The minimum age depends on the account type and the bank
Most banks will not let you open an account on your own until you turn 18. Before that, you need a parent or guardian to co-own the account with you. Some banks allow this as early as age 13 or 14; others wait until you are 16 or 17. A few banks have no minimum age if a parent is present and signing.
Once you turn 18, you can open a checking or savings account by yourself at any bank. You will need a government-issued ID (like a driver's license or passport) and proof of address. Some online banks let you open accounts at 17 if you have parental consent, though the rules vary by institution.
If you are under 18 and want an account now, your options are a joint account with a parent, a custodial account (which the parent controls until you reach the age of majority), or a teen checking account offered by some banks specifically for younger customers.
Key Takeaways
- You must be 18 to open a bank account in your own name; before that, a parent or guardian must co-own it with you.
- Some banks allow joint accounts starting at age 13 or 14, while others require you to be 16 or 17; check with your bank for their specific policy.
- Teen checking accounts offered by some banks let younger customers learn to manage money with parental oversight and limited features.
- Once you turn 18, you need only a government ID and proof of address to open an account without a parent's involvement.
Joint accounts: how they work before age 18
A joint account is owned by two people at the same time. Both the parent and the minor can deposit and withdraw money. The parent can see all transactions and set limits on spending if the bank allows it. The account stays open after you turn 18 unless one of you closes it or removes the other person's name.
Joint accounts are the most common way for minors to access banking. They let you learn to use a debit card, make deposits, and manage a balance while your parent watches. The downside is that your parent has full access to the money and can withdraw it without your permission.
When you turn 18, you can ask the bank to remove your parent's name and make the account yours alone. Some banks do this automatically; others require you both to visit in person or sign paperwork. Check with your bank about their process before you need it.
Custodial accounts: money held in your name but controlled by a parent
A custodial account is different from a joint account. The money is held in your name, but the parent (the custodian) controls it until you reach the age of majority—usually 18 or 21, depending on your state and the type of account.
Custodial accounts are often used for savings rather than everyday spending. A parent might open one to hold money from gifts, inheritance, or earnings. You cannot withdraw money without the custodian's permission, even after you turn 18, until the custodianship ends on the date set by law.
Two common types are UTMA (Uniform Transfers to Minors Act) and UGMA (Uniform Gifts to Minors Act) accounts. Both transfer to you automatically when you reach the age set by your state. Ask the bank which type they offer and what age the transfer happens.
Teen checking accounts: designed for younger customers
Some banks offer teen checking accounts specifically for customers under 18. These accounts come with a debit card and online banking, but with limits set by the bank or the parent. For example, a teen account might cap daily spending at $100 or block certain types of transactions.
Teen accounts let you practice managing money without your parent needing to co-own the account. However, a parent or guardian still needs to be involved in opening it, and they can monitor spending through a linked app or online portal. The account usually converts to a regular checking account when you turn 18.
Not all banks offer teen accounts, and the features vary widely. Some charge monthly fees; others are free. Call your bank or check their website to see if they have one and what the minimum age is.
What you need to open an account at 18
Once you turn 18, you can walk into a bank or open an account online with just two things: a government-issued photo ID and proof of your current address. A driver's license or passport works for ID. For address, bring a recent utility bill, lease, or bank statement with your name and address on it.
Some banks also ask for a Social Security number to verify your identity and check your banking history. If you do not have a Social Security number, ask the bank whether they can open an account without one; a few will, though it is less common.
Online banks often let you open an account entirely through their website or app. You upload photos of your ID and address proof, and the account opens within a few minutes to a few hours. In-person banks may take longer if they need to verify information or run a background check.
What happens if you are under 13
Most banks do not offer accounts for children under 13, even with a parent present. However, some credit unions and online banks have no stated minimum age if a parent opens and controls the account. Call ahead to ask; do not assume a bank will turn you away without checking.
If a bank will not open an account, a parent can hold money in their own account and teach the child about saving and spending through cash or a prepaid card. Some prepaid cards for kids have no age minimum and let parents load money and set spending rules.
Frequently Asked Questions
Can I open a bank account at 16 or 17 without a parent?
Most banks require a parent to co-own the account until you turn 18. Some online banks let you open an account at 17 with parental consent, but you still cannot do it entirely on your own. Check with your bank about their specific age policy.
What if my parent removes their name from our joint account before I turn 18?
The account will close or revert to your parent's sole ownership, depending on the bank. You cannot keep a joint account open if the parent removes themselves and you are under 18. Talk to your bank about what happens before your parent makes any changes.
Do I need a Social Security number to open a bank account?
Most banks require one to verify your identity and check your banking history. If you do not have a Social Security number, ask the bank whether they accept an Individual Taxpayer Identification Number (ITIN) or another form of ID instead.
Can I open an account online if I am under 18?
Some online banks let minors open accounts with parental consent, but the parent usually has to verify their identity and approve the account. In-person banks typically require both you and your parent to visit a branch together.
What age does a custodial account transfer to me?
It depends on your state and the type of account. UTMA and UGMA accounts usually transfer at age 18 or 21. Ask the bank what age applies to your account so you know when you will have full control of the money.