Most banks require an adult co-owner for minors under 18

A minor cannot open a bank account alone at most traditional banks. Nearly every bank in the United States requires at least one parent or legal guardian to co-own the account if the account holder is under 18. The adult becomes a joint owner with full access to the account, not just a signer on behalf of the minor.

Some banks set the age requirement higher. A few require an adult co-owner until age 21. Before you visit a branch, call ahead and ask the specific age at which your bank allows solo accounts—it varies by institution.

The adult co-owner can see all transactions, withdraw money, and close the account. This is different from a custodial account, where an adult manages money on behalf of a minor but the minor is the legal owner. Most teen accounts are joint accounts, not custodial ones.

Key Takeaways

  • A parent or legal guardian must co-own the account with a minor under 18 at most banks, giving them full access to the account.
  • Some banks allow minors to open accounts at younger ages than others, so you need to check your specific bank's policy.
  • A few online banks and credit unions offer accounts for minors without an adult co-owner, though these are less common than traditional options.
  • The adult co-owner can withdraw money and see all transactions, so choose someone you trust completely.
  • You will need identification for both the minor and the adult, plus proof of address, which usually means a utility bill or lease in the adult's name.

What documents you need to bring

Both the minor and the adult will need to show identification. Acceptable ID for a minor usually includes a school ID, state ID, passport, or birth certificate. The adult needs a government-issued photo ID such as a driver's license or passport.

You will also need proof of address. Most banks accept a recent utility bill, lease agreement, or mortgage statement in the adult's name. Some banks accept mail from government agencies or insurance companies. Call your bank before you go to confirm what counts as proof of address in your area.

If the minor does not have a Social Security number, you can still open an account in most cases, but the bank will ask for an Individual Taxpayer Identification Number (ITIN) instead. The adult will need their Social Security number.

Online banks and credit unions with different rules

A small number of online banks and credit unions allow minors to open accounts without an adult co-owner. Greenlight, for example, is designed specifically for teens and does not require a parent to be a joint owner, though a parent must set up the account initially. Some credit unions have similar teen-only accounts.

Online banks often have lower minimum balances and fewer fees than traditional banks, but they do not have physical branches. If you need to deposit cash or speak to someone in person, an online bank may not work for you. Many online banks accept mobile check deposits, which lets you photograph a check and upload it through an app.

Credit unions sometimes offer teen accounts with different rules than their regular accounts. If you belong to a credit union through a parent's employer or membership, ask whether they have a teen account option. Credit union rules vary widely by location and institution.

What happens when the minor turns 18

When the account holder reaches 18, the adult co-owner does not automatically lose access. The account remains a joint account unless both owners agree to change it. At that point, the now-adult account holder can visit the bank and request to remove the co-owner, or the co-owner can request removal.

Some banks allow the removal to happen online or by phone. Others require both owners to visit a branch in person. If the two people disagree about removing the co-owner, the bank's policy determines what happens next—some banks require both signatures to make changes, while others allow either owner to close the account unilaterally.

If you plan to remove a co-owner when you turn 18, talk to the bank about the process before your birthday. Knowing the steps in advance prevents surprises.

Alternatives if an adult cannot co-own the account

If no parent or legal guardian is available, a court-appointed conservator or guardian can co-own the account instead. You will need to bring documentation of the guardianship to the bank.

Some banks allow a non-parent adult—such as a grandparent, aunt, or older sibling—to co-own a minor's account if they can show legal guardianship or a power of attorney document. A power of attorney is a legal document that gives one person authority to act on behalf of another. This requires a lawyer to draw up and sign, so it is not free, but it may be an option if guardianship is not in place.

If you are in foster care, your caseworker or the state child welfare agency may be able to help you open an account. Some states have programs that help foster youth build financial independence, including bank account access.

Prepaid cards as an alternative to bank accounts

If opening a traditional bank account is not possible right now, a prepaid debit card is another way to manage money. Prepaid cards do not require a co-owner and do not require a credit check. You load money onto the card, and you can spend up to that amount.

Prepaid cards charge fees—usually $5 to $15 per month for the card itself, plus fees for ATM withdrawals, balance inquiries, or customer service calls. These fees add up quickly, especially if you use the card frequently. A bank account, even with a co-owner, usually has lower or no monthly fees.

Prepaid cards also do not build a banking history or credit history the way a bank account does. If you want to build credit for the future, a bank account is the better choice.

How to choose between banks for a teen account

Compare the monthly fee, minimum balance requirement, and ATM network before you choose. Some banks charge $5 to $10 per month for teen accounts. Others charge nothing. A few waive the fee if you maintain a minimum balance, such as $100.

Check whether the bank has ATMs near your home or school. If you use an ATM outside the bank's network, you will pay a fee—usually $2 to $3 per withdrawal. Banks with large ATM networks or that reimburse out-of-network fees save you money over time.

Ask whether the account comes with a debit card and whether you can set up mobile banking or a mobile app. Teen accounts often have spending limits or parental controls built in, which can help you learn to budget. If that matters to you, ask the bank what controls are available.

Frequently Asked Questions

Can a 16-year-old open a bank account without a parent?

No, not at most banks. A parent or legal guardian must co-own the account. A few online banks and credit unions have different rules, so it is worth calling ahead to ask. If no parent is available, a court-appointed guardian or conservator can co-own instead.

What if the adult co-owner takes money out of the minor's account?

Because the co-owner is a joint owner with full legal access, the bank will not stop them from withdrawing money. If you believe money was taken without permission, you can report it to the bank and to local police, but the bank may not reverse the transaction since the co-owner had legal right to it. This is why choosing a trustworthy co-owner matters.

Can a minor open an account at a different bank than their parent uses?

Yes. The parent does not have to bank there themselves. However, both the minor and the parent will need to visit the branch together or complete the process online if the bank offers it. Some banks allow you to open accounts online with both owners signing electronically.

Do I need a Social Security number to open a bank account as a minor?

Most banks require a Social Security number or ITIN. If you do not have one, ask the bank whether they can open the account with an ITIN instead. The process takes longer because the bank has to verify your identity through other means, but it is possible.

What happens if the co-owner dies or becomes incapacitated?

The account becomes part of the co-owner's estate and may go through probate, a legal process that can take months. To avoid this, talk to the co-owner about naming you as a beneficiary on the account, which lets the money pass to you directly without probate. Not all banks offer this option, so ask.