Yes, you can open a bank account at 15, but with restrictions
Most banks allow you to open a checking or savings account at 15, but you cannot do it alone. You will need a parent or legal guardian to co-sign or co-own the account with you. The account will be a custodial account or joint account, meaning an adult has legal control and responsibility until you turn 18 (or sometimes 21, depending on the bank).
The specific rules vary by bank. Some banks let you open an account at any age with a parent present. Others set their own minimum age at 16 or 17. A few banks have teen-specific accounts designed for younger customers. You will need to bring a government-issued ID (usually a school ID or state ID), proof of address, and your Social Security number.
The adult on the account can see all transactions, set spending limits, and close the account. Once you turn 18, you can convert it to an account in your name alone, though some banks require you to do this in person.
Key Takeaways
- You need a parent or legal guardian to open a bank account at 15; you cannot open one by yourself.
- The account will be jointly owned or custodial, meaning the adult has full control until you reach 18 or 21.
- Different banks have different minimum ages and rules, so call ahead or visit a branch to confirm what your bank offers.
- Once you turn 18, you can usually convert the account to your own name without closing it and starting over.
- Some banks offer teen accounts with features like spending limits and parental controls built in.
What you can and cannot do with a teen account
With a custodial or joint account at 15, you can deposit money, make withdrawals at ATMs, use a debit card, and set up direct deposit for a job. You can also receive money from friends or family through transfers. However, you cannot overdraft the account (go negative) unless the adult owner allows it, and most teen accounts do not permit overdrafts at all.
You cannot open a credit card, take out a loan, or write checks without the adult's permission. Some banks restrict online transfers or set daily withdrawal limits. You also cannot remove the adult from the account or change account settings on your own.
The adult on the account can freeze it, close it, or move money out at any time. They can also see every transaction you make. This is by design — the account is meant to teach you money management while keeping the adult responsible for what happens.
How to open an account at 15
Visit a branch of the bank you want to use. Call ahead to confirm they offer teen accounts and what documents you need to bring. Bring your government-issued ID, proof of address (a utility bill or lease in your name, or your parent's bill showing your address), your Social Security number, and your parent or guardian.
The adult will need to bring their own ID and proof of address. Some banks let you start the process online and finish in person. Others require you to do the entire thing at a branch. A few banks now allow you to open an account through a mobile app with a video call, though this is still uncommon for minors.
The account usually opens the same day or within a few business days. You will receive a debit card in the mail within 7 to 10 days. Some banks issue a temporary card in the branch so you can use it right away.
Differences between custodial and joint accounts
A custodial account is owned by the adult in a legal sense. The account is held "in trust for" you, and the adult is the custodian. The adult can make decisions about the account, but they are supposed to use it for your benefit. When you turn 18 or 21 (depending on state law and the bank), the account automatically becomes yours alone.
A joint account is owned by both of you equally. Both names appear on the account, and both of you have full access. Either person can withdraw all the money or close the account. Joint accounts do not automatically convert to your name alone when you turn 18 — you and the adult have to agree to change it, or you can open a new account and transfer the money.
For a 15-year-old, custodial accounts are more common because they give the adult clearer legal authority. However, some banks only offer joint accounts. Ask which type the bank uses before you open the account.
Banks and credit unions that accept 15-year-olds
Most major banks accept customers at 15 with a parent present. Chase, Bank of America, Wells Fargo, and Citibank all offer teen checking or savings accounts. Credit unions often have lower minimum balances and fewer fees, and many accept younger teenagers. Check with your local credit union or a national one like Alliant or Pentagon Federal.
Online banks like Chime, LendingClub, and Ally have different policies. Some allow accounts at 13 with a parent, while others require 18. Call or check their website before you try to open an account online.
Some banks charge monthly fees for teen accounts, while others waive fees if you maintain a minimum balance or set up direct deposit. Compare a few banks before you decide — the difference in fees can add up over a few years.
What happens when you turn 18
When you turn 18, the account transitions to your name. If it was a custodial account, it automatically becomes yours alone, and the adult is removed. If it was a joint account, both names stay on it unless you and the adult go to the bank and remove them. You can keep the joint account if you want, or you can convert it to your name alone.
At 18, you can also open new accounts without a parent, apply for a credit card, and take out loans. Your bank may offer you a credit card or line of credit when you turn 18, especially if you have been a good customer.
If you want to switch banks or close the account, you can do that at 18 without permission. However, if you have been using the account for years and it has a good history, it is often worth keeping it open — closing old accounts can hurt your credit score later.
Frequently Asked Questions
Can I open a bank account at 15 without my parents knowing?
No. You need a parent or legal guardian present to open an account at 15. The bank will ask for their ID and signature. If you are in foster care or have a court-appointed guardian, that person can open the account with you instead of your parents.
What if my parent wants to control my money too much?
Talk to them about what you want to use the account for. If you are saving for something specific or earning money from a job, explain that. Some parents agree to set spending limits rather than monitoring every transaction. If the relationship is unsafe, talk to a school counselor or trusted adult about your options.
Can I get a debit card at 15?
Yes. Most teen accounts come with a debit card. The card will have your name on it, and you can use it at stores and ATMs. The adult on the account may be able to set daily spending limits or turn the card off if needed.
Do I need a Social Security number to open an account?
Yes, in the United States. The bank needs it to report interest and to comply with tax law. If you do not have a Social Security number, you can apply for one through the Social Security Administration before you open the account.
What if I want to hide money from my parent?
You cannot hide money in a joint or custodial account — the adult can see all transactions. If you want privacy, you could save cash at home, but that is not safe for large amounts. At 18, you can open your own account that only you can access.