Yes, but the rules depend on age and the bank
Most banks let teenagers open accounts, but the terms change based on how old they are. A 16- or 17-year-old can usually open a checking or savings account on their own at many banks, though some require a parent or guardian to co-sign or be present. Younger teens—typically under 16—almost always need a parent or guardian to open an account with them, and the adult often stays on the account as a co-owner.
The specific rules vary by bank and by state. A bank's website or a phone call to their customer service line will tell you their exact age requirement and what documents you need. Some banks have no minimum age at all if a parent opens the account jointly; others set the minimum at 13 or 16. A few banks let teens open accounts entirely on their own at 18.
The account itself works the same way regardless of who opened it: money goes in, you can withdraw it, and you get a debit card. The main difference is whether the teen or the parent controls the account and can see the transactions.
Key Takeaways
- Teenagers aged 16 and 17 can open accounts at most banks without a parent present, though some banks require a co-signer.
- Teenagers under 16 typically need a parent or guardian to open a joint account, and the adult usually remains a co-owner.
- Each bank sets its own minimum age, so you need to check directly with the bank you want to use.
- A parent can open a custodial account for a younger teen that the teen can take over once they reach a certain age, usually 18 or 21.
What documents a teenager needs to bring
A teenager opening an account will need a government-issued photo ID—usually a state ID, driver's license, or passport. If the teen does not have one yet, some banks accept a school ID plus a birth certificate or Social Security card as proof of identity. A few banks will accept a parent's ID and the teen's birth certificate if the teen has no ID of their own.
The bank will also ask for a Social Security number. If the teen does not have one, they can apply for one at the Social Security Administration office, though this takes time. Some banks will let you open an account and add the number later.
If a parent is opening the account with the teen or as a co-owner, the parent will need their own ID and Social Security number as well. Bring both documents to the bank in person, or ask whether the bank lets you start the process online.
Checking versus savings accounts for teens
A checking account is meant for regular spending—you get a debit card and checks, money comes in and goes out frequently, and there are usually no limits on how many times you withdraw. A savings account is meant for money you are keeping, not spending. Savings accounts often pay a small amount of interest (money the bank pays you for letting them hold your money), but they may limit how many times you can withdraw per month.
For a teenager who is starting to earn money from a job or allowance, a checking account makes more sense if they plan to spend the money regularly. A savings account makes sense if they are saving toward something specific—a car, college, or a large purchase—and do not need to touch the money often.
Some banks offer accounts designed specifically for teens, with lower or no monthly fees, no minimum balance, and educational tools built in. These accounts often come with parental controls so a parent can set spending limits or see transactions. Ask your bank whether they have a teen account option.
Parental controls and account oversight
When a parent opens an account with a teenager or as a co-owner, the parent can usually see all transactions and set rules. Many banks let parents set daily spending limits on the debit card, block certain types of purchases (like online shopping or gas stations), or require approval for transactions over a certain amount. Some banks send parents alerts when the teen makes a purchase or when the balance drops below a set level.
These controls are useful for teaching a teenager how to manage money safely. A parent can start with strict limits and loosen them as the teen shows they can handle spending responsibly. Once the teen turns 18 or reaches another age the bank sets, the parent can usually remove themselves from the account, and the teen takes full control.
If the account is a custodial account—opened by a parent but legally owned by the teen—the parent has control until the teen reaches the age of majority (usually 18 or 21, depending on state and bank). At that point, the account automatically transfers to the teen's full control, and the parent's access ends.
Fees and minimum balances
Many banks charge a monthly maintenance fee for checking accounts, though some waive the fee if you keep a minimum balance or set up direct deposit. Teen accounts often have no monthly fee at all, or the fee is waived as long as the account stays open. Savings accounts may also have no fee, or they may charge a small fee if the balance drops below a certain amount.
Overdraft fees are another cost to watch. If a teenager tries to spend more money than is in the account, the bank may cover the difference and charge a fee (usually $25 to $35 per overdraft). Some banks let parents turn off overdraft protection so the card simply declines instead of charging a fee. This is often the safer choice for a teenager who is still learning to track their balance.
ATM fees can add up too. If the teen uses an ATM that is not owned by their bank, they may pay $2 to $3 per withdrawal. Using the bank's own ATMs or getting cash back at a store checkout is free.
Opening an account online versus in person
Some banks let you start the account opening process online, but most require at least one in-person visit if a teenager is involved. This is because the bank needs to verify the teen's identity and, if a parent is co-signing, confirm that both people agree to the account terms. A few banks will let you complete the entire process online if a parent is opening a custodial account and can verify their own identity electronically.
If you go in person, bring all required documents and expect the process to take 15 to 30 minutes. The bank will explain the account features, fees, and rules, and will set up the debit card on the spot or mail it to you within a few days. If you start online, the bank will tell you what to do next—usually a video call with a bank employee or a visit to a branch to finish up.
What happens when a teen turns 18
When a teenager turns 18, they become a legal adult, and the account rules change. If the account was opened with a parent as co-owner, the parent can stay on the account, but the teen now has the legal right to remove them. If it was a custodial account, it automatically converts to a regular account in the teen's name alone, and the parent's access ends.
The teen can now open new accounts without a parent's permission, take out loans, and make all financial decisions independently. Some banks will ask the teen to come in and sign new paperwork to confirm they understand the account is now theirs alone. The debit card and account number usually stay the same.
Frequently Asked Questions
Can a 13-year-old open a bank account without a parent?
No. Banks require a parent or guardian to open an account for anyone under 16, and most require the parent to remain on the account as a co-owner. The parent can usually set spending limits and see all transactions. At 16 or 17, depending on the bank, the teen may be able to open an account on their own or with just the parent present, not as a co-owner.
What if a teenager does not have a driver's license or state ID?
Bring a school ID plus a birth certificate or Social Security card. Some banks accept this combination as proof of identity. If the teen has none of these, a parent's ID plus the teen's birth certificate may work. Call the bank ahead of time to confirm what documents they accept.
Can a teenager open an account at a different bank than their parent uses?
Yes. The teen can choose any bank, though if a parent needs to co-sign or be present, both of you will need to go to that bank together. Some banks make it easier for teens to open accounts than others, so it is worth checking a few banks' websites to see their specific rules and fees.
Do teenagers need a Social Security number to open a bank account?
Most banks require one, but some will let you open an account and add the number later. If the teen does not have a Social Security number, they can apply at the Social Security Administration office, though it takes time. Ask the bank whether you can proceed without one temporarily.
What is the difference between a joint account and a custodial account?
A joint account has both the parent and teen as owners, and both can access and control the money. A custodial account is legally owned by the teen, but the parent controls it until the teen reaches a set age (usually 18 or 21), at which point the teen takes full control automatically. Custodial accounts are often used for savings or gifts meant for the teen's future.