Yes, you can open a bank account at 15, but the account will be a joint account with a parent or guardian
Most banks will not open a standard account in your name alone until you turn 18. Instead, they offer custodial accounts or joint accounts where a parent or guardian is listed as the co-owner. Your parent has legal access to the account and can see all transactions, but you can use a debit card and make deposits and withdrawals. Some banks let you manage the account through their app or online portal once you turn a certain age—often 13 or 16—even though your parent remains the legal owner.
A few banks and credit unions have different rules. Some will open accounts for teenagers 16 and up with less parental involvement, though a parent still needs to be present or sign documents. A handful of online banks and fintech companies offer teen accounts designed specifically for this age group, where the parent has monitoring tools but the teenager has more independence. The specifics depend on which bank you choose and which state you live in.
Key Takeaways
- Most banks require a parent or guardian to co-own the account until you turn 18, though you can use the debit card and access the account yourself.
- Your parent will have full legal access to the account and can see all transactions, deposits, and withdrawals.
- Some banks let you open an account at 16 with less parental involvement, and some online banks offer teen-specific accounts with parental monitoring features.
- You will need a parent or guardian present at the bank, plus a form of ID (usually a school ID or state ID) and proof of address.
- Once you turn 18, you can convert the account to your name alone or open a separate account without a co-owner.
What you need to bring to open an account at 15
You and your parent or guardian both need to be present at the bank branch. Bring a form of ID for yourself—a school ID, state ID, or passport all work. Your parent will need their own ID as well, usually a driver's license or state ID. The bank will also ask for proof of address, which can be a utility bill, lease, mortgage statement, or bank statement in your parent's name.
Some banks ask for a Social Security number. If you do not have one, you can apply for one through the Social Security Administration before you go to the bank, or ask the bank whether they can open the account without it (some will issue a temporary number or use an alternative identifier). Bring any documents you have—it is faster than the bank having to request them later.
How custodial and joint accounts work
A custodial account is owned by your parent but held "in custody for" you. Your parent is the legal owner and can close the account or move money without your permission. You can deposit money, use the debit card, and withdraw cash, but your parent sees every transaction. When you turn 18, the account automatically converts to your name alone in most cases, though some banks require you to sign new paperwork.
A joint account is owned by both you and your parent equally. Either of you can withdraw money or close the account. Joint accounts work the same way as custodial accounts from a practical standpoint—your parent can monitor activity—but the legal structure is different. Ask the bank which type they are opening for you, because it affects what happens when you turn 18.
Some banks let you set up parental controls or monitoring through their app, so your parent can see transactions in real time without having to call the bank or log in to a separate portal. Others require your parent to manage the account through their own login. Ask about this before you open the account if monitoring matters to your parent.
Banks and credit unions that open accounts for teenagers 15 and up
Most major banks—Chase, Bank of America, Wells Fargo, Citibank—open custodial accounts for teenagers 15 and older with a parent present. Credit unions often have the same policy, though some credit unions let you open an account at a younger age if you are a member of the credit union's field of membership (for example, if your parent works for a certain employer or lives in a certain area).
Online banks like Ally, Charles Schwab, and Discover have different rules. Some do not open accounts for anyone under 18 at all. Others allow accounts for teenagers 16 and up. A few fintech companies—Greenlight, FamZoo, and GoHenry—specialize in teen accounts and let you open one at 15 or younger, though these are designed more for learning money management than for everyday banking. Check the specific bank's website or call their customer service line to confirm their age policy before you go in.
What happens to the account when you turn 18
When you turn 18, most banks will convert the custodial account to a standard account in your name alone. Your parent's name comes off, and you become the sole owner. You do not have to do anything—the conversion usually happens automatically. Some banks send you a letter or email confirming the change; others do not. Log into your account online or call the bank to confirm the conversion has happened.
A small number of banks require you to visit the branch in person or sign new paperwork to convert the account. Ask about this policy when you open the account so you are not surprised later. If the bank's conversion process is complicated, you can always open a new account in your name alone at 18 and transfer the money over, though this takes a few days.
Debit cards and spending limits
Most banks issue a debit card for custodial accounts, so you can make purchases and withdraw cash at ATMs. Some banks set daily spending limits on teen debit cards—for example, a $500 daily withdrawal limit or a $1,000 daily purchase limit. These limits are set by the bank, not by you or your parent, though some banks let your parent adjust the limit through their app.
If the bank's default limit is too low for your needs, ask whether it can be raised. Some banks will increase the limit if your parent requests it; others have a fixed limit for all teen accounts. Online banks and fintech teen accounts often let your parent set custom spending limits, which can be useful if you are learning to manage money.
Fees and minimum balance requirements
Many banks waive monthly fees for teen accounts, but not all. Some charge a monthly maintenance fee of $5 to $15 if you do not maintain a minimum balance. Others charge no fee at all. Ask the bank about fees before you open the account, because they vary widely.
Minimum balance requirements also vary. Some banks require you to keep $25 or $100 in the account at all times; others have no minimum. If you fall below the minimum, the bank may charge a fee or close the account. Ask about this too, especially if you plan to spend most of the money you deposit.
Frequently Asked Questions
Can I open a bank account at 15 without a parent?
No. All banks require a parent or guardian to co-own the account or be present when you open it. You cannot open an account in your name alone until you turn 18. Some online banks and fintech companies have slightly different rules, but all require parental involvement for teenagers under 18.
Will my parent be able to see all my transactions?
Yes. Your parent has full legal access to the account and can see every deposit, withdrawal, and purchase. This is true for both custodial and joint accounts. Some banks let your parent monitor the account through an app; others require them to log in separately or call the bank.
What if I want to open an account at a bank that requires me to be 16?
You will have to wait until you turn 16, or open an account at a different bank that accepts 15-year-olds. Some credit unions have lower age requirements, so it is worth calling a few credit unions in your area to ask. Online banks and fintech teen accounts may also have different policies.
Can I keep the account private from my parent?
No. Because your parent is the legal co-owner or custodian, they have the right to access the account and see all activity. You cannot hide transactions or set up privacy settings that block your parent's view. Once you turn 18 and the account converts to your name alone, you can then open additional accounts that your parent cannot access.
What happens if my parent closes the account?
Your parent can close a custodial or joint account without your permission because they are the legal owner. The bank will send the balance to you or your parent, depending on the account type. To prevent this, keep your money in a separate account once you turn 18, or ask your parent not to close it.