Yes, you can open a bank account before you turn 18
Most banks and credit unions let you open a checking or savings account while you're still a minor, usually starting around age 13. The account will be a custodial account, which means a parent or guardian has legal control over it alongside you — they can see transactions, approve withdrawals, and manage the account until you turn 18 or 21, depending on the bank.
The exact age when you can open an account varies by bank. Some start at 13, others at 15 or 16. A few let younger children open accounts with more restrictions. The easiest way to find out is to call your bank or visit a branch and ask what age they require.
You'll need to bring identification and your parent or guardian will need to bring theirs. Some banks also ask for a Social Security number. That's it — the process usually takes 15 to 30 minutes.
Key Takeaways
- Most banks allow minors to open custodial accounts starting around age 13, though the exact age varies by institution.
- A custodial account is jointly owned by you and your parent or guardian, who can see all activity and approve major transactions.
- You'll need a valid ID and your parent or guardian will need theirs; some banks also require a Social Security number.
- The account automatically converts to a regular account in your name alone when you reach the age of majority, usually 18 or 21.
- Online banks and credit unions often have lower minimum balances and fewer fees than large national banks.
What a custodial account actually means
When you open a custodial account, the bank creates one account with two owners: you and your parent or guardian. Your parent can log in, see every deposit and withdrawal, and in most cases approve or deny transactions above a certain amount. This is not a separate "parent account" — it's one account with shared access.
The purpose is to let you learn how banking works while your parent keeps oversight. You can deposit money, make purchases with a debit card, and withdraw cash. Your parent isn't meant to use the account as their own — it's legally your money — but they have the power to do so if needed.
When you turn 18 or 21 (depending on your bank's rules), the account automatically converts. Your parent's access ends, and the account becomes yours alone. You'll usually get a notice a few weeks before this happens.
What you need to bring to open an account
Bring a valid photo ID — a school ID, state ID, or passport all work. Your parent or guardian needs to bring their ID too. Some banks ask for a Social Security number; if you don't have one, ask the bank whether they can use an Individual Taxpayer Identification Number (ITIN) instead.
You don't need to bring any money to open the account, though some banks have a minimum opening deposit of $25 to $100. A few banks waive this for minors. Ask before you go in.
If you're opening the account online instead of in person, the bank will ask you to verify your identity through a video call or by uploading photos of your ID. Your parent will do the same. The whole process takes about the same amount of time as going to a branch.
Checking accounts versus savings accounts for teens
A checking account is meant for money you use regularly. It comes with a debit card and a checkbook (though most teens use the card). You can make unlimited deposits and withdrawals. Most checking accounts for minors have no monthly fee, though some charge a small fee if you don't keep a minimum balance.
A savings account is meant for money you're not spending right now. It earns a small amount of interest — money the bank pays you for letting them use your deposits. You can withdraw money whenever you want, but the account is designed to encourage you to leave money alone. Savings accounts usually have no monthly fee at any balance.
Many teens open both: a checking account for everyday spending and a savings account for money they're saving toward something. Some banks let you open both at the same time.
Banks and credit unions that let minors open accounts
Nearly every bank and credit union in the United States lets minors open accounts, but the age requirement and features vary. Large national banks like Chase, Bank of America, and Wells Fargo typically allow accounts starting at age 13 or 15. Credit unions often have lower fees and sometimes allow younger children.
Online banks like Ally, Charles Schwab, and Discover also offer accounts for minors, usually with no monthly fees and no minimum balance. The trade-off is that you can't walk into a physical branch — everything happens online or by phone.
If your family already banks somewhere, start there. The bank already has your parent's information on file, which makes the process faster. If you're choosing a new bank, compare the monthly fee (many waive it for minors), the minimum opening deposit, and whether they offer a debit card.
What happens when you turn 18
A few weeks before your 18th birthday, your bank will send a notice saying your account is about to convert. On your 18th birthday (or sometimes on the first business day after), your parent's access automatically ends. The account becomes yours alone, and you become the sole owner.
You keep the same account number, the same debit card, and the same balance. Nothing changes except that your parent can no longer see transactions or approve withdrawals. If you want to keep using the same bank, you don't have to do anything — the conversion happens automatically.
Some banks offer a "student account" for people 18 to 24 with lower fees or higher interest on savings. Ask your bank whether you're automatically moved to a student account or whether you need to request it.
Why opening an account early matters
Opening an account while you're still a minor gives you time to get comfortable with how banking works before you're fully on your own. You learn how to use a debit card, how to check your balance, and how to spot fraud. Your parent is there to answer questions and help if something goes wrong.
An early account also helps you build a banking history. Banks and credit card companies look at how long you've had an account and how responsibly you've used it. Starting at 13 or 15 means you'll have several years of history by the time you're 18 and explore for your first credit card or loan.
If you're planning to work as a teen, having a bank account makes it straightforward for your employer to deposit your paycheck directly instead of paying you in cash. Direct deposit is faster and safer.
Frequently Asked Questions
Can I open an account without my parent or guardian?
No. Banks are required by law to have a parent or guardian on any account opened by a minor. Your parent or guardian must be present in person or verify their identity online when the account is opened. Once you turn 18, you can open accounts on your own.
Can my parent see all my transactions?
Yes, your parent can log in and see every deposit, withdrawal, and purchase. Some banks let you set spending limits or require parental approval for transactions over a certain amount. Talk to your parent about what level of privacy and oversight feels right for both of you.
What if I want to close the account before I turn 18?
You can close a custodial account at any time, but your parent or guardian usually has to approve the closure. If you want to close it without their approval, you'll have to wait until you turn 18. Ask your bank what their specific policy is.
Do I need a Social Security number to open an account?
Most banks ask for a Social Security number, but not all require one. If you don't have a Social Security number, ask the bank whether they accept an Individual Taxpayer Identification Number (ITIN) or a state ID number instead. Some banks will open an account without any of these, though it may take longer.
Will opening an account affect my credit score?
No. Opening a checking or savings account does not affect your credit score. Credit scores are based on borrowed money — credit cards, loans, and payment history. A bank account is just a place to store your own money, so it doesn't show up on your credit report at all.