Yes, minors can have a bank account, but the rules depend on age and the bank
A minor can open a bank account in most cases, but you will not own it outright until you turn 18 or 21, depending on your state. Until then, a parent or legal guardian must be a joint owner or custodian on the account. The bank treats the adult as responsible for the account, even if the minor does most of the transactions.
The specific rules vary by bank and by state law. Some banks let children as young as 13 open accounts with a parent present. Others require the child to be 16 or older. A few banks have no minimum age if a parent opens it as a custodial account. The account itself works like any other checking or savings account—debit card, online access, direct deposit—but the minor cannot close it or withdraw large sums without the adult's permission.
Key Takeaways
- Most banks require a parent or legal guardian to be a joint owner or custodian until the minor reaches the age of majority in their state, usually 18 or 21.
- Minimum age requirements range from no minimum (for custodial accounts) to 16 or older, depending on the bank.
- A minor can use a debit card, set up direct deposit, and access the account online, but cannot close it or make major changes without the adult's consent.
- The account will automatically convert to the minor's sole name when they reach the age of majority, though some banks require a separate step to complete the transition.
What happens when the minor turns 18 or 21
When the minor reaches the age of majority in their state—18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi—the account does not automatically become theirs alone. The parent's name usually stays on the account unless both the minor and the parent go to the bank and remove the parent as a joint owner. Some banks require this to happen in person; others allow it online or by phone.
If the parent does not remove themselves, they retain legal access to the account and can see all transactions and balances. This can create problems later if the relationship sours or if the adult passes away. The minor should ask the bank about the exact process to transition the account to their name only, and do it as soon as they reach the age of majority if they want full control.
Different account types for minors
Banks offer several structures for minor accounts. A joint account lists both the minor and the adult as owners with equal legal rights. A custodial account is owned by the minor but controlled by the adult until the minor reaches the age of majority. A teen checking account is a checking account designed for teenagers, often with limits on daily spending or withdrawal amounts, and usually requires a parent to co-sign or be a joint owner.
Custodial accounts are often the clearest option because the law is explicit about when control transfers to the minor. Joint accounts can be ambiguous—some banks treat them as belonging equally to both parties, while others treat the adult as the primary owner. Ask the bank which structure they use before opening the account, and request written confirmation of what happens when the minor reaches adulthood.
What documents you need to open an account
To open a minor's account, bring the minor and the parent or guardian to the bank together. You will need a government-issued photo ID for the adult (driver's license or passport) and proof of the minor's identity. A birth certificate, school ID, or passport works for the minor. Some banks also ask for a Social Security number for both the minor and the adult.
If you are opening the account online or by mail, the bank will ask you to upload or mail copies of these documents. Some banks require the adult to verify their identity through a video call or by answering security questions. The process usually takes a few minutes in person or a few business days if done remotely. Ask the bank upfront what documents they need so you do not make a trip and find out you are missing something.
Limits on what a minor can do with the account
A minor can usually deposit money, use a debit card, and check the balance. They can receive direct deposits from a job or allowance. What they cannot do varies by bank and by the account type. Most banks do not let a minor close the account, withdraw all the money, or add another person to the account without the adult's permission. Some banks limit how much a minor can withdraw per day or per transaction.
The adult on the account can usually do anything—withdraw money, close the account, change the terms—without asking the minor's permission. This is by design: the adult is legally responsible. If the minor is old enough to work and wants more control over their money, they may want to discuss this with the adult and agree on what the adult will and will not do with the account.
How this affects the minor's credit
A bank account does not build credit for a minor or an adult. Credit reports track borrowed money and how you repay it—credit cards, loans, payment history. A checking or savings account is not a loan, so it does not appear on a credit report. The minor will not have a credit score until they borrow money or open a credit product like a credit card or student loan.
However, the bank may report missed payments or overdrafts to ChexSystems, a banking history database. If the account goes negative and the minor or adult does not pay it back, future banks may refuse to open accounts for either of them. This is separate from credit, but it can affect banking access.
What to do if the minor is 18 but still in high school
If the minor has reached 18 but is still a dependent, the account rules do not change automatically. The parent's name stays on the account unless both parties remove it. The 18-year-old is legally an adult and can close the account or withdraw money without permission, even if the parent is still listed as a joint owner. This is a common source of conflict in families.
If the parent wants to maintain control after the minor turns 18, they need to have a conversation about it before that birthday. Some families agree to keep the account joint for practical reasons—the parent helps manage it, or the minor is not ready to manage money alone. Others separate the accounts. There is no legal requirement for the 18-year-old to keep the parent on the account, so this is a family decision, not a bank rule.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. All banks require a parent or legal guardian to be present or to authorize the account. A minor cannot open an account alone, even if they have a job and their own income. The adult must be a joint owner or custodian.
What if the parent and minor disagree about closing the account?
If the minor is under 18, the parent can close the account without the minor's permission because the parent is the legal owner. If the minor is 18 or older, they can close it without the parent's permission, even if the parent is still listed. This is why the transition at age 18 matters—it shifts legal control.
Can a minor have a savings account instead of checking?
Yes. Savings accounts work the same way as checking accounts for minors—a parent must be a joint owner or custodian. Savings accounts typically earn interest and have limits on how many withdrawals you can make per month, while checking accounts are designed for frequent transactions.
Do I need to be at the bank in person to open the account?
Not always. Many banks let you open accounts online or by mail, though some require at least the adult to verify their identity in person or by video call. Call the bank and ask whether you can do it remotely, and what documents they need if you do.
What happens if the parent dies while the account is joint?
The account becomes the minor's sole property, though the bank may freeze it temporarily while the parent's estate is settled. The minor should contact the bank and bring a death certificate. If the minor is very young, a court-appointed guardian may need to take control until the minor reaches adulthood.