account alone until you turn 18. Some credit unions will open an account with a non-parent guardian—a grandparent, aunt, or older sibling who has legal authority over you. This is rare and depends on the credit union's rules, so you would need to call and ask.

If you have a court-appointed guardian other than a parent, that guardian can open an account with you. You will need to bring documentation of the guardianship (a court order or guardianship papers).

If neither of these applies, you will have to wait until you turn 18 to open an account in your own name. At that point, you can walk into any bank or credit union and open a checking or savings account without anyone else's permission.

Frequently Asked Questions

Can I open a savings account instead of a checking account?

Yes. The process is the same—a parent or guardian opens it with you, and you get a debit card or passbook to access the account. Savings accounts usually have lower fees and may earn a small amount of interest, though the rate varies by bank. Some banks let you open both a checking and savings account at the same time.

Will opening a bank account affect my credit score?

No. Opening a checking or savings account does not create a credit report or affect your credit score. Banks check your identity and may look at ChexSystems (a database of banking history), but this is not the same as a credit check. Your credit score does not start until you borrow money or use a credit card.

What if I want to open an account but my parent does not have an ID?

The parent will need some form of government-issued ID to open the account. If they do not have a driver's license or passport, they can get a state ID from the DMV. This is a separate process and takes time, so plan ahead. Some banks may accept alternative documents if you call and explain the situation, but this is not standard.

Can I use my school ID as proof of identity?

Most banks will accept a school ID as proof of your identity, but they will not accept it as proof of address. You will still need the parent to bring proof of address. Call your bank ahead of time to confirm they take school IDs, since policies vary.

What happens to the account if my parent dies?

If you have a custodial account and your parent dies, the account transfers to you when ready if you are 18, or stays in custodial status under a new guardian if you are younger. If you have a joint account, the account stays open and you keep access. You may need to bring a death certificate to the bank to update the account, but the money stays yours. Talk to the bank about what paperwork they need.