Yes, minors can open bank accounts, but the rules depend on age and the bank
A minor can open a bank account in most cases, but you will need a parent or guardian to co-sign or be a joint account holder. The exact process and what accounts are available depend on the child's age and the bank's own rules. Some banks allow children as young as 13 to open accounts with parental permission; others require a parent to be on the account until age 18 or older.
The account type matters too. A custodial account or teen account is designed specifically for minors and usually comes with parental controls and spending limits. A regular joint account works but gives the parent full access to the money. Some banks offer accounts that transition to independent accounts once the child reaches a certain age.
Key Takeaways
- Most banks require a parent or guardian to open an account for a child under 18, either as a co-owner or custodian.
- Teen and custodial accounts often include parental controls, spending limits, and monitoring tools that regular joint accounts do not.
- The minimum age to open an account ranges from 13 to 18 depending on the bank, so call ahead to confirm your bank's policy.
- You will need to bring the child's Social Security number, proof of identity, and proof of the parent's or guardian's identity to open the account in person.
- Some banks allow minors to manage accounts online or through an app once the account is open, even if a parent must authorize it first.
What documents you need to bring
To open an account for a minor, bring the child's Social Security number and a form of ID — usually a birth certificate, passport, or state ID card. The parent or guardian will also need to bring their own ID, such as a driver's license or passport, and proof of address (a utility bill or lease agreement dated within the last 60 days works for most banks).
Some banks ask for additional documents depending on the account type. If you are opening a custodial account, the bank may ask you to confirm your relationship to the child or provide custody paperwork. Call your bank before you go in to ask what they specifically need; this saves a trip back home for a missing document.
Age requirements and account types by bank
Banks set their own minimum ages, so the rules are not the same everywhere. Many large banks — including Chase, Bank of America, and Wells Fargo — allow minors as young as 13 to open teen checking accounts with a parent present. Smaller regional banks and credit unions may have different age cutoffs, ranging from 13 to 16.
A teen checking account usually includes a debit card, online banking, and parental monitoring through a separate parent portal. A custodial savings account is simpler and designed mainly for saving; the parent controls the account until the child reaches the age of majority (usually 18 or 21, depending on state law). Some banks also offer accounts that automatically convert to independent accounts once the minor turns 18, though the parent may still be able to view activity.
| Account Type | Typical Minimum Age | Parent Role | Parental Controls |
|---|---|---|---|
| Teen Checking | 13 | Co-owner or custodian | Yes — spending limits, transaction alerts, card controls |
| Custodial Savings | Any age | Custodian (full control) | Yes — parent controls all withdrawals |
| Joint Account | Any age | Co-owner (equal access) | No — both owners can withdraw freely |
| 529 Education Account | Any age | Account owner (parent) | Yes — funds restricted to education expenses |
How to open an account in person or online
Most banks require you to open a minor's account in person at a branch, with both the child and the parent present. Bring all required documents and be ready to answer questions about the account's purpose and expected activity. The process usually takes 15 to 30 minutes, and the account opens the same day or within one business day.
A few banks now allow you to start the process online if the parent has an existing account with them. You fill out the application and upload documents, but you may still need to visit a branch or complete a video verification step to finish. Call your bank to ask whether they offer this option before you make a trip.
What happens when the minor turns 18
When a minor reaches 18, the account does not automatically close or change. What happens next depends on the account type and the bank's rules. With a custodial account, the funds transfer to the young adult's control, though some banks require a visit to the branch to update the account. With a joint account, both owners retain access unless one chooses to remove themselves.
Some teen accounts automatically convert to standard checking accounts at 18, and parental controls are removed. Others require the young adult to sign new paperwork or open a new account. Check with your bank about their specific transition process so there are no surprises when the account holder turns 18.
Fees and minimum balance requirements
Teen and custodial accounts often have lower or no monthly fees compared to regular checking accounts. Many banks waive monthly maintenance fees for minors' accounts or charge only $5 to $10 per month. Some accounts have no minimum balance requirement, while others ask for $25 or $100 to keep the account open.
Overdraft fees and ATM fees still apply in most cases. If the account includes a debit card, out-of-network ATM withdrawals may cost $2 to $3 per transaction. Ask your bank about their full fee schedule before opening the account, and find out whether the debit card can be used at ATMs in your bank's network for free.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. Banks require a parent or legal guardian to open and co-sign an account for anyone under 18. Some banks allow minors to manage the account online once it is open, but a parent must authorize the opening and usually remains on the account.
What if the parent does not have an ID or proof of address?
The parent will need to bring some form of identification — a driver's license, passport, or state ID card. If they do not have proof of address, ask the bank what alternatives they accept; some will take a recent bank statement, lease, or utility bill in the parent's name instead.
Can a minor have their own debit card?
Yes. Most teen checking accounts come with a debit card in the minor's name. The parent can usually control the card through a parent app — setting spending limits, turning the card on or off, and receiving alerts when it is used.
Is money in a minor's account protected if the parent withdraws it?
In a custodial account, the money legally belongs to the child, and the parent is the custodian. The parent can withdraw money for the child's benefit, but using it for personal expenses may have legal consequences depending on your state. In a joint account, both owners have equal legal rights to the money.
Do I need to open an account at a specific bank, or can I choose any bank?
You can choose any bank or credit union. Compare their teen account features, fees, and minimum balances before deciding. Some banks offer better parental controls or lower fees than others, so it is worth calling a few to see what they offer.