The age requirement depends on the account type and the bank
Most banks let you open a checking or savings account at any age if a parent or guardian co-signs. The adult on the account is legally responsible for it, and the bank treats them as the account holder. You can use the account, but the parent controls withdrawals, can see all transactions, and can close it.
If you want an account in your name alone with no adult co-signer, most banks require you to be 18 years old. Some banks set the age at 16 or 17, but 18 is the standard across major institutions. A few banks and credit unions have different rules, so calling ahead saves a trip.
The reason is legal: at 18, you can sign a binding contract. A bank account is a contract between you and the bank. Before 18, you cannot legally sign one yourself, which is why a parent or guardian has to do it.
Key Takeaways
- You can open a bank account at any age if a parent or guardian co-signs and takes legal responsibility for the account.
- To open an account in your name alone, you must be 18 years old at most banks, though some credit unions or online banks may allow it at 16 or 17.
- A co-signed account lets you use a debit card and make deposits, but the adult can see all activity and control large withdrawals.
- You will need a Social Security number and a form of ID (or the parent will need theirs if you are under 18).
What happens when you turn 18
When you reach 18, you can convert a co-signed account to one in your name alone, or open a new account without a co-signer. The bank will ask you to sign new paperwork. The parent's name comes off the account, and you become the sole owner.
Some banks do this automatically on your birthday if they have your date of birth on file. Others require you to visit a branch or call to request the change. Check with your bank about their process so you know what to expect.
If you want to keep the account as a co-signed account after 18, you can. Some people do this to maintain parental oversight, or because the parent wants to keep monitoring the account. It is your choice and the parent's choice together.
What you need to bring to open an account under 18
If you are opening a co-signed account, bring your Social Security number and a form of ID. A school ID, passport, or state ID works. The parent or guardian will need their own ID and Social Security number as well.
Some banks ask for proof of address, like a utility bill or lease in the parent's name. A few ask for a birth certificate. Call the bank before you go so you know exactly what to bring — requirements vary by institution and by state.
If you are opening the account online, you may be able to upload photos of your ID and the parent's ID instead of visiting a branch. Many banks now offer this option, though some still require an in-person visit for accounts with minors.
Joint accounts versus custodial accounts
Banks offer two main structures for accounts with minors. A joint account has both names on it from the start. Both the minor and the adult can deposit and withdraw money. The adult can see all activity.
A custodial account is held in the minor's name, but the adult is the custodian — a legal guardian of the money. The minor owns the money, but the adult controls it until the minor reaches the age of majority (usually 18 or 21, depending on state law). At that point, the account automatically transfers to the minor's sole control.
Most banks use joint accounts for simplicity. Custodial accounts are more common at investment firms and are used for savings meant to transfer to the child later. Ask the bank which structure they use when you open the account.
Banks and credit unions with different age rules
Most major banks (Chase, Bank of America, Wells Fargo, Citibank) require 18 to open an account alone. Some credit unions allow 16 or 17 with a co-signer and let you convert to a solo account at 16 or 17 if you meet certain conditions — like maintaining a minimum balance or having direct deposit set up.
Online banks like Ally, Charles Schwab, and Chime have varying policies. Some allow 13 or older with a co-signer; others stick to 18. A few online banks let you open a teen account at 13 with parental consent, then convert it at 18.
If you are close to 18 and want an account in your name alone, it is worth calling a few credit unions or online banks in your area to ask their minimum age. You may find one that allows it earlier than the standard 18.
What you can do with a co-signed account
With a co-signed account, you can use a debit card to make purchases and withdraw cash from ATMs. You can deposit checks and money. You can set up direct deposit for paychecks. The bank will issue statements, and both you and the parent can see the activity.
The parent can set limits on the account. Some banks let the parent restrict daily ATM withdrawals, set a maximum transaction amount, or require approval for transfers over a certain size. These controls help teach money management while protecting the account.
You cannot take out a loan, open a credit card, or make large transfers without the parent's knowledge or approval. The parent is the legal account holder, so the bank answers to them if there is a problem.
Frequently Asked Questions
Can I open a bank account at 16 or 17?
Most major banks require 18 to open an account in your name alone. However, some credit unions and online banks allow it at 16 or 17. Call ahead to ask, or ask your parent to check with their bank — some banks let you open an account at the same age as a sibling or child of an existing customer.
What if I do not have a Social Security number?
You need a Social Security number to open a bank account in the United States. If you do not have one, you can apply for one through the Social Security Administration. The process takes a few weeks. Some banks will let you apply for an account and provide the number later, but most require it upfront.
Can my parent open an account for me without me being there?
Most banks require you to be present to open an account, even as a minor. Some online banks let the parent open an account and add the child later. Call the bank to ask — policies vary. If you cannot visit in person, ask whether they offer remote account opening with video verification.
Do I need permission from both parents to open an account?
If both parents have legal custody, most banks require both to co-sign. If only one parent has custody, that parent can open the account alone. Bring custody documents if the situation is unclear. The bank will ask for proof of who has legal authority.
What happens to a co-signed account if the parent dies?
The account does not close. The funds remain yours, but the bank may freeze it temporarily while the parent's estate is settled. You will need to provide a death certificate and may need to work with the parent's executor or the probate court. Contact the bank as soon as possible to ask what steps come next.