Yes, teenagers can have bank accounts, but the rules depend on age and the bank

Most banks let teenagers open accounts, but the structure changes based on how old they are. Under 13, you typically need a parent or guardian to co-own the account—it's called a custodial or minor account, and the adult has full control until the teenager reaches the age of majority (18 or 21, depending on your state). At 13 and older, many banks let teenagers open their own accounts with a parent's permission and signature, though the parent may still have some oversight rights. A few banks let 16- and 17-year-olds open accounts with minimal parental involvement.

The account itself works the same way as an adult account: you deposit money, withdraw it, use a debit card, and set up direct deposit. The main difference is who legally owns it and who can make decisions about it. Once a teenager reaches the age of majority in their state, the account automatically converts to a standard adult account, and the parent's access ends.

Key Takeaways

  • Children under 13 need a parent or guardian to co-own the account; the adult controls it until the child reaches 18 or 21.
  • Teenagers 13 and older can open accounts at most banks with parental permission and a parent's signature on the paperwork.
  • Some banks offer teen-specific accounts with features like spending limits, parental alerts, and no overdraft fees.
  • The account converts to a standard adult account automatically when the teenager reaches the age of majority in their state.
  • You will need a Social Security number and a form of ID (usually a school ID or state ID) to open an account.

What you need to bring to open a teen account

Bring the teenager's Social Security number and a valid ID. A school ID, state ID, or passport all work. Some banks accept a birth certificate if no photo ID is available. The parent or guardian must also bring their ID and Social Security number, since they are signing the paperwork.

You do not need an initial deposit to open most teen accounts, though some banks require a small minimum (often $25 or less). Call the bank ahead of time to ask what they need—requirements vary by institution and by branch.

How parental controls and oversight work

On a custodial account (for children under 13), the parent has complete control. They can see all transactions, withdraw money, and close the account. The child cannot do any of these things without the parent's permission.

On a teen account (ages 13 and up), the teenager usually has their own debit card and can make purchases and withdrawals independently. The parent's role shifts to monitoring. Many banks let parents set up alerts—notifications when the account balance drops below a certain amount, when a purchase over a set dollar amount happens, or when a withdrawal occurs. Some teen accounts also let parents set spending limits on the debit card or restrict where it can be used (online only, in-store only, certain merchants). These controls are optional; parents can turn them on or off depending on what they want to monitor.

When the teenager turns 18 or 21 (depending on state law), the parent's access to the account ends automatically. The teenager becomes the sole owner, and the parent can no longer see transactions or make changes.

Teen-specific accounts and their features

Many banks now offer accounts designed specifically for teenagers, with features that differ from standard accounts. Common features include no overdraft fees (so the debit card simply declines if there is not enough money), no monthly maintenance fees, and parental alerts built in. Some teen accounts also offer financial education tools, like spending trackers or savings goals.

Banks like Greenlight, Fidelity Youth, and Ally Bank have teen-focused products. Traditional banks like Chase, Bank of America, and Wells Fargo also offer teen accounts. The features and fees vary, so compare what each bank offers before opening. Some teen accounts charge a monthly fee ($5 to $10) if the parent does not also have an account at that bank; others charge nothing.

A few accounts let teenagers earn interest on their savings, though the rate is usually very low (under 1% annually). Some also offer cash-back rewards on debit card purchases, though these are rare for teen accounts.

What happens when a teenager turns 18

The account automatically converts to a standard adult account. The parent's access ends, and the teenager becomes the sole owner. No action is required—the bank handles the conversion. The teenager keeps the same account number, debit card, and login information.

If the teenager is still in high school or living at home, they may want to keep the account open even after turning 18. There is no requirement to close it or move to a different bank. The teenager can now open additional accounts, take out loans, or apply for a credit card without parental permission.

How to deposit and withdraw money

Teenagers can deposit money in several ways: in person at a branch, through a mobile app (by taking a photo of a check), through direct deposit (if they have a job), or by having someone transfer money to the account. Withdrawals work the same way as an adult account—using the debit card at an ATM or in a store, or by going to a branch and asking a teller.

Some teen accounts limit ATM withdrawals or require parental approval for large withdrawals, depending on the bank and the account type. Check the account terms to see if any restrictions apply.

Opening an account online versus in person

Most banks let you start the account opening process online, but you will likely need to finish it in person or by mail. The teenager and parent both need to verify their identity, which usually means showing ID at a branch. A few banks let you complete the entire process online using video verification, but this is less common.

If you open in person, bring all required documents (IDs, Social Security numbers) and go during business hours. The process usually takes 15 to 30 minutes. If you open online, the bank will tell you the next steps—typically a visit to a branch within a certain timeframe, or mailing in signed documents.

Frequently Asked Questions

Can a teenager open a bank account without a parent?

Not until they reach 18. Before that, a parent or guardian must be involved—either as a co-owner (under 13) or as a signer on the paperwork (13 and older). Some states allow 16- and 17-year-olds to open accounts with minimal parental involvement, but this is rare and varies by bank.

What if a teenager loses their debit card?

Call the bank immediately to report it lost or stolen. The bank will freeze the card so no one else can use it, and they will mail a replacement card to the address on file. This usually takes 5 to 10 business days. In the meantime, the teenager can withdraw cash at a branch or use a mobile wallet if the bank offers one.

Can a teenager use the account to receive paychecks from a job?

Yes. The teenager can set up direct deposit with their employer using the account number and routing number. This is one of the fastest ways to get paid and avoids the need to cash checks or carry cash.

Do teen accounts have overdraft protection?

Most teen-specific accounts do not allow overdrafts—the debit card simply declines if there is not enough money. This protects teenagers from going into debt. Some traditional bank teen accounts may offer overdraft protection, but you have to opt in. Check the account terms before opening.

What happens if the teenager wants to close the account?

The teenager (or parent, if the teenager is under 18) can close the account by going to a branch or calling the bank. Any money in the account will be returned as a check or transferred to another account. There is usually no fee to close an account.