How Minors Can Open and Use Bank Accounts

Yes, minors can have bank accounts, but with restrictions that depend on age and the bank

A person under 18 can open a bank account in most cases, but they cannot do it alone. Banks require a parent or legal guardian to co-sign or co-own the account until the minor reaches the age of majority in their state—usually 18, sometimes 19 or 21. The account itself is real and functions like any other checking or savings account, but the adult on the account has legal control and responsibility until the minor turns of age.

The specific rules vary by bank and by state. Some banks allow minors as young as 13 to open accounts with a guardian present. Others set the minimum at 16. A few banks have no minimum age if a parent opens the account on the child's behalf. The restrictions that explore—whether the minor can withdraw money without permission, whether they can use a debit card, whether they can write checks—also differ by institution.

Key Takeaways

A parent or legal guardian must be present and co-sign to open an account for a minor; the minor cannot open one independently.
Most banks allow minors to open accounts starting at age 13, though some require age 16 or allow accounts opened by parents at any age.
The adult on the account has full legal control until the minor reaches the age of majority, which is 18 in most states but varies by location.
Debit cards, online banking, and ATM access may be restricted or require parental approval depending on the bank's policies for minors.
When a minor turns of age, the account can be converted to a standard adult account, or the minor can open their own account and transfer funds.

What happens when a parent and minor open an account together

When you open an account with your child, the bank creates one account with two names on it. Both you and your child can usually deposit money, but the legal owner is you until your child reaches the age of majority. This means you can withdraw funds, close the account, or change the account terms without your child's permission. Your child's access to the account depends on what the bank allows—some banks let minors withdraw any amount, others require parental approval for withdrawals over a certain threshold, and some restrict access entirely until the minor is older.

The account is reported to the minor's Social Security number, not the parent's. This means the minor builds a banking history and credit record from the start, which can be useful later when they explore for their own credit card or loan. Interest earned in the account is taxed to the minor, not the parent, though the amounts are usually small enough that no tax is owed.

Age requirements and what different banks allow

Banks do not have a single standard for minors. Chase allows minors as young as 13 to open a checking account with a parent present. Bank of America has no stated minimum age if a parent opens the account, but the minor must be at least 13 to use a debit card. Wells Fargo requires the minor to be at least 16. Credit unions often have their own rules—some allow accounts for minors of any age if a parent is the account holder, while others set a minimum age of 13 or 16.

The restrictions on what a minor can do with the account also vary. Some banks allow the minor to withdraw money freely once the account is open. Others require the parent to approve withdrawals over a certain amount. Some banks do not issue debit cards to minors under a certain age, or issue cards with daily spending limits. A few banks offer "teen checking" accounts with built-in parental controls, allowing parents to set spending limits, receive alerts, and restrict certain types of transactions.

Before opening an account, call the bank or visit a branch and ask what age the minor must be, whether both names appear on the account, what access the minor has to the account, and whether the bank offers any accounts designed specifically for teens. These details matter because they affect how useful the account will be for your child's situation.

What you need to bring to open an account

Both the parent and the minor must be present at the bank, with valid identification. For the parent, this is usually a driver's license, passport, or state ID. For the minor, acceptable ID varies by bank—some accept a school ID, others require a state ID or passport, and some accept a birth certificate if no photo ID is available. Call ahead to confirm what the bank will accept for your child.

You will also need the minor's Social Security number. If the minor does not have one, you can explore for one at the Social Security Administration before opening the account, though some banks can help with this process. Bring proof of your address—a recent utility bill, lease, or mortgage statement usually works. Some banks also ask for a second form of ID or proof of income, though this is less common for minor accounts.

What happens when the minor turns 18

When your child reaches the age of majority in your state, the account does not automatically convert. Instead, you have a few options. You can visit the bank together and have the account converted to a standard adult account in your child's name alone, with your name removed. You can leave the account as is, with both names still on it—this is common when parents want to keep oversight or help manage finances. Or your child can open a new account in their own name and transfer the balance.

If you want to remove your name from the account, the bank will handle this during a visit. If you want to keep your name on the account after your child turns 18, the bank may ask you to confirm this in writing, since the account is no longer legally required to have a parent on it. Some banks automatically remove the parent's name when the minor reaches the age of majority unless both parties agree otherwise.

Debit cards, online banking, and spending controls

Many banks issue debit cards to minors, but some restrict when the card can be used or how much can be spent. A debit card tied to a minor's account works like any other debit card—it can be used to withdraw cash from ATMs and to make purchases at stores and online. However, some banks do not issue debit cards to minors under a certain age, or issue cards with daily spending limits (for example, $100 per day) that the parent can adjust.

Online banking access for minors also varies. Some banks allow minors to log in and view their account balance and transaction history but not transfer money or change account settings. Others give minors full access to all online banking features. If parental controls are important to you, look for banks that offer teen checking accounts with built-in monitoring—these let you set spending limits, receive alerts when your child makes a purchase, and restrict certain types of transactions.

Frequently Asked Questions

Can a minor open a bank account without a parent or guardian?

No. Banks require a parent or legal guardian to be present and co-sign the account. A minor cannot open an account independently at any age. If a minor has no parent or guardian available, a court-appointed conservator or legal guardian can open the account instead.

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

A custodial account is held in trust for the minor and legally belongs to the minor, though the parent manages it. A joint account has both names on it and is legally owned by both parties. Most banks use joint accounts for minors, not custodial accounts. Ask the bank which type they use, as it affects who owns the money and what happens if the parent passes away.

Can a minor have their own account without a parent's name on it?

No, not until they reach the age of majority. A parent or legal guardian must be on the account. Once the minor turns 18 (or 19 or 21, depending on the state), they can open an account in their own name alone.

Will opening a bank account for my child 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 credit history—loans, credit cards, and payment history. A bank account is separate from credit and does not build or harm credit on its own.

What happens to the account if the parent dies?

This depends on how the account is titled and the state's laws. If the account is a joint account, it usually passes to the minor automatically. If it is a custodial account, it may pass to a named successor or to the minor's estate. Ask the bank about this when you open the account, and consider naming a backup guardian or successor if the bank offers that option.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.