Yes, minors can open bank accounts, but the rules depend on your age and the bank
A minor can open a bank account at most banks and credit unions in the United States, but you will need a parent or guardian to co-own it with you until you reach the age of majority in your state — usually 18. Some banks let you open an account at 13 or 14 with a parent present; others require you to be older. A few banks offer teen-only accounts designed specifically for younger account holders, with features like spending limits and parental monitoring built in.
The account will be held in both your name and your parent's or guardian's name. This means your parent can see all transactions and withdraw money, and the bank can contact either of you about the account. Once you turn 18, you can convert the account to your name alone or open a separate account without a co-owner.
Key Takeaways
- Most banks require a parent or legal guardian to co-own the account with you until you turn 18, though a few banks allow solo accounts for teens 13 and older.
- You will need to bring a parent or guardian to the bank in person, along with identification for both of you and proof of address.
- Teen accounts often include features like daily spending limits, parental alerts when you spend money, and no monthly fees.
- Once you turn 18, you can remove your parent as co-owner or move your money to an account in your name alone.
What you need to bring to open an account
Bring your parent or guardian with you to the bank branch. You will both need a form of identification — a state ID, driver's license, or passport. The bank will also ask for proof of your address, which can be a utility bill, lease, or mortgage statement in your parent's name, or a school ID with your address on it.
Some banks accept a Social Security number; others will open an account with an Individual Taxpayer Identification Number (ITIN) if you do not have one yet. Call the bank ahead of time to confirm what documents they accept, because requirements vary by branch and by bank.
Age requirements vary by bank and account type
Most major banks — including Chase, Bank of America, Wells Fargo, and Citibank — let you open a joint account with a parent starting at age 13. Credit unions often have the same policy, though some allow accounts for children as young as 10 or 12. A few banks, like Ally, do not offer accounts for minors at all.
Teen-specific accounts, offered by banks like Chase (Chase First Banking), Bank of America (BankAmericard for Students), and many credit unions, are designed for ages 13 to 17 and come with parental controls. These accounts typically have no monthly fees and include features like spending notifications and daily limits. If your bank does not offer a teen account, you can open a standard savings or checking account as a joint account instead.
How a joint account works when you are a minor
A joint account means both you and your parent are legal owners. Your parent can see every deposit and withdrawal, receive statements, and withdraw money without your permission. The bank treats either of you as authorized to conduct any transaction on the account. This is different from a custodial account, which some banks offer — in a custodial account, the parent controls the money until you reach the age of majority, at which point the account automatically transfers to you alone.
Ask the bank whether they offer joint accounts or custodial accounts, because the rules about who can withdraw money and what happens at age 18 are different. Some banks use the terms interchangeably, so clarify with the bank representative what will happen when you turn 18.
What happens when you turn 18
At age 18, you become a legal adult and can own an account in your name alone. You have three options: keep the joint account as is (your parent remains a co-owner), remove your parent as co-owner and keep the account in your name only, or close the account and open a new one elsewhere. The bank will not automatically remove your parent — you have to request it in writing or in person.
If you want to remove your parent, go to the bank with your ID and ask to convert the account to your name alone. Some banks do this in one visit; others mail you forms to sign. If your parent is also on the account, some banks require both of you to be present or to sign a form authorizing the change.
Banks and credit unions that offer minor accounts
| Institution | Minimum Age | Account Type | Key Features |
|---|---|---|---|
| Chase | 13 | Chase First Banking (teen account) or joint savings | No monthly fee, parental controls, debit card |
| Bank of America | 13 | BankAmericard for Students or joint account | No monthly fee, parental alerts, spending limits |
| Wells Fargo | 13 | Way2Save Savings Account (joint) | No monthly fee, low opening deposit |
| Credit unions (varies) | 10–13 | Youth savings or joint account | Varies by credit union; often lower fees |
| Ally | Not available | None | Online bank; no minor accounts offered |
This table shows common options, but policies change and vary by location. Call your bank or visit their website to confirm current age requirements and features before you go to open an account.
What to do if your parent will not co-own the account
If your parent or guardian is unwilling or unable to open an account with you, your options are limited. Most banks will not open an account for a minor without a co-owner. A few alternatives: ask another legal guardian, grandparent, or trusted adult to co-own the account instead; wait until you turn 18 to open an account in your name alone; or look into youth savings programs run by nonprofits or community organizations in your area, which sometimes offer accounts without a parent co-owner.
Some credit unions have more flexible policies than large banks, so call local credit unions to ask whether they will open an account for a minor without a co-owner. If you are in foster care or a dependent of the state, ask your caseworker about programs designed for youth in your situation — some states offer special accounts or financial coaching.
Frequently Asked Questions
Can I open a bank account without my parent knowing?
No. Banks require a parent or legal guardian to be present and to co-own the account. The bank will not open an account for a minor without a co-owner present. If you are concerned about privacy, talk to your parent about what information they will see and ask whether you can have some financial independence within the account.
Will my parent see every transaction I make?
Yes, if the account is joint. Your parent will receive statements and can see all deposits and withdrawals. Some teen accounts let you turn off notifications for small purchases, but your parent can still see the full transaction history. If privacy is important to you, ask the bank what information parents receive by default and whether you can change those settings.
What if I want to move money out of the joint account after I turn 18?
You can withdraw your money and move it to a new account in your name alone. If your parent is still a co-owner, they can also withdraw money unless you remove them first. To prevent this, convert the account to your name alone before you move the money, or open a separate account and transfer your funds there.
Do I need a Social Security number to open an account as a minor?
Most banks require a Social Security number or ITIN. If you do not have a Social Security number yet, call the bank ahead of time to ask whether they will open an account with an ITIN or another form of identification. Some banks will not open accounts without a Social Security number, so confirm before you go.
Can I get a debit card with a minor account?
Most teen accounts and joint accounts come with a debit card. The card will be in your name, and you can use it to withdraw money and make purchases. Your parent may be able to set daily spending limits or receive alerts when you use the card. Ask the bank what controls are available and whether you can adjust them as you get older.