Yes, minors can have their own bank accounts, but a parent or guardian must open it and keep legal control until the child turns 18

A minor cannot walk into a bank alone and open an account. Banks require the account owner to be at least 18 years old to sign contracts. What a minor can do is have an account in their name, with a parent or guardian as a co-owner or custodian. The adult has full legal authority over the account, can see all transactions, and can withdraw money. The minor can use the account to deposit paychecks, make purchases with a debit card, and learn how money works—but cannot close the account or move the money without the adult's permission.

Most banks offer accounts specifically designed for minors, often called youth accounts, teen accounts, or junior accounts. These accounts come with a debit card, online access, and sometimes tools to set savings goals. Some banks set age limits—a few require the minor to be at least 13, others accept children as young as 6 or 7. When the minor turns 18, the account typically converts to a standard adult account, and the young person gains full control.

Key Takeaways

  • A parent or guardian must open a minor's account and remain the legal owner until the child turns 18.
  • Most banks offer youth accounts with debit cards and online access, though age minimums vary by bank.
  • The adult can see all transactions and withdraw money, but the minor can use the account to learn money management and deposit their own earnings.
  • When the minor turns 18, the account converts to an adult account under the young person's sole control.
  • Some banks charge monthly fees for youth accounts; others waive fees until the account holder reaches a certain age.

What happens when you open a minor's account at a bank

The parent or guardian goes to the bank with a photo ID and the minor's Social Security number. The bank will ask for the minor's date of birth and may ask for a second form of ID for the child—a school ID, passport, or state ID. Some banks allow you to open the account online; others require an in-person visit. The adult becomes the primary account holder and the minor becomes an authorized user or joint owner, depending on the bank's language.

Once the account is open, the minor receives a debit card in their name. The card works like any other debit card—the minor can use it to buy things, withdraw cash from ATMs, and make online purchases. The parent or guardian can set spending limits on some accounts, so the card may decline if the child tries to spend more than the daily or monthly cap. Both the adult and the minor can see the account online or through a mobile app, though the adult has the power to freeze or close the account at any time.

The bank will report the account to credit bureaus in the minor's name, which means the child begins building a credit history early. This can be helpful later—when the young person applies for their first credit card or car loan, they may already have a record of responsible account use.

Age requirements and which banks offer youth accounts

Age minimums vary. Chase, Bank of America, Wells Fargo, and Citibank all offer youth accounts, but each sets its own rules. Chase allows minors as young as 6; Bank of America requires 13; Wells Fargo requires 13; Citibank requires 18 (so they do not offer a true youth account). Credit unions often have lower age minimums than large banks and may offer accounts for children under 13. If you want to open an account for a young child, call your bank or credit union first to confirm they accept that age.

Some banks charge a monthly maintenance fee for youth accounts—typically $5 to $10—while others waive the fee until the account holder turns 18 or 21. A few banks waive fees permanently if the account meets certain conditions, such as maintaining a minimum balance or setting up direct deposit. Before opening an account, compare the fee structure across banks in your area. A credit union may offer a lower-cost option than a national bank.

Debit cards, spending limits, and what the minor can do

Most youth accounts come with a debit card. The minor can use it to make purchases in stores, online, and at ATMs. Some banks let the parent set daily spending limits—for example, the card might be capped at $50 per day or $200 per week. If the minor tries to spend more than the limit, the card declines. This gives the young person freedom to spend their own money while the parent maintains a safety boundary.

The minor can deposit money into the account by using an ATM, having a paycheck direct-deposited from an employer, or having the parent transfer money in. The minor can also withdraw cash at an ATM or ask the teller at the bank. However, the minor cannot close the account, change the account settings, or remove the parent as co-owner. Those actions require the adult's permission.

Online and mobile banking access varies by bank. Some banks give minors full access to the app so they can check their balance and see transactions. Others restrict the minor's access and require the parent to manage everything through the parent's login. Ask the bank what the minor will be able to see and do online before you open the account.

What happens when the minor turns 18

On or shortly after the minor's 18th birthday, the bank automatically converts the youth account to a standard adult account. The young person now has sole legal control—they can withdraw all the money, close the account, or change the account settings without the parent's permission. The parent's name may remain on the account as a co-owner if both parties agree, but the young person can remove them.

Some banks send a notice before the conversion happens, giving the young person time to understand what is changing. Others convert silently and the young person discovers the change when they log in. If you want to stay informed, ask the bank what their conversion process is and request that they notify you before it happens.

Alternatives if your bank does not offer youth accounts

If your bank does not have a youth account, you have other options. Credit unions often offer youth accounts with lower fees and more flexibility than large banks. You can also open a custodial account at an investment firm like Fidelity or Vanguard, though these are designed for saving and investing rather than everyday spending. A custodial account holds money in the minor's name but under the parent's control until the child reaches the age of majority (18 or 21, depending on state law).

Some parents use prepaid debit cards marketed to teens, such as Greenlight or FamZoo. These are not bank accounts—they are prepaid cards that the parent loads with money. The minor can spend the money on the card, but there is no interest earned and no credit history built. Prepaid cards work well for teaching spending habits, but they do not offer the same benefits as a real bank account.

Another option is to add the minor as an authorized user on the parent's existing account. The minor gets a debit card and can make purchases, but the account remains solely in the parent's name. This is simpler than opening a separate account, but the minor does not build their own credit history and has less independence.

Fees, interest, and other costs to know about

Youth accounts often come with lower or waived fees compared to adult accounts. However, some banks charge a monthly maintenance fee even for minors. Common fees include overdraft fees (if the account goes negative), ATM fees (if you use an out-of-network ATM), and wire transfer fees. Read the fee schedule before opening the account so you know what to expect.

Interest rates on youth savings accounts are typically very low—often less than 0.01% annually. This means a minor with $1,000 in the account will earn less than $1 per year in interest. If the goal is to teach the minor about saving, the interest earned will be minimal. If the goal is to build a credit history, the interest rate does not matter.

Some youth accounts offer perks like financial literacy tools, goal-setting features, or parent-to-child money transfer features. These extras do not cost more but can make the account more useful for teaching money management. Ask whether the bank offers these tools when you compare accounts.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. Banks require the account owner to be 18 years old to sign a contract. A minor must have a parent or legal guardian open the account and remain the legal owner. Some banks may accept a court-appointed guardian if the parent is not available.

What if the parent and minor disagree about spending the money?

The parent has legal control of the account until the minor turns 18, so the parent can withdraw money or freeze the account. If the minor is 18 or older, they have sole control and the parent cannot access the money without permission. If a dispute arises, it is a family matter, not a bank matter.

Does a minor's bank account affect their Social Security benefits or government aid?

It may. Some government programs count savings as income or assets and reduce benefits if the amount exceeds a threshold. If the minor receives SSI, TANF, or other means-tested benefits, check with the program administrator before opening a bank account. A custodial account or ABLE account may be a better option in some cases.

Can a minor have a savings account and a checking account?

Yes. A minor can have both, though most youth accounts combine checking and savings in one account. If you want separate accounts, you can open them at the same bank or at different banks. The parent remains the legal owner of both.

What happens to the account if the parent dies?

The account becomes part of the parent's estate. If the parent has a will, it may specify who should manage the account for the minor. If there is no will, a court will appoint a guardian to manage the money. The minor cannot access the account without a court order or the new guardian's permission.