Minimum age to open a bank account

You must be at least 18 years old to open a bank account in your own name at most U.S. banks. Some banks allow minors as young as 13 to open accounts, but only with a parent or guardian as a co-owner on the account. A few banks set their minimum age at 16 or 17, so the exact requirement depends on which bank you choose.

If you are under 18, you cannot sign a binding contract, which is what a bank account agreement is. That is why banks require a parent or guardian to co-sign. The adult's name appears on the account alongside yours, and they have full access to the money and account activity.

Once you turn 18, you can open an account without a co-owner. At that point, you can also remove a parent from an existing account if you want sole control, though some banks require the co-owner to consent or visit in person to make that change.

Key Takeaways

  • You must be 18 to open a bank account alone; minors can open accounts only with a parent or guardian as co-owner.
  • Some banks allow minors as young as 13 to open joint accounts, while others require 16 or 17, so check your bank's specific policy.
  • A co-owner has full access to the account, including the ability to withdraw money and see all transactions.
  • At 18, you can open your own account and can remove a co-owner from an existing account, though the process varies by bank.

What happens when a minor opens an account with a parent

When you open a joint account as a minor, the parent or guardian becomes a co-owner, not just an authorized user. This means they have the same legal rights to the account as you do. They can deposit money, withdraw funds, close the account, or change account settings without asking your permission.

The parent's Social Security number and credit history are tied to the account, just as yours are. If the account goes negative or is reported to collections, it can affect both of your credit records. Some banks also run a background check on both the minor and the adult before opening the account.

Many parents use joint accounts to teach their children about money management. Others use them to deposit allowance or earnings and monitor spending. The account stays joint until you turn 18 and take steps to remove the co-owner, which usually requires a visit to the bank or a signed form.

Banks with lower age minimums for minors

Several large banks and credit unions offer accounts for children under 18. Chase allows minors as young as 13 to open a Chase First Banking account with a parent. Bank of America has a similar product for ages 13 and up. Wells Fargo requires a parent to be present but does not set a strict minimum age for some of its youth accounts.

Credit unions often have more flexible policies than national banks. Many credit unions allow minors as young as 12 or 13 to open accounts with a parent co-owner. Some credit unions also waive monthly fees for youth accounts or offer higher interest rates on savings to encourage young people to save.

Online banks like Ally and Discover generally require you to be 18 to open an account, even with a co-owner, because they do not have physical branches where a parent can sign in person. Always check the specific bank's website or call their customer service line to confirm their age policy before visiting a branch.

What you need to bring when opening an account under 18

Both the minor and the parent or guardian must be present at the bank to open a joint account. Bring a government-issued photo ID for both people — a driver's license, passport, or state ID card. If the minor does not have a photo ID yet, some banks accept a school ID or birth certificate, but policies vary.

You will also need proof of address, usually a utility bill, lease, or mortgage statement in the parent's name. The bank will ask for both Social Security numbers and may ask about the source of any initial deposit. Some banks require a minimum opening deposit, which can range from $0 to $100 depending on the account type.

Bring any documents related to guardianship if the account holder is not a biological parent — a custody order or legal guardianship papers. The bank needs to confirm that the adult has the legal right to co-sign on behalf of the minor.

Removing a parent from your account at 18

Once you turn 18, you can request to remove the co-owner from your account. The process varies by bank. Some banks allow you to do this online or by phone if you are the primary account holder. Others require both the account holder and the co-owner to visit the branch in person and sign a form authorizing the change.

A few banks require the co-owner to formally consent in writing before removing them. This protects the bank from disputes later. If the co-owner refuses to consent and the bank requires it, you may need to close the account and open a new one in your name alone.

Before you turn 18, talk to your parent about the plan to remove them from the account. Some parents appreciate a heads-up, and it can prevent confusion or conflict when the request is made. If you want to keep the account open and simply want privacy, ask the bank whether they offer options like limiting what the co-owner can see or restricting their access to certain transactions.

Opening an account at 18 without a co-owner

At 18, you can walk into any bank and open an account in your name alone. You will need a government-issued photo ID, proof of address, and your Social Security number. The process takes about 15 to 30 minutes and requires only your signature on the account agreement.

You can open an account at a national bank, a local bank, a credit union, or an online bank. Online banks often have lower fees and higher interest rates on savings accounts, but they do not have physical branches if you need to deposit cash or speak to someone in person. National and local banks offer in-person service but may charge monthly maintenance fees.

If you already have a joint account from when you were a minor, you do not have to close it to open a new account. You can keep both open, transfer money between them, and eventually close the joint account once you have moved all your funds over.

Special cases: emancipation and guardianship

If you are a minor who has been legally emancipated, you may be able to open an account without a co-owner, depending on your state and the bank. Emancipation means a court has declared you legally independent from your parents. Bring the emancipation order to the bank as proof of your status.

If you are a minor in foster care or under court-ordered guardianship, the guardian can open an account on your behalf. The guardian's name will appear as co-owner. When you turn 18, the same process applies — you can request to remove them and take sole control of the account.

If you are a minor who is homeless or in a domestic violence situation and cannot involve a parent or guardian, some banks and credit unions have programs that allow you to open an account with a trusted adult who is not a family member. Call ahead to ask whether the bank offers this option.

Frequently Asked Questions

Can a 16-year-old open a bank account without a parent?

Most banks require a parent or guardian to co-sign for anyone under 18. A few banks allow 16- or 17-year-olds to open accounts without a co-owner, but this is uncommon. Call your local bank or credit union to ask about their specific policy for your age.

What if I turn 18 but my parent refuses to remove themselves from my account?

You can close the joint account and open a new one in your name alone at any time after you turn 18. You do not need the co-owner's permission to close an account you own. Transfer your money to the new account and then close the old one.

Can I open a bank account if I do not have a Social Security number?

Most banks require a Social Security number to open an account. If you do not have one, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead. Call the bank ahead of time to confirm they accept ITINs, as policies vary.

Do I need to bring my birth certificate to open an account at 18?

No. A government-issued photo ID like a driver's license or passport is sufficient. A birth certificate is not a photo ID and is usually not accepted as primary identification, though some banks may ask for it as a secondary document if you do not have a photo ID yet.

Can a grandparent or other relative co-sign on a minor's account instead of a parent?

Yes. Any adult can co-sign on a minor's account as long as they have a valid ID and Social Security number. The bank does not require the co-owner to be a biological parent or legal guardian, though you may need to bring guardianship papers if the adult is not the legal guardian.