Minimum age to open your first account
You must be at least 18 years old to open a bank account in your own name at most U.S. banks. This is the legal age of majority, which means you can sign contracts and enter into binding agreements — including the account holder agreement you sign when you open an account.
If you are under 18, you have two paths: open a custodial account with a parent or guardian as the account owner, or wait until you turn 18 to open an account yourself. Some banks offer teen accounts that let you operate the account with parental oversight before you reach 18, but the parent remains the legal account holder.
A few banks and credit unions set their minimum age higher — at 21 — though this is uncommon. Always call or check the bank's website to confirm their specific age requirement before you visit a branch.
Key Takeaways
- You must be 18 years old to open a bank account in your own name at most banks in the United States.
- If you are under 18, you can open a custodial account where a parent or guardian is the legal owner but you can use the account.
- Teen accounts let minors use a debit card and make transactions while a parent maintains control and oversight of the account.
- Some banks require you to be 21 to open certain account types, so check with your specific bank before applying.
Custodial accounts for minors under 18
A custodial account is opened and owned by a parent or legal guardian on behalf of a minor. The adult is the account holder of record, but the minor can use a debit card, make deposits, and withdraw money — often with limits set by the parent or the bank.
The parent or guardian must be present to open the account and will need to provide their own identification and Social Security number. The minor's Social Security number is also required. Once the account is open, the minor can often manage it through the bank's app or website, though the parent retains full legal control.
When the minor turns 18, the account typically converts to a standard account in their name, or the parent can close it and help the minor open a new account. The timing and process vary by bank, so ask what happens at age 18 when you open the account.
Teen accounts and parental controls
Many banks offer accounts specifically designed for teenagers, sometimes called teen checking or youth accounts. These accounts let a minor use a debit card and make transactions while a parent monitors activity through a linked parent app or online dashboard.
Teen accounts typically come with spending limits, transaction alerts, and the ability for the parent to freeze the card or block certain types of purchases. The parent receives notifications when the teen makes a purchase, withdraws cash, or receives a deposit. This setup lets a teenager build banking habits and credit awareness while the parent maintains oversight.
The minimum age for a teen account varies — some banks allow them at age 13, others at 16. The parent must open the account and remain the legal owner until the teen reaches 18, at which point the account converts to a standard account.
What happens when you turn 18
When you reach 18, you can open a bank account in your own name without a parent or guardian. You will need a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of address (a utility bill, lease, or bank statement).
If you already have a custodial or teen account, the bank will notify you about converting it to an adult account. Some banks do this automatically; others require you to visit a branch or complete a form. Ask your bank what the process is so you know what to expect.
Once your account is in your name alone, you have full control and responsibility. The parent or guardian no longer has access unless you add them as an authorized user, which you can do at any time.
Age requirements for specific account types
Most banks apply the same 18-year-old minimum to checking and savings accounts. However, some account types have different rules. Money market accounts, certificates of deposit (CDs), and investment accounts may require you to be 21 or older, or they may require a custodian even if you are 18.
If you want to open a joint account with someone else — for example, a parent or spouse — the rules depend on the bank and the co-owner's age. A joint account with a minor typically requires the adult to be present and to sign the account agreement.
Credit unions sometimes have different age rules than banks, so check with your specific credit union if that is where you plan to open an account.
Documentation you will need at any age
Whether you are 18 or older, you will need to provide identification and proof of identity when you open an account. For an adult opening an account alone, bring a valid government-issued ID and your Social Security number. Most banks also ask for proof of address, such as a recent utility bill or lease agreement.
For a custodial account, the parent or guardian brings their ID and Social Security number, and the minor's Social Security number. Some banks ask for the minor's birth certificate as well. If either the parent or minor does not have a Social Security number, the bank can often use an Individual Taxpayer Identification Number (ITIN) instead.
If you do not have a government-issued ID, some banks will accept a school ID, tribal ID, or passport card. Call ahead to ask what forms of ID your bank accepts.
Opening an account online versus in person
Many banks let you open an account online if you are 18 or older. The process is faster — usually 10 to 15 minutes — and you can do it from home. You will upload a photo of your ID and provide your information electronically. Some banks send a debit card within 3 to 5 business days; others let you use a temporary digital card immediately.
If you are under 18, you must open a custodial account in person at a branch. Both the minor and the parent or guardian need to be present with valid identification. This requirement exists because the bank needs to verify both people's identities and have them sign the account agreement in front of a bank employee.
Some banks allow you to start the online process and then complete it in person, which can save time if you know what to expect.
Frequently Asked Questions
Can a 16-year-old open a bank account without a parent?
No. You must be 18 to open an account in your own name. At 16, you can open a teen account or custodial account with a parent or guardian present. Some banks allow teens to open accounts at 13 or 14 with parental involvement.
What if I do not have a Social Security number?
You can use an Individual Taxpayer Identification Number (ITIN) instead. Bring the ITIN letter from the IRS when you open the account. Not all banks accept ITINs, so call ahead to confirm.
Can I open a joint account with someone under 18?
Yes, but the minor cannot be the sole account holder. A parent, guardian, or other adult must be a joint owner. The rules vary by bank, so ask whether both owners need to be present to open the account.
Do I need to be a certain age to close my account?
If you are 18 or older, you can close your account at any time. If you are under 18 with a custodial account, the parent or guardian must close it or authorize the closure. Once you turn 18, you can close the account yourself.
What happens to a teen account when I turn 18?
The account typically converts to a standard adult account in your name. The parent loses access unless you add them as an authorized user. The bank will send you a notice before the conversion happens, and some banks require you to sign new paperwork.