Yes, minors can have bank accounts, but with restrictions that depend on age and the bank

A person under 18 can open a bank account in most cases, but not independently. Banks require a parent or legal guardian to co-own the account, sign documents, and take responsibility for it. The account belongs to both the minor and the adult — the adult can see all activity, make withdrawals, and close it without the minor's permission.

The specific rules vary by bank and by the minor's age. Some banks will open accounts for children as young as birth (with a parent as the sole owner initially), while others have a minimum age of 13 or 16. A few banks let teenagers 16 and older open accounts with reduced parental involvement, though a parent still signs the paperwork.

The account type also matters. A custodial account or minor account is designed specifically for this arrangement. Some banks also offer teen checking accounts with limited features — no overdraft, lower ATM withdrawal limits, or restricted online transfer amounts — to reduce risk while the minor learns to manage money.

Key Takeaways

  • A parent or legal guardian must co-own the account and sign all paperwork; the minor cannot open an account alone.
  • Most banks allow accounts for children 13 and older, though some start at birth with the parent as the only owner initially.
  • Teen checking accounts often have lower limits on ATM withdrawals, transfers, or spending to teach money management with built-in safeguards.
  • The adult on the account can see all transactions, move money, or close the account without the minor's consent.
  • Once a minor turns 18, they can convert the account to an adult account or open a new one independently, depending on the bank.

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

The parent or guardian brings a government-issued ID, proof of address (utility bill or lease), and the minor's Social Security number. Some banks also ask for the minor's birth certificate. The adult fills out the account application and signs it; the minor may sign as well, depending on the bank's policy, but the adult's signature is what makes it legal.

The bank will explain what the parent can and cannot do with the account. In most cases, the parent can deposit money, withdraw it, check the balance, and close the account. The minor can use a debit card (if the bank issues one) and make purchases, but the parent retains full control. Some banks let the minor set a PIN for ATM withdrawals, but the parent can override it or remove the card.

The account is reported to the minor's credit file, not the parent's. This means the minor begins building a credit history early, which can help later when they need a loan or credit card. However, if the account goes negative or is closed due to fraud, that can also appear on their record.

Age requirements and what each bank offers

Most major banks have accounts for minors starting at age 13, though the exact age and features vary. Chase, Bank of America, Wells Fargo, and Citibank all offer teen checking accounts with a parent co-signer, typically starting at 13 or 16. Credit unions often have similar products and may have lower fees or higher withdrawal limits than large banks.

Some banks allow younger children to be added to a parent's existing account rather than opening a separate one. This is simpler but gives the child less independence — they may not have their own debit card or PIN. Other banks open a custodial account in the child's name from birth, with the parent as the sole owner until the child reaches a certain age (often 18 or 21).

Online banks like Ally, Charles Schwab, and Fidelity have different rules. Some do not offer accounts for minors at all. Others require the minor to be at least 16 and have a parent co-sign online. A few allow a parent to open an account for a child of any age but do not issue a debit card until the child is older. Check the specific bank's website or call to confirm their minimum age and what documents you need.

Debit cards, ATM access, and spending limits for teens

Most teen checking accounts come with a debit card, but the card may have restrictions. Common limits include a daily ATM withdrawal cap (often $200 to $500), a daily spending limit (sometimes $500 to $1,000), or a limit on the number of transactions per day. These are designed to reduce the risk of fraud or overspending while the teen learns to manage money.

The parent can usually adjust these limits through the bank's app or website, or by calling customer service. Some banks let the parent set different limits for different types of spending — for example, allowing online purchases but not ATM withdrawals, or vice versa. A few banks send the parent a notification every time the teen uses the card, so the parent can monitor spending in real time.

Online transfers and bill pay may also be restricted. Some banks prevent the teen from transferring money out of the account or paying bills without the parent's approval. Others allow it but cap the amount per transaction or per day. These restrictions are meant to prevent unauthorized transfers, though they also limit the teen's independence.

What happens when the minor turns 18

When the minor reaches 18, the account does not automatically convert. The bank will send a notice explaining the options. In most cases, the teen can choose to keep the account as-is (with the parent still able to see and control it), convert it to an adult account (removing the parent's access and the spending limits), or close it and open a new one elsewhere.

To convert to an adult account, the now-18-year-old usually visits the bank in person or signs documents online confirming they want to remove the parent as a co-owner. The parent's name comes off the account, and the teen gains full control. The account history and any credit-building activity stays with the account, so closing it and starting over is not necessary unless the teen wants to.

Some banks charge a fee to convert or remove a co-owner; others do it for free. A few banks require the teen to close the teen account and open a new adult account, which means a new account number and potentially a new debit card. Ask the bank what the process is before the 18th birthday so there are no surprises.

How a minor's account affects credit and financial history

Opening a bank account as a minor does not directly build credit — bank accounts are not reported to credit bureaus the way credit cards or loans are. However, the account does create a financial history with that bank. If the teen later wants a credit card, student loan, or car loan, lenders can see how long they have banked there and whether they kept the account in good standing.

If the account goes overdrawn or is closed due to fraud or misconduct, that can be reported to ChexSystems, a banking history database that other banks check when you open a new account. A negative ChexSystems report can make it harder to open accounts at other banks, even years later. This is rare with teen accounts (since the parent oversees it), but it is worth knowing.

Some parents open accounts for their children specifically to start building this history early. A teen who has managed a bank account responsibly for several years may find it easier to get approved for a credit card or loan at 18 than a peer with no banking history at all.

Alternatives if your bank does not offer teen accounts

If your bank does not have a teen account or the minimum age is too high, you have a few options. You can add the minor to your own account as an authorized user, giving them a debit card and ATM access while you retain full control. This is simpler than opening a separate account but offers less independence and does not build the minor's separate financial history.

Some credit unions have more flexible policies than large banks and may open accounts for younger children or with fewer restrictions. If you belong to a credit union, ask whether they offer youth accounts or custodial accounts. You can also search for banks or credit unions in your area that specialize in youth banking.

A few fintech apps designed for teens (such as Greenlight or Step) let you load money onto a card and set spending rules without a traditional bank account. These are not bank accounts in the legal sense, but they serve a similar purpose — they give the teen a way to spend money and learn financial habits while you control the limits. These apps typically charge a monthly subscription fee, whereas bank accounts are usually free.

Frequently Asked Questions

Can a minor open a bank account without a parent or guardian?

No. Banks require a parent or legal guardian to co-own the account and sign all paperwork. A minor cannot open an account alone, even at 17. If the minor has no living parent or guardian, a court-appointed guardian or conservator can sign instead.

Can a parent see what their child spends money on?

Yes. The parent can log into the account online or call the bank to see all transactions, balances, and transfers. Many banks also send the parent notifications when the teen uses the debit card or makes a large purchase. The parent has full visibility unless they choose not to check.

What if the minor wants to keep money private from the parent?

A minor cannot have a truly private bank account while under 18, because the parent is a co-owner and has legal access to it. Once the minor turns 18, they can convert the account to remove the parent's access or open a new account independently. Until then, any money in a joint account is visible to the parent.

Do I need to close my child's account when they turn 18?

No. Most banks let you convert the account to an adult account, removing the parent's co-ownership and the spending limits. The account number and history stay the same. Closing and reopening is not necessary unless you want to switch banks or the bank requires it.

What documents do I need to open a minor's account?

Bring your government-issued ID, proof of address (utility bill or lease), and the minor's Social Security number. Some banks also ask for the minor's birth certificate. Call your bank ahead of time to confirm what they need, since requirements vary.