Yes, minors can open bank accounts, but an adult must co-own it

A minor cannot open a bank account alone. Every bank requires a parent or legal guardian to open the account jointly, meaning both names appear on the account and both have full access. The adult is legally responsible for the account and can withdraw money, close it, or change settings without the minor's permission. This is true whether the minor is 5 or 17.

The specific rules vary by bank. Some banks allow minors as young as birth to be added to an account; others set a minimum age of 13 or 16. A few banks offer accounts designed specifically for teens that include features like spending limits or parental controls, but these still require an adult co-owner. The account type matters less than understanding that you cannot have sole ownership until you turn 18.

Key Takeaways

  • A parent or legal guardian must co-own any bank account opened by a minor, and they have full legal control over the account.
  • Most banks allow minors to open accounts starting at age 13 or younger, but the minimum age varies by institution.
  • Teen-specific accounts often include parental controls or spending limits, but these are optional features, not a separate category of account.
  • Once a minor turns 18, they can convert the account to sole ownership or open their own account without a co-owner.

What documents you need to open an account for a minor

Both the adult and the minor must be present at the bank, either in person or online through a video call, depending on the bank's process. Bring a government-issued ID for the adult—a driver's license or passport. For the minor, a birth certificate or school ID is usually sufficient, though some banks accept a minor's state ID if one exists.

You will also need proof of address, typically a utility bill or lease in the adult's name. Some banks waive this if you already have an account there. A few banks ask for a Social Security number for both the adult and the minor; others do not. Call the bank before you go to confirm what documents they require, because requirements differ between branches and between online and in-person applications.

How to choose between a regular account and a teen account

A regular joint account is a standard checking or savings account with two owners. The minor can use a debit card and online banking just like an adult would. The parent has no special visibility into spending and cannot set limits. This works well if the goal is to teach the minor to manage money with minimal oversight, or if the minor is older and more independent.

A teen account is a checking account designed for minors, usually offered by larger banks like Chase, Bank of America, or Wells Fargo. These accounts come with parental controls built in—the parent can see all transactions, set daily spending limits, and receive alerts when the minor uses the card. Some teen accounts charge no monthly fee; others charge $5 to $10 per month. The minor still needs a co-owner, and the parent still has full legal control. Teen accounts are useful if the minor is learning to budget or if the parent wants oversight, but they are not required.

A regular joint account and a teen account offer the same core function: the minor can deposit and withdraw money. The difference is control and visibility. If you want the simplest option, a regular account works. If you want to monitor spending or set limits, a teen account may suit you better.

What happens to the account when the minor turns 18

The account does not close or change automatically. The minor can keep the account as-is with the parent still as co-owner, or they can ask the bank to convert it to sole ownership in their name alone. The parent's name would be removed, and the parent would lose access. This conversion is straightforward—most banks handle it with a phone call or a visit to a branch.

Alternatively, the 18-year-old can open a new account in their own name and transfer the money over. Some people do this to start fresh with a bank that offers better rates or features for adults. Either way, the choice belongs to the 18-year-old, not the parent.

Savings accounts versus checking accounts for minors

A savings account earns interest on the balance but usually does not come with a debit card. The minor can deposit money and watch it grow, but withdrawals are slower—they typically happen through a transfer to a checking account or a visit to the bank. Savings accounts work well if the goal is to teach the minor to save rather than spend.

A checking account comes with a debit card and online access, making it straightforward for the minor to spend or withdraw money. Interest rates on checking accounts are usually very low or zero. Checking accounts work well if the minor needs to pay for things regularly or receive allowance or earnings.

Many families open both: a checking account for everyday spending and a savings account for longer-term goals. Both require a co-owner, and both can be set up at the same bank in a single visit.

How to fund the account and set spending rules

The adult can deposit money by transferring it from their own account, depositing cash at a branch, or setting up direct deposit if the minor receives paychecks or allowance. Once money is in the account, the minor can spend it using the debit card or withdraw it at an ATM.

If you want to set spending rules, a teen account with parental controls is the easiest route—the parent can set a daily limit through the bank's app, and the debit card will decline if the minor tries to spend more. With a regular joint account, there are no built-in limits, so the rule-setting happens outside the bank: the parent and minor agree on a budget, and the parent monitors the account through online banking to see what was spent.

Some families give the minor a set amount per month and let them manage it. Others require the minor to ask before making large purchases. The account itself does not enforce these rules—the family does.

Frequently Asked Questions

Can a minor open an account without a parent present?

No. A parent or legal guardian must be present and must co-own the account. Some banks allow the process to happen online through a video call, but the adult must participate and verify their identity. A minor cannot open an account by themselves, even with permission.

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

Either parent can open an account with the minor as co-owner. If one parent has sole custody, that parent can open the account alone. If custody is shared, either parent can act. The bank does not require both parents' consent unless a court order specifically says so. If you are unsure about your custody arrangement, bring the custody documents to the bank.

Can a minor have their own account without a co-owner?

Not until they turn 18. Banks treat minors as unable to enter into contracts, so they require a co-owner who is legally responsible. Once the minor reaches 18, they can open an account in their name alone or convert an existing joint account to sole ownership.

Do teen accounts cost money?

Some do, some do not. Chase's teen checking account has no monthly fee. Bank of America's teen account charges $5 per month but waives the fee if the minor maintains a minimum balance or receives direct deposit. Wells Fargo's teen account has no fee. Compare the banks in your area—the fee difference is small, but free is better if the features are the same.

What if the parent wants to close the account?

The parent can close the account at any time because they are a co-owner with full legal authority. The minor's money would be returned to the parent. This is one reason why the parent-child relationship and trust matter: the parent has legal control, even if they agree not to use it. If the minor is older and concerned about this, they can open their own account once they turn 18.