Yes, minors can have bank accounts in their own name, but a parent or guardian must open it and co-sign
A minor—anyone under 18 in most states—cannot walk into a bank alone and open an account. Banks require a parent or legal guardian to be present, verify their identity, and sign the paperwork. The account will be in the minor's name, but the adult has full access and control until the minor reaches the age of majority (18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi).
The adult on the account is legally responsible for how the money is used and must report any suspicious activity. Some banks allow the minor to have a debit card and online access; others restrict what the minor can do until they turn 18. The rules vary by bank and by state, so you will need to check with your specific institution about what they allow.
Key Takeaways
- A parent or legal guardian must be present and co-sign to open a minor's account; the minor cannot do it alone.
- The account belongs to the minor, but the adult has full control and access until the minor reaches the age of majority.
- Banks offer different account types for minors, ranging from basic savings accounts to accounts with debit card and online access.
- The adult's Social Security number and the minor's Social Security number are both required to open the account.
- At age 18 (or 19–21 depending on your state), the minor can take sole control of the account without the adult's permission.
What documents you need to open a minor's account
Bring the minor and the parent or guardian together to the bank. The bank will ask for a government-issued photo ID from the adult—usually a driver's license or passport. They will also need the minor's Social Security number and proof of the minor's identity, which can be a birth certificate, passport, or school ID depending on the bank's policy.
Some banks also ask for proof of address, such as a utility bill or lease in the adult's name. A few banks will accept an online application if you have an existing account with them, but most require an in-person visit for a first account. Call ahead to confirm what your bank needs; this saves a trip.
Types of accounts available for minors
Most banks offer a youth savings account or teen checking account designed for minors. A youth savings account is usually simple: the minor can deposit and withdraw money, but there are no checks or debit card. Interest rates on these accounts are often low or zero.
A teen checking account typically comes with a debit card and online or mobile banking access. The adult can set spending limits, monitor transactions, and receive alerts when the minor uses the card. Some banks allow the minor to write checks; others do not. A few banks offer accounts with no monthly fee for minors, while others charge a small fee if the balance drops below a certain amount.
Credit unions often have similar options and may offer better interest rates on savings. Shop around—different banks have different rules about what the minor can do, what fees apply, and when the account converts to a standard adult account.
When the minor can take control of the account
At the age of majority in your state, the minor automatically becomes the sole owner of the account. In most states this is 18; in Alabama and Nebraska it is 19; in Mississippi it is 21. The adult's name remains on the account history, but they no longer have access or control. The minor can then change the account settings, remove the adult, set up online banking under their own credentials, and make all decisions about the money.
Some banks send a notice to both the minor and the adult when this transition happens. Others do nothing, and the minor must contact the bank to update their access. If the minor wants the adult to remain involved after reaching the age of majority, they can add the adult back as an authorized user, but this is the minor's choice, not automatic.
What the adult can and cannot do
The adult co-signer can deposit money, withdraw money, and see all transactions. They receive statements and can set up alerts. If the bank offers a debit card for the minor, the adult can usually set daily spending limits and turn the card on or off. The adult can also close the account, though many banks require both signatures to do so.
What the adult cannot do is use the account as their own. The money belongs to the minor, and the adult is a fiduciary—they must act in the minor's interest. If the adult takes money from the account for their own use without the minor's permission, that is theft, even though they are on the account. The adult is also liable if the account goes negative; the bank can pursue the adult for overdraft fees or a negative balance.
How to move from a minor's account to an adult account
When the minor reaches the age of majority, they do not have to do anything. The account remains open and is now theirs alone. However, many minors want to switch to a different account type—one designed for adults, with different features, fees, or interest rates.
To switch, the minor simply opens a new account in their own name at the same bank or a different one. They can then transfer the balance from the old account to the new one. Some banks allow the minor to convert the youth account to an adult account without opening a new one; ask your bank whether this is an option. Once the balance is zero, the old account can be closed.
If the adult wants to remain involved after the minor turns 18, the minor can add them as an authorized user on the new account. This is different from a co-signer: an authorized user has access but is not legally responsible for the account.
Special situations: guardianship and UTMA accounts
If a minor is in foster care or has a court-appointed guardian who is not a parent, the guardian can open an account the same way a parent does. The bank will ask for proof of guardianship, usually a court order.
Some families use a UTMA account (Uniform Transfers to Minors Act) or UGMA account (Uniform Gifts to Minors Act) instead of a regular joint account. These are custodial accounts where an adult holds the money in trust for the minor. The money is legally the minor's, but the adult controls it until the minor reaches a certain age (usually 18 or 21, depending on the state and the account type). UTMA and UGMA accounts have tax implications and are less common than regular joint accounts, but they offer more legal protection for the minor's money. Ask your bank or a tax professional whether one of these makes sense for your situation.
Frequently Asked Questions
Can a minor open a bank account without a parent or guardian?
No. Banks require a parent or legal guardian to be present, provide identification, and co-sign the account. A minor cannot open an account alone, even if they have their own Social Security number and identification.
What happens to the account when the minor turns 18?
The account automatically becomes the minor's sole property. The adult's access ends, and the minor now has full control. The account does not close or change unless the minor chooses to switch to a different account type.
Can the adult take money out of the minor's account without permission?
Legally, no. The money belongs to the minor, and the adult is a fiduciary. Taking money without permission is theft. However, the adult can see all transactions and can withdraw money if the minor asks them to or if they have the minor's permission.
Do minors' accounts earn interest?
Some do, but most youth savings accounts offer very low interest rates—often 0.01% or less. Teen checking accounts rarely earn interest. If building savings is the goal, ask the bank about their rates and compare to other banks or credit unions, which sometimes offer better rates for minors.
What if the minor and the adult disagree about the money?
Until the minor reaches the age of majority, the adult has legal control. If there is a serious disagreement, the minor's only option is to ask the adult to remove themselves from the account or to wait until they turn 18. After 18, the minor can remove the adult without permission.