Yes, minors can open bank accounts, but a parent or guardian must be involved
A person under 18 can have a bank account. The type of account and how it works depends on whether they are under 13, between 13 and 17, or turning 18 soon. Banks do not have a single rule—each institution sets its own age requirements and account features. Some banks let children as young as 6 or 7 open accounts with a parent or guardian present. Others require the minor to be at least 13. The key difference is that minors cannot sign a binding contract alone, so a parent or guardian must be involved in opening and managing the account until the minor reaches the age of majority in their state (usually 18, sometimes 19 or 21).
The account will be structured in one of two ways: as a custodial account, where the parent is the legal owner and has full control, or as a joint account, where both the parent and minor are listed as owners with equal rights. Which structure works best depends on the minor's age, maturity level, and whether the goal is to teach money management or straightforward hold savings safely.
Key Takeaways
- Most banks require a parent or guardian to co-own or supervise any account opened by someone under 18.
- Minors aged 13 and older can often open their own accounts with parental permission, though a parent may still be listed on the account.
- Children under 13 typically need a parent or guardian to be the primary account holder, with the child as an authorized user or joint account holder.
- Once a minor turns 18, they can request to remove the parent from the account or open a new account in their name alone.
- Different banks have different age thresholds and features, so comparing options before opening an account saves time later.
Custodial accounts versus joint accounts
In a custodial account, the parent or guardian is the legal owner and has full control. The minor's name is on the account, but the adult makes all decisions about deposits, withdrawals, and account changes. This structure is common for younger children and gives the parent complete oversight. The parent can see all activity, set rules about spending, and prevent the child from withdrawing money without permission. When the minor turns 18, the custodial structure ends and the account must either be closed or converted to a regular account in the young adult's name.
A joint account lists both the parent and the minor as owners with equal legal rights. Either person can deposit or withdraw money without permission from the other. Joint accounts are more common for teenagers who are learning to manage money and need some independence. Some banks also offer teen checking accounts, which are joint accounts with built-in limits—for example, a daily withdrawal cap of $100 or restrictions on overdrafts. These accounts are designed to let teenagers practice banking while the parent retains visibility and some control through a linked app or online dashboard.
A few banks now offer accounts for minors aged 13 and up where the teenager is the sole account holder but the parent can monitor activity through a linked app. This is less common than custodial or joint accounts, but it exists at some online banks and credit unions. The teenager has legal control, but the parent can see transactions and set spending alerts.
What you need to bring to open an account
The parent or guardian will need to bring a government-issued ID (driver's license, passport, or state ID) and proof of the minor's identity. Proof of the minor's identity can be a birth certificate, passport, or school ID, depending on the bank's rules. Some banks also ask for proof of address, such as a utility bill or lease in the parent's name. Call ahead to confirm what the specific bank requires, because requirements vary.
Both the parent and the minor (if old enough to understand) will be asked to sign account paperwork. For very young children, only the parent signs. The bank will also ask for a Social Security number for the minor so they can report interest earned and set up tax documents. If the minor does not yet have a Social Security number, the parent can request one from the Social Security Administration before opening the account, though some banks will open the account and add the number later.
Some banks require an in-person visit to open an account for a minor, while others allow online opening if the parent has an existing account at that bank. A few online banks will open accounts for minors entirely online using digital ID verification, but this is still uncommon. Contact the bank ahead of time to confirm whether an appointment is needed and what documents to bring.
Age requirements and account types at different institutions
| Institution Type | Typical Age Requirement | Account Structure |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | Under 18 with parent | Custodial or joint checking; some offer teen accounts |
| Online banks (Ally, Charles Schwab) | 13+ with parent; some allow younger with custodial setup | Joint or custodial; limited in-person support |
| Credit unions | Varies widely; often 13+ or younger with parent | Custodial or joint; policies differ by credit union |
| Specialized teen banking apps (Greenlight, GoHenry) | 6+ (varies by app) | Custodial with parental control and monitoring |
Requirements vary significantly across institutions. Some credit unions let children as young as 6 open accounts with a parent, while some national banks require the minor to be at least 13. Online banks often have lower age minimums but may require the parent to already be a customer. Specialized teen banking apps (which are not traditional banks but offer debit card and savings features) often accept children as young as 6 but charge monthly fees ranging from $5 to $15.
The best approach is to contact two or three banks or credit unions in your area and ask about their specific age requirements, account structures, and fees. What works for one family may not work for another, and comparing options takes only a few phone calls.
Restrictions and features of minor accounts
Minors' accounts often come with limits that adult accounts do not have. A teen checking account might cap daily ATM withdrawals at $100 or limit the number of debit card transactions per day. Some accounts do not allow overdrafts, meaning the debit card will be declined if the balance is too low. These limits are designed to teach financial responsibility and prevent overspending, but they can be frustrating if the teenager needs quick access to their own money.
Interest rates on savings accounts for minors are usually the same as for adults at the same bank, though some banks offer slightly higher rates on teen savings accounts to encourage saving. Check the current rate before opening—rates change frequently and vary widely between institutions. Fees also vary: some banks charge no monthly fee for teen accounts, while others charge $5 to $10 per month. Online banks and credit unions tend to have lower or no monthly fees. If the account requires a minimum balance to avoid fees, confirm what that minimum is and whether it is realistic for the teenager to maintain.
What happens when a minor turns 18
When a minor reaches 18, they become a legal adult and can own accounts in their name alone. However, the parent does not automatically come off the account. The young adult must contact the bank and request to remove the parent or transfer the money to a new account in their name only. Some banks make this process straightforward—a phone call or online request—while others require an in-person visit or a signed form.
If the young adult wants to keep the account as-is with the parent still listed, they can do that too. Some families choose to keep joint accounts for convenience or trust. The choice belongs to the young adult once they turn 18. If there is a disagreement about the account, the bank will recognize the young adult as a legal owner with equal rights, and the parent cannot unilaterally close it or remove the young adult without their consent. It is worth noting that if the account has been custodial (parent as sole owner), the bank may require the young adult to open a new account in their own name, since the custodial structure no longer applies. Ask the bank about this before the 18th birthday so there are no surprises.
Frequently Asked Questions
Can a 16-year-old open a bank account without a parent?
No. A 16-year-old cannot open a bank account alone because they cannot sign a binding contract. A parent or legal guardian must be present and involved. However, many banks allow 16-year-olds to open a joint account where the teenager has significant control and can make deposits and withdrawals independently, with the parent listed as a co-owner.
What if the parent and teenager disagree about accessing the money?
If the account is custodial (parent as sole owner), the parent has legal control until the teenager turns 18. If the account is joint, both owners have equal legal rights to the money, and either can withdraw it. This is why joint accounts work best when there is trust between the parent and teenager. If conflict is likely, a custodial account gives the parent more protection, but the teenager will have less independence.
Do minors need a Social Security number to open a bank account?
Yes, banks are required to have a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account and report interest earned. If the minor does not have a Social Security number yet, the parent can request one from the Social Security Administration, which usually takes two to four weeks. Some banks will open the account and add the number later if there is a delay.
Can a minor have a savings account without a checking account?
Yes. Many banks let minors open savings accounts alone or with a parent. Savings accounts typically have fewer restrictions than checking accounts and no debit card, so they are a good option if the goal is to save money rather than spend it. Interest rates on savings accounts are usually low, but they are better than keeping cash at home.
What happens to the account if the parent dies or becomes incapacitated?
If the account is custodial and the parent dies, the account does not automatically transfer to the teenager or a new guardian. The bank will freeze the account until the estate is settled or a court appoints a new guardian. This is why some families prefer joint accounts—the teenager retains access even if something happens to the parent. Discuss this scenario with the bank before opening the account and consider whether a joint account makes sense for your situation.