Yes, minors can open bank accounts, but not alone

A minor cannot walk into a bank and open an account by themselves. Every bank requires a parent or legal guardian to co-sign or co-own the account. The adult becomes responsible for the account and can see all transactions, set spending limits, and close it if needed. Some banks allow minors as young as birth; others require the child to be at least 13 or 16. The rules vary by bank and by account type.

The adult on the account does not need to be a parent—it can be a grandparent, aunt, uncle, or other legal guardian. What matters is that someone 18 or older with a valid ID and Social Security number takes legal responsibility for the account.

Key Takeaways

  • A parent or legal guardian must open the account with the minor; the minor cannot do it alone.
  • Most banks allow minors to have accounts starting at age 13, though some allow younger children if a parent opens it.
  • The adult on the account can see all activity, set withdrawal limits, and control spending through the bank's tools.
  • Accounts for minors often have no monthly fees and come with a debit card once the child reaches a certain age.
  • The minor's name and the adult's name both appear on the account, and both may be able to make withdrawals.

What you need to bring to open an account

The adult needs a government-issued photo ID (driver's license, passport, or state ID) and a Social Security number. The minor needs a Social Security number; some banks also ask for a birth certificate or school ID, though this varies.

You can open an account in person at a branch, online, or by mail, depending on the bank. Online and mail routes are faster but require the adult to verify their identity through the bank's system—usually by uploading a photo of their ID or answering security questions. In-person is the most straightforward if you have a branch nearby.

Age limits and what changes as the minor grows

Most major banks (Chase, Bank of America, Wells Fargo, Ally) allow minors to open accounts starting at age 13. Some regional banks and credit unions set the minimum at 16. A few allow accounts for younger children if opened by a parent, with the child added later.

Once the minor turns 18, they can take over the account alone. The parent's name can stay on it, or the adult can remove themselves—the bank will walk you through this. Some accounts automatically convert to a standard adult account at 18; others stay the same unless you ask to change them.

Before age 13 or 16 (depending on the bank), the minor cannot access the account online or by debit card without the parent's permission. Once they reach the bank's minimum age for digital access, they can usually get their own debit card and online login, though the parent retains oversight.

How parents can monitor and control spending

Most banks give the parent a separate online login where they can see all deposits and withdrawals, set daily spending limits on the debit card, and turn the card on or off. Chase's teen checking, for example, lets parents set a maximum daily withdrawal amount. Bank of America's teen account shows parents real-time alerts when the card is used.

The parent can also restrict what the card can be used for—some banks let you block online purchases, ATM withdrawals, or out-of-state transactions. These controls are designed to teach the minor about money while protecting against fraud or overspending.

If the minor loses the card or it is stolen, the parent can freeze it immediately through the app or by calling the bank. The minor is not liable for fraudulent charges if reported quickly, just as an adult would not be.

Fees and features of minor accounts

Most banks offer no monthly maintenance fee on teen or minor accounts. Some waive fees only while the minor is under 18; others keep them free as long as the account stays open. Read the fine print before opening, because fees vary widely.

Debit cards usually come free, though some banks charge $5 to $15 for a replacement card if it is lost or damaged. Overdraft protection—where the bank covers a purchase if the account runs short—is often turned off by default on minor accounts to prevent debt, but parents can enable it if they choose.

Interest rates on savings are typically very low (often under 0.01% at large banks), though some online banks and credit unions offer higher rates. If the goal is to teach saving rather than earn interest, this matters less. If you want the minor to actually earn money on deposits, compare rates across banks before opening.

Differences between joint accounts and custodial accounts

A joint account has both names on it, and both the parent and minor can withdraw money. The parent can see activity and set limits, but the minor has direct access. This is the most common type for teens.

A custodial account (also called a UTMA or UGMA account) is held in the minor's name, with the parent as custodian. The parent controls it until the minor reaches age 18 or 21 (depending on state law), at which point the minor takes full ownership. Custodial accounts are less common at banks and more common at investment firms, but some banks offer them. The key difference is that the minor eventually owns the money outright; with a joint account, the parent can always withdraw it.

For a basic checking or savings account, a joint account is simpler and more common. Custodial accounts are better if you are setting aside money specifically for the minor's future and want it to transfer to them automatically at a certain age.

What happens if the parent and minor disagree

If the minor wants to close the account or make a large withdrawal and the parent refuses, the parent's authority wins while the minor is under 18. The parent can close the account at any time, and the minor cannot override this.

Once the minor turns 18, they can close the account or remove the parent without permission, though some banks require both signatures if the parent is still on it. If conflict is likely, discuss expectations before opening the account—what the money is for, when the minor can access it, and what happens at 18.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. Every bank requires a parent or legal guardian to co-sign or co-own the account. The adult must be present (in person or online) and provide their ID and Social Security number. A minor cannot open an account alone at any major U.S. bank.

What is the youngest age a minor can open a bank account?

It depends on the bank. Most allow minors starting at age 13. Some credit unions and regional banks set the minimum at 16. A few banks allow parents to open accounts for younger children, though the child cannot access it independently until they reach the bank's minimum age for debit cards or online access.

Can a grandparent open a bank account for a grandchild?

Yes. A grandparent can open a joint account with a grandchild if they have legal guardianship or the parent's permission. The grandparent's name and the grandchild's name both go on the account. If the grandparent does not have guardianship, the parent must be present or give written consent.

Does the parent see every transaction on the minor's account?

Yes, in a joint account. The parent can log in and see all deposits, withdrawals, and card purchases in real time. Most banks also let parents set up alerts for transactions over a certain amount. Once the minor turns 18, they can remove the parent's access if they choose.

What happens to the account when the minor turns 18?

The account usually stays open and active. The minor can now withdraw money and make decisions without the parent's permission. The parent's name can stay on the account, or the minor can ask the bank to remove it. Some accounts automatically convert to a standard adult account; others stay the same unless you request a change.