Yes, minors can open bank accounts, but the process depends on age and requires a parent or guardian
A minor can open a bank account in most cases, but the rules change based on how old they are. Children under 18 typically need a parent or guardian to co-own the account or sign off on it. Some banks allow minors as young as 13 to open accounts with parental permission; others set the minimum at 16 or 18. The account type, the bank's own rules, and your state's laws all affect what's possible.
The most common setup is a custodial account or joint account, where the parent or guardian has legal control and can see all transactions. Once the minor reaches the age of majority (18 in most states), they can take over the account or move the money elsewhere. Some banks also offer teen accounts designed specifically for this age group, with features like spending limits or parental monitoring built in.
Key Takeaways
- Most banks require a parent or guardian to open an account for a minor under 18, either as a joint owner or custodian.
- Age minimums vary by bank—some allow accounts at 13 with parental consent, while others require the minor to be 16 or older.
- Custodial accounts give the parent legal control until the minor reaches 18, at which point the minor can take over.
- You will need a government ID for the minor (passport, state ID, or birth certificate) and the parent's ID and Social Security number.
- Teen accounts often come with parental controls, spending limits, or ATM restrictions designed to teach money management.
What documents you need to bring
To open an account for a minor, bring the minor's government-issued ID and the parent or guardian's ID. Acceptable IDs for the minor include a state ID, passport, or birth certificate. The parent or guardian will need a photo ID (driver's license, passport, or state ID) and their Social Security number.
Some banks also ask for proof of address, such as a utility bill or lease in the parent's name. A few banks may request the minor's Social Security number as well, though this is not always required. Call the bank ahead of time to confirm what documents they need—requirements vary by institution and sometimes by branch.
Age limits and account types at major banks
| Bank | Minimum Age | Account Type | Parent Required |
|---|---|---|---|
| Chase | 13 | Chase First Banking (checking) | Yes, as co-owner |
| Bank of America | 13 | BankAmericard Teen Checking | Yes, as co-owner |
| Wells Fargo | 14 | Wells Fargo Teen Checking | Yes, as co-owner |
| Ally Bank (online) | 18 | Savings or checking | No, but requires parental consent |
| Credit unions | Varies | Youth or junior accounts | Usually yes, as co-owner |
Most brick-and-mortar banks allow minors as young as 13 to open checking or savings accounts with a parent as co-owner. Online banks often have higher age minimums—sometimes 18—because they cannot verify identity in person. Credit unions typically offer youth accounts with lower minimums and may have more flexible rules if you are already a member.
Teen-specific accounts often come with features like parental alerts when the balance drops below a set amount, ATM withdrawal limits, or restrictions on online transfers. These features are designed to help young people learn to manage money while giving parents visibility. Once the minor turns 18, they can usually convert to a standard adult account or open a new one without parental involvement.
How to open the account in person or online
To open an account in person, visit a branch with both the minor and the parent or guardian, along with the required documents. The bank will verify both IDs, collect Social Security numbers, and explain the account terms. The parent will sign as co-owner or custodian, and the minor may also sign depending on the bank's process. The account is usually active the same day or within one business day.
Some banks allow you to start the process online, but most require at least one in-person visit to verify identity. A few online banks let parents open custodial accounts entirely online by uploading photos of IDs and signing electronically, though this is less common. If you are opening an account at an online bank, check whether they require a video call with the parent to confirm consent.
What happens when the minor turns 18
When the minor reaches 18, the account automatically converts to a standard adult account in most cases. The parent's name remains on the account as a co-owner unless they remove themselves. The young adult can now make independent decisions about the account—withdrawing money, closing it, or removing the parent—but the parent retains access unless they formally request to be removed.
Some banks require the now-adult account holder to visit a branch or call to formally take over the account. Others handle the transition automatically. It is worth checking with your bank a few months before the 18th birthday to understand their specific process. If the young adult wants the parent completely off the account, they may need to close it and open a new one in their name alone, depending on the bank's policy.
Alternatives if a minor cannot open a bank account
If a minor is unable to open a bank account—because they are under the minimum age or the parent is unavailable—a few other options exist. A parent can open a savings account in their own name and let the minor use it, though this gives the minor no legal ownership. Some credit unions allow minors to become members and hold accounts even without a parent present, so checking with a local credit union is worth trying.
Prepaid debit cards designed for teens are another route. These cards do not require a bank account and can be loaded with money by a parent. The teen can use the card to make purchases and withdraw cash, and the parent can monitor spending through a mobile app. Prepaid cards do not build credit history the way a bank account does, but they teach spending habits and keep money safer than cash.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No, minors under 18 cannot open a bank account without a parent or legal guardian in all 50 states. The parent or guardian must be present or provide written consent. Some banks may allow a minor to open an account with a guardian other than a parent if they have legal guardianship documents.
Do I need the minor's Social Security number to open an account?
Most banks request the minor's Social Security number to open an account, though a few will accept an Individual Taxpayer Identification Number (ITIN) if the minor does not have a Social Security number. Call the bank ahead of time to confirm whether they require it or if they have an alternative process.
Can a minor have their own account without the parent seeing transactions?
Not with a joint or custodial account. The parent or guardian has legal access to all account information and transactions. If privacy is a concern, the minor can wait until they turn 18 to open an account in their name alone, or they can use a prepaid debit card that the parent loads but does not monitor in detail.
What if the parent and minor disagree about closing the account?
Because the parent is the legal owner or co-owner of a custodial account, they can close it without the minor's permission. Once the minor turns 18, they have equal say. If conflict arises, the minor can open a separate account in their name alone at that point, or they can speak with the bank about removing the parent as co-owner.
Are there fees on teen bank accounts?
Many teen accounts have no monthly maintenance fees, though some banks charge a small fee if the balance drops below a minimum. Check the bank's fee schedule before opening. Some teen accounts also waive overdraft fees or offer other perks to encourage saving.