Yes, you can open a bank account for your teenager, but the rules depend on their age and the bank
Most banks let you open a custodial account (also called a minor account) for a child under 18, with you as the account holder and legal guardian. You control the account until they reach the age of majority—usually 18, sometimes 21 depending on your state and the bank. Some banks allow teenagers 13 and older to open their own accounts with a parent or guardian as a co-owner. A few banks and online services let teenagers 16 and older open accounts independently, though a parent must still authorize it.
The specific rules vary by bank. Chase, Bank of America, Wells Fargo, and most regional banks offer teen checking accounts. Credit unions often have similar products. Online banks like Ally and Chime have different age requirements—some allow accounts at 13 with parental consent, others at 16 or 17. Before you visit a branch or apply online, check the bank's website for their minimum age and what documents you'll need to bring.
Key Takeaways
- Custodial accounts let you open and control a bank account for your teenager until they reach the age of majority, which is 18 in most states.
- You will need your teenager's Social Security number, proof of identity for both of you, and proof of your address to open an account at most banks.
- Teen checking accounts often come with debit cards, spending limits you can set, and alerts when money is spent, but rarely pay interest on savings.
- When your teenager turns 18 or 21 (depending on state law and the bank), the account automatically converts to a regular account in their name alone.
- Some banks charge monthly fees for teen accounts; others waive fees if you maintain a minimum balance or set up direct deposit.
What documents you need to bring to the bank
You will need your teenager's Social Security number and a form of ID with their photo—usually a state ID, school ID, or passport. If your teenager does not have a photo ID, some banks accept a birth certificate instead. You will also need your own government-issued photo ID (driver's license or passport) and proof of your current address, such as a utility bill, lease, or bank statement dated within the last 60 days.
If you are opening the account online, you may be able to upload photos of these documents instead of visiting a branch. Some banks require an in-person visit for minors; others do not. Call the bank or check their website before you start the process to confirm what they accept and whether you can complete it remotely.
Custodial accounts versus teen checking accounts
A custodial account is held entirely in your name as the legal guardian. Your teenager's name may not appear on the account at all, or may appear as a secondary user. You have full control: you decide what money goes in, you approve or deny withdrawals, and you receive all statements. This is the most common option for younger teenagers (under 13) and gives you the most oversight.
A teen checking account is a joint account where both you and your teenager are listed as owners. Your teenager gets their own debit card and can make purchases and withdrawals without asking permission first. You can usually set spending limits, turn the card on or off, and receive alerts when money is spent. This option is better if you want your teenager to learn money management with some independence. Most banks offer teen checking for ages 13 and up.
Some banks also offer teen savings accounts paired with checking, so your teenager can learn the difference between spending and saving money. These rarely pay meaningful interest—often 0.01% or less—but they teach the habit of setting money aside.
Fees and minimum balance requirements
Many teen accounts have no monthly maintenance fee, but not all. Some banks charge $5 to $10 per month unless you meet certain conditions: maintaining a minimum balance (often $100 to $500), setting up direct deposit, or keeping the account open for a certain number of months. A few banks waive fees entirely for accounts opened by minors.
Check the bank's fee schedule before you open the account. If the bank charges a monthly fee and you do not want to pay it, ask whether they have a no-fee option or whether the fee is waived during the first year. Some banks also charge fees for overdrafts, ATM withdrawals outside their network, or paper statements—read the full terms so you know what to expect.
What happens when your teenager turns 18
When your teenager reaches the age of majority—18 in most states, 21 in a few—the custodial account automatically converts to a regular account in their name. You are removed as the account holder, though you may remain as an authorized user if your teenager agrees. The account number usually stays the same, and any money in it remains theirs.
Some banks send a notice before the conversion happens; others do not. If your teenager has not received notice by the time they turn 18, contact the bank to confirm the conversion has occurred. This is also a good time to review the account together: your teenager can change the PIN, update their contact information, and decide whether to keep the account open or move to a different bank.
Debit cards and spending controls
Most teen checking accounts come with a debit card. You can usually set a daily spending limit—for example, $50 per day—and the card will be declined if your teenager tries to spend more. You can also turn the card on or off instantly through the bank's app if you need to pause spending temporarily.
Many banks send you alerts when your teenager makes a purchase, so you know how the money is being spent. Some let you set rules: for example, you might allow purchases at grocery stores but block purchases at gas stations. These controls are useful for teaching your teenager to spend responsibly, but they are not a substitute for conversation about money. Talk with your teenager about why you are setting limits and what you expect them to learn.
Online banks versus traditional banks
Online banks like Chime, Ally, and LendingClub typically have lower fees than traditional banks and sometimes no fees at all for teen accounts. They also tend to have faster account opening—sometimes just a few minutes online. The trade-off is that you cannot visit a physical branch if you have a problem, and you may need to use ATMs outside the bank's network (which can incur fees).
Traditional banks like Chase and Bank of America let you visit a branch in person, which can be helpful if you have questions or need to make changes to the account. They may charge higher fees, but they also offer more services in one place—savings accounts, credit cards, loans—if your family uses multiple products.
Credit unions are a middle ground: they are not-for-profit institutions that often charge lower fees than traditional banks and may offer better customer service. You must be a member to open an account, which usually means living or working in a certain area or having a family member who is already a member.
Frequently Asked Questions
Can my teenager use the account to receive paychecks from a job?
Yes. If your teenager has a job, they can set up direct deposit to their account. This is actually a good way to teach them about earning and managing money. The employer will need the account number and routing number, which you can find on a blank check or in the bank's app.
What if my teenager loses the debit card?
Contact the bank immediately to report it lost or stolen. Most banks can freeze the card within minutes through their app or by phone, so no one can use it. They will send a replacement card, usually within 5 to 10 business days. Your teenager can use the account online or at ATMs in the meantime.
Can I see my teenager's account activity after they turn 18?
No, not unless your teenager adds you as an authorized user or gives you permission to view the account. Once they turn 18, the account is legally theirs alone, and the bank cannot share information with you without their consent. This is why it is good to talk with your teenager about money management before they reach that age.
Do teen accounts build credit history?
No. Checking and savings accounts do not appear on your teenager's credit report. Credit history comes from credit cards, loans, and other forms of credit. A teen checking account is a good first step toward financial independence, but it will not help them build a credit score. That comes later, usually with a secured credit card or becoming an authorized user on a parent's credit card.
What if the bank closes the account after my teenager turns 18?
Banks rarely close accounts automatically when a minor turns 18. The account usually converts to a regular adult account. However, if the bank has not heard from your teenager or if there has been no activity for a long time, they may close it. Check with your teenager after their 18th birthday to make sure the account is still active and to discuss any changes they want to make.