Yes, but the account belongs to your parent until you reach the age of majority
Your parent can open a bank account in your name, but the legal owner is your parent until you turn 18 (or 19 in some states). This is called a custodial account or UTMA/UGMA account (Uniform Transfers to Minors Act or Uniform Gifts to Minors Act). Your parent controls the money, can withdraw it, and decides how it is spent. You cannot access the account or make decisions about it without your parent's permission.
Some banks also offer teen accounts that require a parent to co-sign but give you more control over deposits and withdrawals. These are different from custodial accounts — you have more say in how the money moves, though your parent still has access and oversight. The rules vary by bank and by your age.
If you are under 13, a custodial account is usually the only option. If you are 13 or older, some banks will let your parent open a teen account instead, which gives you a debit card and the ability to make transactions yourself.
Key Takeaways
- A custodial account is owned and controlled by your parent until you reach the age of majority, even though the account is in your name.
- Teen accounts, available at many banks for ages 13 and up, give you a debit card and transaction control while your parent retains oversight.
- Your parent will need to bring a government ID, proof of address, and your Social Security number to open either type of account.
- When you turn 18, a custodial account automatically transfers to your control, but you should confirm this with your bank beforehand.
- Some banks charge monthly fees for teen accounts, while others waive fees if you meet certain conditions like direct deposit or minimum balance.
What your parent needs to bring to the bank
Your parent will need a government-issued ID (driver's license or passport), proof of current address (utility bill or lease), and your Social Security number. If you do not have a Social Security number yet, your parent can apply for one at the Social Security Administration office or online at ssa.gov before opening the account.
Some banks also ask for your birth certificate or a copy of it. Call the bank ahead of time to ask what documents they require, because requirements vary. A few banks let your parent start the process online, but most require an in-person visit to complete the account opening.
The difference between custodial and teen accounts
| Feature | Custodial Account | Teen Account |
|---|---|---|
| Who controls the money | Your parent only | You and your parent together |
| Minimum age | Any age | Usually 13 or older |
| Debit card | Not usually | Yes, in your name |
| You can withdraw money | Only with parent permission | Yes, using debit card or ATM |
| Parent sees transactions | Yes, always | Yes, usually online |
| Transfers to your control at 18 | Automatic | Depends on bank |
What happens when you turn 18
If your parent opened a custodial account, it automatically becomes yours when you reach the age of majority in your state (18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi). Your parent loses all control and access. You become the sole owner and can withdraw, spend, or close the account however you want.
Contact your bank a few weeks before your 18th birthday to confirm the transition process. Some banks require you to visit in person and sign new paperwork. Others handle it automatically and send you a new debit card in the mail. Ask whether your parent will still be able to see transactions after the transfer — most banks cut off parental access completely, but some let you keep a linked account if you choose.
Banks that offer teen accounts
Major banks with teen account options include Chase (Chase First Banking), Bank of America (BankAmericard Student), Wells Fargo (Way2Go Card), and Ally Bank (Ally Teen Checking). Credit unions often have teen accounts too — ask your local credit union what they offer. Online banks like Greenlight and Current specialize in teen accounts and often have lower fees than traditional banks.
Teen account features vary widely. Some charge no monthly fee. Others charge $5 to $10 per month unless you meet conditions like setting up direct deposit or maintaining a minimum balance. Some give you a debit card immediately; others make you wait until you are 16. Compare what each bank offers before your parent opens an account, because switching later is possible but takes time.
Fees and account minimums
Custodial accounts at most banks have no monthly fee and no minimum balance requirement. Teen accounts are more likely to charge a fee, though many waive it if direct deposit is set up or if you maintain a small balance (often $25 to $100).
Overdraft fees apply to both types of accounts if you spend more than the balance. Most banks charge $25 to $35 per overdraft. Some teen accounts have overdraft protection, which means the bank will decline the transaction instead of charging a fee — ask your bank whether this is available. ATM fees also apply if you use an ATM outside your bank's network; out-of-network ATM fees are usually $2 to $3 per transaction.
Can you open an account on your own
No. Banks require a parent or legal guardian to open an account for anyone under 18. You cannot open an account by yourself, even if you have a job and your own money. Your parent must be present and sign the paperwork.
Once the account is open, you may be able to manage it online or through a mobile app without your parent present, depending on the bank and the account type. But the initial opening requires your parent to be there.
Frequently Asked Questions
Can my parent take money out of my custodial account without asking me?
Yes. Your parent is the legal owner and can withdraw money anytime. This is one reason some families prefer teen accounts instead — they give you more control over day-to-day spending while your parent still has oversight. If you are concerned about this, talk to your parent about how the account will be used before it is opened.
What if my parent and I disagree about spending the money?
In a custodial account, your parent has the final say because they own it. In a teen account, you can make transactions with your debit card, but your parent can still see them and may ask you to explain purchases. If you are worried about conflict, discuss expectations with your parent before the account opens.
Do I need a Social Security number to open a bank account?
Yes. Banks are required by law to collect a Social Security number for anyone opening an account. If you do not have one, your parent can apply at the Social Security Administration office or at ssa.gov. The process takes about two weeks.
Can I have a bank account without my parent knowing?
No. Anyone under 18 needs a parent or legal guardian to open an account. Your parent will receive statements and have access to the account. If you want privacy around spending, talk to your parent about a teen account that lets you use a debit card without asking permission for each purchase.
What happens if my parent closes the account before I turn 18?
Your parent can close a custodial account anytime. The money will be returned to your parent, not to you. If this happens, ask your parent where the money went and whether you can open a new account together. If you are in a teen account, your parent can also close it, but you should ask them to transfer the balance to a new account in your name first.