What you can open at 14, and what you cannot
At 14, you can open a savings account or checking account at most banks and credit unions, but only with a parent or guardian as a co-owner. You cannot open an account alone — the adult must be present, sign the paperwork, and remain on the account. Some banks allow the teen to be the primary account holder with the parent as a co-signer, while others require the parent to be the primary owner. The rules vary by bank and by state.
What you cannot do at 14 is open a credit card in your own name, take out a loan, or set up certain investment accounts. Those require you to be 18 or older. A debit card linked to your account is fine — most banks issue them to teens with parental accounts.
The reason for the age limit is legal: at 14, you are a minor, and contracts you sign are not fully binding. Banks protect themselves by requiring a parent or guardian to take responsibility for the account.
Key Takeaways
- You can open a savings or checking account at 14 with a parent or guardian present and on the account with you.
- Different banks have different rules about whether the parent is the primary owner or a co-owner, so ask before you go in.
- You will need a government-issued ID (state ID, passport, or school ID depending on the bank) and proof of your parent's identity and address.
- A debit card is usually issued immediately or within a few days, and you can use it to spend money in the account.
- You cannot open a credit card, take out a loan, or invest money on your own until you turn 18.
What documents you need to bring
You will need a form of government-issued ID. Most banks accept a state ID, passport, or driver's license. Some accept a school ID if it has your photo and date of birth. Call the bank ahead of time to confirm what they take, because policies vary.
Your parent or guardian will need their own government-issued ID (driver's license or passport), proof of their current address (a utility bill, lease, or recent bank statement), and their Social Security number or tax ID. Bring originals, not copies — banks will not accept photocopies for the ID.
If you have a Social Security number, bring that too. If you do not have one yet, the bank can usually still open the account, but the process may take longer because they have to verify your identity through other means.
Which banks let teens open accounts at 14
Most major banks and credit unions allow accounts for 14-year-olds with a parent present. Chase, Bank of America, Wells Fargo, and Citibank all offer teen checking or savings accounts. Credit unions often have similar programs and sometimes have lower fees.
Some banks market accounts specifically to teens and offer features like no overdraft fees, no minimum balance, or parental controls that let your parent see spending. Others simply add the teen to a regular account. Call your bank or visit a branch to ask what they offer for your age.
Online-only banks like Ally or Charles Schwab typically require you to be 18 to open an account, even with a parent. If you want to bank online, check the bank's website for their age policy before you apply.
How the account works with a parent as co-owner
When your parent is on the account with you, they can see all transactions, transfer money in and out, and close the account. You can also do all of those things — it is a shared account, not a restricted one. The parent is there to take legal responsibility, not to lock you out.
Some banks let you set up parental controls so your parent gets alerts when you spend over a certain amount, or so they can temporarily freeze the card. These are optional — you do not have to use them. Talk with your parent about what makes sense for your situation.
When you turn 18, you can ask the bank to remove your parent from the account, or you can leave it as is. The account does not automatically change — you have to request the change in writing or in person at a branch.
Debit cards and spending limits
Most banks issue a debit card within a few days of opening the account. You can use it to withdraw cash from ATMs, pay for things in stores, and buy things online. The card is linked to the money in your account — you can only spend what is there.
Some banks set daily spending limits for teen debit cards, such as $500 per day or $1,000 per week. These limits protect you if the card is lost or stolen. You can ask the bank to raise the limit, and your parent may need to approve the change.
If you try to spend more than your limit or more than the money in your account, the transaction will be declined. You will not go into overdraft (negative balance) unless your bank allows overdraft protection, which most do not for teen accounts.
Fees and minimum balances
Many banks charge no monthly fee for teen accounts, or they waive the fee as long as you keep a small balance (often $25 or $100). Some charge a fee only if you overdraft or use out-of-network ATMs. Read the fee schedule before you open the account.
Savings accounts usually pay interest on the money you keep in them, though the rate is very low right now — often less than 0.01% per year at big banks. Credit unions and online banks sometimes pay higher rates. If you are saving money for a long time, a higher rate matters; if you are saving for a few months, it does not.
Ask whether the bank charges a fee to close the account early, or a fee if you do not use the debit card for a certain number of months. Most do not, but it is worth confirming.
What happens if you lose the debit card
Call the bank immediately — the number is on the back of your card or on your statement. The bank will freeze the card so no one else can use it. You will not be responsible for charges made after you report it lost, as long as you report it promptly.
The bank will mail you a new card, usually within 5 to 10 business days. In the meantime, you can still access your money by going to an ATM or a branch and withdrawing cash, or by asking your parent to transfer money to their account.
If someone uses your card without permission before you report it lost, contact the bank in writing within 60 days of the fraudulent charge. The bank will investigate and refund the money if they confirm it was fraud.
Frequently Asked Questions
Can I open an account without my parent being on it?
No. At 14, you must have a parent or guardian on the account. Some banks let you be the primary owner with the parent as a co-signer, which gives you more control, but the parent must still be present and sign the paperwork. You cannot open an account alone until you turn 18.
What if my parent does not have an ID or proof of address?
The bank will not open the account without it. Your parent needs to bring a government-issued ID and proof of current address. If your parent does not have these, they will need to get them first — a state ID from the DMV and a utility bill or lease in their name.
Can I use my school ID instead of a state ID?
Some banks accept a school ID if it has your photo and date of birth, but not all do. Call the bank ahead of time to ask. If your school ID does not have your date of birth, bring a passport or state ID instead.
Do I need a Social Security number to open an account?
Most banks prefer it, but some will open an account without one if you provide other proof of identity. The process may take longer. If you do not have a Social Security number, ask the bank what documents they need instead.
Can my parent see everything I spend?
Yes, if they are on the account, they can see all transactions. Some banks let you turn off notifications so your parent does not get alerts for every purchase, but they can still log in and see the full history. Talk with your parent about privacy and what you both feel comfortable with.