Yes, you can open a bank account under 18, but the rules depend on your age and the bank
Most banks let you open a checking or savings account before you turn 18, but you will need a parent or guardian to co-sign or be a joint account holder. Some banks have minimum age requirements — typically 13 or 14 — and a few let you open an account at any age as long as an adult is on it with you. The specific rules vary by bank, so calling ahead or checking their website saves a trip.
The account will be in both your name and your parent's or guardian's name. This means they can see all transactions, withdraw money, and close the account. Once you turn 18, you can usually convert it to an account in your name alone, though some banks require you to open a new account instead.
Key Takeaways
- Most banks require a parent or guardian to co-sign or be a joint account holder if you are under 18.
- Minimum age requirements vary by bank — some start at 13, others at 14 or 16.
- You will need a government-issued ID (like a school ID or passport) and proof of address, plus your parent's or guardian's ID and documents.
- Once you turn 18, you can convert the account to your name alone at most banks, though some require opening a new account.
- Some banks offer teen checking accounts with limited debit card features or spending caps to help you learn money management.
What documents you need to bring
Both you and your parent or guardian will need to bring ID to the bank. For you, a school ID, passport, or state ID works. For your parent or guardian, a driver's license or passport is standard. The bank will also ask for proof of address — a utility bill, lease, or mortgage statement in your parent's name, dated within the last 60 days, usually works.
Some banks ask for a Social Security number for both of you. If you do not have one yet, you can get one from the Social Security Administration — bring your birth certificate, proof of citizenship or legal residency, and proof of address. The process takes a few weeks, so plan ahead if you need one.
A few banks let you open an account online if your parent has an account with them already. In that case, you may be able to skip the in-person visit, though the bank will still need copies of your documents.
Age limits and account types at major banks
| Bank | Minimum Age | Account Type | Parent Required |
|---|---|---|---|
| Chase | 13 | Chase First Banking (checking + savings) | Yes, joint account |
| Bank of America | 13 | BofA Teen Checking | Yes, joint account |
| Wells Fargo | 14 | Wells Fargo Teen Checking | Yes, joint account |
| Ally Bank | 18 | Checking or savings | No — online only |
| Charles Schwab | No minimum | Checking | Yes, custodial account |
Teen checking accounts often come with a debit card that has spending limits or requires parental approval for certain transactions. Some banks cap daily withdrawals or block online purchases. These features are designed to let you practice managing money while your parent keeps oversight. Ask the bank what restrictions apply before you open the account.
The differences between banks matter if you want specific features. Chase and Bank of America let you start at 13, while Wells Fargo waits until 14. If you want no age minimum at all, Charles Schwab's custodial checking account works for any age, though it functions differently than a standard teen account.
What happens when you turn 18
At 18, you become a legal adult, and most banks will let you remove your parent from the account or convert it to an account in your name alone. You can usually do this online or by visiting a branch with your ID. Some banks do this automatically on your 18th birthday; others require you to request it.
If the bank requires you to open a new account instead of converting, they will help you transfer your balance. This usually takes one to three business days. Your old account will close once the money is moved.
Before your 18th birthday, ask your bank what the process is. If your parent is a joint account holder, they may need to sign off on the change, depending on the bank's rules. Getting this answer now prevents confusion later.
Opening an account online versus in person
Most online banks require you to be 18 to open an account on your own. However, some online banks let you open a custodial account (an account held in trust by your parent) at any age. Charles Schwab and Fidelity both offer custodial checking accounts with no age minimum.
In-person accounts at brick-and-mortar banks are usually faster — you can walk in, complete the paperwork, and have a debit card issued the same day or within a few days. Online accounts take longer because the bank has to verify your identity remotely, which can take one to two weeks.
If you want to start using the account right away, opening in person is the better choice. If you are comfortable waiting and prefer not to visit a branch, online custodial accounts work too. The trade-off is speed versus convenience.
What to do if your parent will not co-sign
If your parent or guardian is unwilling or unable to co-sign, your options are limited. Most banks will not open an account for anyone under 18 without an adult co-signer. A few alternatives exist: some credit unions have different rules and may work with a trusted adult other than a parent, like a grandparent or older sibling over 18. Call ahead to ask.
Another option is a custodial account through an investment firm like Fidelity or Vanguard, which can be opened by any adult with legal authority over you — not just a parent. These accounts are designed for saving and investing rather than everyday spending, but they do let you build a banking relationship. If you are in foster care or have a court-appointed guardian, that person can co-sign. If you are emancipated, you may be able to open an account on your own — bring your emancipation papers to the bank.
Frequently Asked Questions
Can I open a bank account without my parent knowing?
No. Since you need a parent or guardian to co-sign, they will have to be present or sign documents. The account will be in both your names, so they will receive statements and can see all activity. If you are concerned about privacy, talk to your parent about what information they will monitor.
What if I want a debit card but my parent says no?
Some teen checking accounts let you open a savings account without a debit card. You can deposit money and withdraw it at the bank or ATM, but you cannot spend it online or in stores. Ask the bank whether a debit card is required or optional for the account type you want.
Can I have two bank accounts under 18?
Yes. You can open accounts at different banks as long as a parent or guardian co-signs each one. Some people open one account for everyday spending and another for savings. Just remember that your parent will be on all of them.
Do I need a job to open a bank account?
No. Banks do not require proof of income for teen accounts. You can open an account and deposit money from gifts, allowance, or any other source. Your parent may ask why you want the account, but they cannot refuse based on income.
What if the bank asks for a credit card or loan?
Banks sometimes offer credit cards or small loans to account holders. You do not need either one to open a checking or savings account. If a bank says you must take a credit card or loan to open an account, that is not standard practice — try a different bank.