Yes, but a parent or guardian must be involved

A person under 18 can open a bank account, but they cannot do it alone. Every bank and credit union requires a parent or legal guardian to co-sign or co-own the account. The adult becomes responsible for the account and can access it at any time, even if the minor's name is on it.

The specific rules vary by institution. Some banks allow a minor to be the sole owner with a parent as a custodian who supervises but does not have direct access. Others require the parent to be a joint owner. A few institutions set a minimum age—often 13 or 16—before they will open an account for a minor at all. You will need to ask the bank or credit union directly what their structure is.

Key Takeaways

  • A parent or legal guardian must be present and provide identification to open an account for anyone under 18.
  • The adult on the account can access the money and make decisions about it, even if the minor's name appears on the account.
  • Different banks have different minimum ages—some start at 13, others at 16—so you may need to call ahead to find one that accepts your child's age.
  • You will need the minor's Social Security number, proof of identity (usually a school ID or birth certificate), and the parent's ID and Social Security number.
  • Some banks offer accounts designed for teens with limited features or parental controls, while others treat minor accounts the same as adult accounts.

What documents you need to bring

Both the minor and the parent or guardian must go to the bank in person. Bring the minor's Social Security number and a form of ID—a school ID, passport, or birth certificate usually works. The adult needs their own ID (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 parent's name. A few institutions will accept an online process if the parent has an existing account with them, but most require an in-person visit. Call the bank before you go to confirm what they need.

The difference between custodial and joint accounts

A custodial account is owned by the minor, but the parent acts as custodian and manages it until the minor reaches the age of majority (usually 18 or 21, depending on state law). The parent can deposit money, withdraw it, and make decisions about the account. When the minor turns 18 or 21, the account transfers to them fully, and the parent's authority ends.

A joint account is owned by both the minor and the parent equally. Both names appear on the account, and either person can access the money or close the account. Joint accounts do not automatically transfer control when the minor turns 18—the parent remains a co-owner unless they remove themselves.

Custodial accounts are more common for younger children because they are designed to end parental control at a set age. Joint accounts are more common for teenagers who are working and saving, because both people can deposit and withdraw without asking permission. Ask the bank which type they offer.

Minimum age requirements vary by bank

There is no federal rule about how young a minor can be to open an account. Banks set their own policies. Some will open accounts for children as young as 13. Others require the minor to be at least 16. A few have no stated minimum and will open an account for any age as long as a parent is present.

If the bank you prefer has a minimum age your child does not meet, you have two options: wait until they reach that age, or open an account at a different institution. Credit unions sometimes have different rules than banks, so if your bank says no, try a credit union in your area. Online banks occasionally have lower minimums than brick-and-mortar banks, though most still require an in-person visit or a parent with an existing account.

What happens to the account when the minor turns 18

If the account is custodial, it automatically converts to a regular adult account in the minor's name alone. The parent's authority ends on the date the minor reaches the age of majority in that state. The minor can then change the account settings, add or remove signers, or close it without the parent's permission.

If the account is joint, nothing changes automatically. Both the minor and the parent remain co-owners unless one of them goes to the bank and removes the other. The newly adult person can now make changes to the account without the parent's consent, but the parent's access does not disappear on its own. If you want the parent off the account, you will need to visit the bank together or have the parent remove themselves.

Accounts designed for teens versus regular accounts

Some banks offer accounts specifically marketed to teenagers. These accounts often come with features like spending limits, parental alerts when money is withdrawn, or restrictions on overdrafts. They may also include a debit card with a lower daily spending limit than an adult card.

Other banks do not distinguish between minor and adult accounts—a teenager's account works exactly like anyone else's. There is no inherent advantage to a "teen account" beyond the parental controls some offer. If your goal is to teach money management, a teen account with alerts and limits can help. If you just need a place for your teenager to deposit paychecks, a regular account works fine.

Frequently Asked Questions

Can a minor open an account without a parent present?

No. Every bank requires a parent or legal guardian to be present and to provide identification. Some banks allow the parent to open an account online if they already have an account with that bank, but the minor still cannot open one alone.

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

Either parent can open an account with the minor. If one parent has sole custody, only that parent can sign. If both parents have custody, either one can open the account, though some banks may ask for custody documentation. Call ahead to ask what the bank requires.

Can a minor open an account at a different bank than their parent uses?

Yes. The parent does not need to have an account at the same bank. You can go to any bank that accepts minors and open an account together. Some online banks require the parent to have an existing account with them, so check before you visit.

Do I need to keep the parent on the account after the minor turns 18?

No. Once the minor becomes an adult, they can remove the parent from a joint account or let a custodial account convert to their name alone. The parent has no legal right to stay on the account after the minor reaches the age of majority.

What if the minor wants to close the account before turning 18?

The parent can close a custodial account at any time. On a joint account, either the minor or the parent can close it. If they disagree, the bank will usually require both signatures to close it, or one person can remove themselves and leave the other as the sole owner.