Yes, you can open a bank account under 18 — but a parent or guardian must be on it with you

Most banks let you open a checking or savings account before you turn 18, but they require a parent or legal guardian to be a joint account holder. This means the adult's name appears on the account alongside yours, they can see all transactions, and they have full access to the money. Some banks set a minimum age (often 13 or 14), while others have no age floor as long as a parent co-signs. A few banks offer teen-only accounts where the parent can monitor activity but has limited withdrawal rights, though these are less common.

The reason banks do this is legal: minors cannot sign binding contracts on their own, so the bank needs an adult to take responsibility for the account. Once you turn 18, you can convert the account to your name alone or open a separate account without a co-signer.

Key Takeaways

  • You need a parent or legal guardian to co-sign your account; the bank will not open one in your name alone.
  • Different banks have different minimum ages and rules about what the teen account holder can do without parental approval.
  • Bring your ID (school ID or state ID), your parent's ID, and proof of address to open an account in person.
  • Once you turn 18, you can remove the co-signer or move your money to a new account in your name only.
  • Some banks offer debit cards and online access for teen accounts, while others limit these features until you reach a certain age.

What you need to bring to open an account

You and your parent or guardian will both need to go to the bank together. Bring a valid ID — a state ID, driver's license, or school ID with a photo. Your parent will need their own government-issued ID (driver's license or passport). The bank will also ask for proof of address, which can be a utility bill, lease, mortgage statement, or recent bank statement in either your or your parent's name.

Some banks let you start the process online, but you will still need to visit a branch or verify your identity through video call before the account becomes active. A few banks accept applications by mail, though this is slower and less common. Call your bank ahead of time to ask what documents they need and whether you can do part of the process online.

How different account types work for minors

A joint account is the most common option. Both you and your parent have equal access — either of you can deposit or withdraw money, and both names appear on statements. This works well if your parent wants to help you manage money but also needs to move funds in or out. The downside is that your parent can take the money without your permission, and the account shows up on both of your credit reports (though a checking account does not affect credit scores).

A teen account or youth account is designed specifically for minors. The parent is still the account owner, but the teen gets a debit card and online access with some limits. For example, the parent might be able to set daily spending limits, block certain types of transactions, or require approval for transfers above a certain amount. Not all banks offer this option — Chase, Bank of America, and Wells Fargo have versions of it, but smaller banks and credit unions may not.

A custodial account is a legal arrangement where the parent holds the money in trust for you until you reach the age of majority (18 or 21, depending on your state). The parent controls the account but is legally required to use the money for your benefit. This is less common for everyday checking accounts and more common for investment or savings accounts meant to grow over time.

What happens when you turn 18

Once you reach 18, you have options. You can ask your parent to remove themselves from the account, leaving you as the sole owner. The bank will process this, and your parent will no longer have access. You can also open a new account in your name alone and transfer the money over. Some people do both — keep the old account for sentimental reasons or because it has a good interest rate, and open a new one for independence.

If your parent does not want to remove themselves, you can still take control by visiting the bank and requesting the change. The bank will verify your age and identity, and the co-signer does not have to be present. However, if the account is in your parent's name with you as an authorized user (rather than a joint owner), you may not have the legal right to remove them — check your account documents or ask the bank which type of account you have.

Banks and credit unions that accept minors

Most major banks accept minors with a co-signer: Chase, Bank of America, Wells Fargo, Citibank, and US Bank all offer teen or youth accounts. Credit unions often have lower fees and simpler rules — many accept minors as young as 13 with a parent present. Online banks like Ally and Charles Schwab generally do not offer accounts for minors because they cannot verify identity in person, though some online banks are starting to change this policy.

If you have a specific bank in mind, call the local branch or check their website for "teen account" or "youth account" to see what they offer. Ask about minimum age, what documents you need, whether there are monthly fees, and what features come with the account (debit card, online banking, mobile app). Fees vary — some banks charge $5 to $15 per month for teen accounts, while others waive fees for minors.

How to use the account responsibly

Having a bank account is a chance to learn how money works before you move out. Start by setting up direct deposit if you have a job — this teaches you how paychecks land in your account and how to track income. Use the debit card for small purchases and check your balance regularly so you know where your money is going. If the account has overdraft protection, ask your parent to explain how it works; overdrafting (spending more than you have) can trigger fees that add up quickly.

Talk to your parent about what the account is for. Is it for saving, or can you spend freely? Are there chores or expectations tied to the money? Understanding the rules now prevents conflict later. If your parent monitors the account, they are not trying to control you — they are helping you build habits that will matter when you have your own account at 18.

Frequently Asked Questions

Can I open a bank account without my parent knowing?

No. Banks require a parent or legal guardian to co-sign, and the adult must be present or verify their identity. If you are in foster care or have a legal guardian other than your parent, that person can co-sign instead. If you are experiencing abuse or unsafe conditions at home, talk to a school counselor or trusted adult about your options.

What if my parent refuses to help me open an account?

If you have a legal guardian, aunt, uncle, or grandparent who can co-sign, ask them. Some credit unions accept non-parent guardians. If no adult is available, you may be able to open an account once you turn 18 without a co-signer, or you could ask a school counselor or social worker for help finding an adult who can information.

Will a bank account affect my credit score?

No. Checking and savings accounts do not show up on your credit report and do not affect your credit score. Credit scores are built from borrowing history — loans, credit cards, and payment records. A bank account is separate from credit.

Can my parent take money out of my account without asking?

Yes, if it is a joint account, your parent has full legal access. If you want more control, ask about a teen account where the parent can monitor but not withdraw without your knowledge. Once you turn 18, you can move the money to an account in your name alone.

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

Yes. Banks ask for your Social Security number to verify your identity and report account activity to the IRS. If you do not have a Social Security number, you can explore for one through the Social Security Administration before opening an account.