Yes, minors can open bank accounts, but you'll need a parent or guardian

Most banks and credit unions allow minors to open accounts, but the process differs from opening an account as an adult. You cannot open an account entirely on your own — a parent or legal guardian must be present and co-sign. The account will be in both your names, and your parent or guardian will have full access to it until you reach the age of majority in your state, usually 18.

The specific rules vary by bank and by state. Some banks set a minimum age (often 13 or 14) before they'll open a minor account. Others have no age minimum but require the adult to maintain the account. A few banks offer teen-specific accounts with limited features or spending controls. Credit unions often have more flexible policies than large national banks.

The main reason banks require an adult co-signer is legal: minors cannot enter into binding contracts on their own, and a bank account is technically a contract. The adult is responsible for the account's activity until you turn 18 and the account transitions to your name alone.

Key Takeaways

  • You must bring a parent or legal guardian to open an account; they will be a co-owner until you reach 18.
  • Bring a government-issued ID (yours and your parent's), proof of address, and your Social Security number to the bank.
  • Some banks have minimum age requirements (often 13 or 14), so call ahead before you visit.
  • Teen accounts sometimes come with spending limits, restricted ATM access, or no overdraft protection — ask what controls the bank offers.
  • Once you turn 18, the account can be converted to a standard adult account in your name alone, though some banks do this automatically.

What documents you need to bring

Bring your government-issued ID — a school ID usually does not count, but a state ID, passport, or driver's license does. Your parent or guardian will also need to show a government-issued ID. The bank will ask for proof of your address, which can be a utility bill, lease, or mortgage statement in either your name or your parent's name.

You will need your Social Security number and your parent's Social Security number. If you don't have a Social Security number yet, you can get one from the Social Security Administration before you go to the bank, or some banks can help you apply during the account-opening process. Bring any documents related to that application if you're in the middle of getting one.

Some banks ask for a second form of ID or additional proof of identity. Call the bank ahead of time to ask what they specifically need — requirements differ between institutions and sometimes between branches of the same bank.

How the account works while you're a minor

The account belongs to both you and your parent or guardian. Your parent can see all transactions, deposit and withdraw money, and close the account without your permission. You can use a debit card (if the bank issues one for teen accounts), make deposits, and withdraw money, but your parent has the same rights.

Some teen accounts come with restrictions your parent can set: daily spending limits, no online transfers, ATM-only access, or no overdraft protection. These controls are meant to help you learn to manage money while your parent maintains oversight. Ask the bank what options they offer and what your parent can adjust.

Interest rates on minor savings accounts are usually very low or zero. The account's main purpose is to give you a safe place to keep money and a way to learn how banking works, not to earn interest.

What happens when you turn 18

At 18, you become a legal adult and the account can transition to your name alone. Some banks do this automatically on your birthday; others require you to visit the branch or call to convert it. Your parent's name will be removed from the account, and you'll have sole control over it.

Before that happens, ask your bank what the conversion process looks like. Some banks may close the minor account and open a new adult account. Others simply change the account type. If your bank requires you to do something, they should send you a notice before your 18th birthday, but don't wait — call them a few weeks before to confirm the process.

If your parent is also a signer on the account and wants to stay involved after you turn 18, you can add them as an authorized user on your adult account, but that's your choice to make.

Banks and credit unions with teen account options

Large national banks like Chase, Bank of America, Wells Fargo, and Citibank all offer minor accounts, though the features and minimum ages vary. Chase's teen checking account requires a parent co-signer and allows teens 13 and older to open one. Bank of America's SafeBalance account is available to minors with a parent or guardian.

Credit unions often have more flexible policies. Many credit unions have no minimum age requirement and allow minors to open accounts with a parent. Some credit unions offer youth savings accounts with higher interest rates than banks, though rates vary widely.

Online banks like Ally and Chime have more limited options for minors. Some do not offer minor accounts at all; others require a parent to open the account but may not offer the same controls or features as brick-and-mortar banks. Check the bank's website or call before you visit.

What to do if a bank won't open an account for you

If your local bank has a minimum age requirement you don't meet yet, ask when you'll be old enough and whether you can open an account then. Some banks will let you open an account a few months before you reach their minimum age if you're close.

If the bank's policies don't work for your situation — for example, if your parent is unavailable or if you need a different type of account — try a credit union instead. Credit unions are often more flexible and may have different rules. You can search for credit unions in your area on the CO-OP network website or through your employer or school if they sponsor one.

If you're in foster care or a similar situation where a traditional parent or guardian is not available, some banks and nonprofits have special programs. Ask the bank directly whether they have options for young people in your situation, or contact your local child welfare agency for resources.

Frequently Asked Questions

Can I open a bank account without my parent present?

No. Banks require a parent or legal guardian to be present and to co-sign the account. You cannot open a minor account on your own, and you cannot authorize someone other than a legal guardian to sign for you. Your parent must come to the bank with you.

Will my parent be able to see all my transactions?

Yes, while you are a minor, your parent has full access to the account and can see every transaction. Once you turn 18 and the account is converted to your name alone, your parent will no longer have access unless you add them as an authorized user.

What if I want to move money to my own account after I turn 18?

You can transfer money to a new account in your name alone at any time after you turn 18. Some people do this to have complete privacy. You can also keep the converted account and simply remove your parent's access. It depends on what you prefer.

Can I get a debit card as a minor?

Many banks issue debit cards for teen accounts, but not all. Some restrict debit card use or issue cards with lower daily spending limits. Ask the bank whether they offer debit cards for minors and what limits apply.

Do I need a Social Security number to open an account?

Yes, banks require a Social Security number to open an account. If you don't have one, you can get one from the Social Security Administration before you go to the bank, or ask the bank whether they can help you apply during the account-opening process.