Yes, minors can open bank accounts, but you'll need a parent or guardian to co-own it

A minor cannot open a bank account alone. Every bank requires a parent or legal guardian to open the account with you, sign the paperwork, and remain on the account as a co-owner. This is true whether you're 5 or 17. The adult's name appears on the account alongside yours, and they have full access to the money and account decisions.

Some banks let you transition to a solo account once you turn 18, while others require you to close the joint account and open a new one. A few banks have special teen accounts that let you build toward independence while staying under parental oversight—these typically give you a debit card and online access while the parent monitors activity.

Key Takeaways

  • A parent or legal guardian must be present and co-sign to open any bank account for a minor.
  • Most banks require the adult to bring a government ID and proof of address, plus your birth certificate or ID.
  • Teen checking accounts often come with lower or no monthly fees and limited overdraft risk.
  • You can usually convert a joint account to your own name at 18, though some banks require you to open a new account instead.
  • Credit unions and online banks sometimes offer teen accounts with fewer restrictions than traditional banks.

What documents you and your parent need to bring

The parent or guardian needs a government-issued ID (driver's license, passport, or state ID) and proof of current address, usually a utility bill or lease dated within the last 60 days. Some banks accept a bank statement or mortgage statement instead.

You'll need a birth certificate, school ID, or state ID if you have one. If you don't have any ID, the bank may accept a school enrollment letter or a document showing your name and date of birth. Call the specific bank branch before you go—requirements vary slightly between institutions and sometimes between branches of the same bank.

Bring originals, not copies. Banks will not accept photocopies of the parent's ID or address proof, though they may photocopy documents once you're there.

How much money you need to open an account

Most banks let you open a checking or savings account with no minimum deposit. Some require $25 to $100 to fund the account on the day you open it, but many waive this for minors or teen accounts. Online banks are more likely to have no minimum.

Ask about the initial deposit requirement when you call or visit. If you don't have the money on opening day, some banks will let you deposit it within a few days, though this is less common. If cost is a barrier, credit unions often have lower or no opening minimums than traditional banks.

What happens when you turn 18

At 18, you become a legal adult and can own accounts in your own name. What happens to your current account depends on the bank's policy. Some automatically convert the joint account to your name alone and remove the parent as co-owner. Others require you to close the account and open a new adult account, which means a new account number and new debit card.

A few banks let you choose: you can keep the joint account if you want the parent to stay involved, or convert it to solo ownership. Check your bank's policy before you turn 18 so there are no surprises. If your bank requires a new account, open it a few weeks before your birthday so your debit card arrives on time.

Teen checking accounts versus regular accounts

Teen checking accounts are designed for minors and usually come with features that regular accounts don't. They often have no monthly maintenance fee, no minimum balance requirement, and no overdraft fees—the bank straightforward declines the transaction if you don't have enough money. Some include a debit card with spending limits you and your parent can adjust together.

A regular joint checking account works the same way legally, but may charge a monthly fee ($5 to $15) if you don't maintain a minimum balance. Teen accounts sometimes restrict where you can withdraw money or how many transactions you can make per month, but these limits are usually high enough not to matter for typical use.

Not all banks offer teen accounts. If yours doesn't, a regular joint account with fee waivers for minors is the next option. Online banks like Ally and Charles Schwab have no-fee options for joint accounts.

Where to open an account: banks, credit unions, and online options

Traditional banks (Chase, Bank of America, Wells Fargo, US Bank) all allow minors to open accounts with a parent present. They have physical branches where you can deposit cash and talk to someone in person. Many have teen accounts with debit cards and online access.

Credit unions often have lower fees and friendlier policies for minors. You must be a member to open an account, which usually means living or working in a certain area or having a family member who is already a member. Credit unions typically charge no monthly fees and have no minimum balance.

Online banks (Ally, Charles Schwab, Discover, Capital One 360) let you open accounts entirely online with a parent's ID and your information. You won't have a physical branch to visit, but you can deposit checks by phone camera and withdraw cash at ATMs. Online banks almost never charge monthly fees.

What your parent can and cannot do with the account

As a co-owner, your parent has the legal right to withdraw money, make transfers, and close the account without your permission. They can see all transactions and balances. This is the trade-off for being able to open the account: the parent has full control.

Some parents use this to teach money management—they let the child earn money and spend it freely, but keep the ability to step in if needed. Others monitor spending closely or set rules about what the money can be used for. The level of oversight is up to your parent and you to decide together.

When you turn 18 and the account converts to your name alone, your parent loses access unless you add them back as an authorized user (which you can do, but they won't be a co-owner anymore).

Frequently Asked Questions

Can I open a bank account without my parent knowing?

No. Banks require a parent or legal guardian to be present and sign the paperwork. You cannot open an account in secret. If you're concerned about privacy, talk to your parent about what information they will and won't share with you.

What if my parents are divorced or separated?

Either parent can open an account with you, but only one needs to be present. If both parents want to be on the account, both must come in and sign. Some banks allow this; others do not. Call ahead to ask the bank's policy.

Can I open a savings account instead of checking?

Yes. Savings accounts work the same way—a parent must co-own it. Savings accounts typically earn a small amount of interest (currently 4% to 5% at most banks) and may limit how many withdrawals you can make per month. Checking accounts have unlimited transactions and no interest. Many minors open both: a checking account for spending and a savings account for money they want to keep.

What if I'm 17 and turning 18 soon—should I wait?

No. Open the account now if you need it. You can convert it to your own name in a few months when you turn 18. Waiting gains you nothing and means you won't have a debit card or online banking access in the meantime.

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

Yes. Banks require a Social Security number for all account holders, including minors. If you don't have one, you can request one from the Social Security Administration before you go to the bank.