Yes, minors can have bank accounts, but an adult must open and manage them
A minor—anyone under 18—cannot walk into a bank and open an account alone. Banks require a parent or legal guardian to open the account, sign the paperwork, and be listed as the account owner or co-owner. The minor's name appears on the account, but the adult has legal control and responsibility until the minor turns 18.
The specific rules depend on the bank and your state. Some banks let minors as young as 13 or 14 open accounts with a parent present. Others require the minor to be older. A few banks have separate teen accounts with limited features designed for younger account holders. The key point: the adult must be there in person or online to authorize it.
Key Takeaways
- A parent or legal guardian must open a minor's bank account and remain on it as the account owner or co-owner.
- Most banks allow minors to open accounts starting at age 13 or 14, though some require the minor to be 16 or older.
- The adult can set spending limits, monitor transactions, and control the debit card that comes with the account.
- When the minor turns 18, they can take sole ownership of the account or the parent can remove themselves.
What happens when you open an account for a minor
When a parent or guardian opens an account for a minor, the bank typically creates a custodial account or minor account. The adult is listed as the custodian or co-owner, and the minor is the beneficiary or secondary account holder. The adult's Social Security number and identification are required, along with the minor's Social Security number.
The adult can usually set restrictions on the account: daily spending limits, whether the minor can withdraw cash, whether they can make online transfers, and which merchants they can use the debit card at. Some banks let the parent monitor every transaction through the parent's own online banking login. Others give the minor their own login but let the parent see activity.
The minor receives a debit card in their own name, which they can use to make purchases or withdraw cash at ATMs. The card is linked to the account the adult opened, so the adult can see where and when it was used.
Age requirements vary by bank
There is no federal minimum age for a minor to have a bank account. Each bank sets its own rules. Most major banks—Chase, Bank of America, Wells Fargo, Citibank—allow minors as young as 13 to open accounts with a parent present. Some regional banks and credit unions have different thresholds: 14, 15, or 16.
A few banks have no minimum age at all, meaning a parent can open an account for a child of any age. Others require the minor to be at least 16 before they can have a debit card or make withdrawals themselves. Check with your specific bank about their policy before you go in.
Online banks sometimes have stricter rules because they cannot verify identity in person. Some online banks do not offer minor accounts at all. If you bank online, contact them directly to ask whether they support accounts for minors and what the age requirement is.
What documents you need to bring
To open a minor's account, bring the following to the bank:
- Your (the adult's) government-issued photo ID—driver's license, passport, or state ID card.
- Your Social Security number or Individual Taxpayer Identification Number (ITIN).
- The minor's Social Security number or ITIN.
- Proof of the minor's identity—birth certificate, passport, or state ID if they have one.
- Proof of your relationship to the minor if you are not a parent—adoption papers, guardianship order, or custody agreement.
Some banks also ask for a second form of ID or proof of address. Call ahead to confirm what your bank requires so you do not make a wasted trip.
Fees and account types for minors
Many banks waive monthly maintenance fees on minor accounts. Others charge a small fee—usually $5 to $10 per month—but waive it if the account maintains a minimum balance or if the parent has an account at the same bank. Some banks offer no-fee teen checking accounts specifically designed for younger account holders.
A minor's account is usually a checking account, which comes with a debit card and online access. Some banks also let minors open savings accounts. A few offer both in a bundle. Savings accounts typically earn interest, though the rate is usually very low—often less than 0.01% annually.
Compare what different banks offer before you choose. A bank with no monthly fee and a debit card is usually the best option for a minor who wants to spend money. A bank that offers both checking and savings lets the minor learn to save and spend separately.
When the minor turns 18
At age 18, the minor becomes a legal adult. The account does not automatically close or change. Instead, you and the minor have options:
- The adult can stay on the account as a co-owner, keeping full access and control.
- The adult can remove themselves, making the now-adult account holder the sole owner.
- The account can be converted to a standard adult account with no changes to the balance or card.
Most banks do not require any action—the account simply continues as is. However, some banks ask the new adult to visit in person or confirm online that they want to keep the account. If the adult wants to remove themselves, they can usually do so through online banking or by calling the bank. The account stays open and active under the new adult's name alone.
Why a minor might need a bank account
A bank account teaches a minor how to manage money, save, and use a debit card responsibly. It is safer than carrying cash. If the minor gets a job, an employer may require a bank account to deposit paychecks. A debit card also lets a minor make online purchases or pay for things without asking a parent for cash every time.
For parents, a minor's account is a way to monitor spending, set limits, and teach financial habits. The parent can see exactly where the money goes and can restrict certain types of purchases. Some parents use it as a tool to give their teenager an allowance or to let them manage money earned from a job.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. A parent or legal guardian must open the account and be listed as the owner or co-owner. A minor cannot open an account alone, even if they have a job or their own money.
What if the minor's parents are divorced or separated?
Either parent can open an account for the minor if they have legal custody or parental rights. If custody is shared, both parents can be listed as co-owners. If one parent has sole custody, only that parent can open the account. Bring custody papers or a court order if the bank asks.
Can a minor have a credit card instead of a debit card?
Not in their own name. A minor cannot hold a credit card account. However, a parent can add a minor as an authorized user on the parent's credit card account, which lets the minor use the card but keeps the account in the parent's name and responsibility.
What happens if the minor loses the debit card?
Call the bank immediately to report it lost or stolen. The bank will cancel the card and issue a replacement, usually within 5 to 10 business days. Most banks do not charge a fee for a replacement card. Until the new card arrives, the minor can still withdraw cash at ATMs or ask the parent to help with purchases.
Can a minor transfer money between their own accounts?
Yes, if the minor has multiple accounts at the same bank. Most banks let account holders transfer money between their own checking and savings accounts online or through a mobile app. If the accounts are at different banks, the minor may need the parent's permission or help to set up a transfer.