Yes, minors can open bank accounts, but the rules depend on age and the bank
A minor can open a bank account in most cases, but you will need a parent or guardian to co-sign or co-own the account. Banks have different policies based on how old the minor is. Some banks let children as young as 13 open accounts with a parent present; others require the minor to be 16 or 18. A few banks offer accounts for younger children only if a parent opens a custodial account, which the parent controls until the child reaches the age of majority (usually 18 or 21, depending on your state).
The type of account matters too. A savings account is the easiest option for minors and usually has no minimum balance or low fees. A checking account for a minor often comes with restrictions—some banks limit debit card use or require parental approval for certain transactions. A custodial account (also called a UTMA or UGMA account) is owned by the parent or guardian on behalf of the minor and transfers to the child when they reach adulthood.
Key Takeaways
- Most banks require a parent or guardian to be present and co-sign when a minor opens an account, though the age at which a minor can open one varies by bank.
- Savings accounts are simpler for minors to open than checking accounts, which often come with transaction limits or parental controls.
- Custodial accounts let a parent or guardian manage money on behalf of a minor and automatically transfer to the child at adulthood.
- You will need a Social Security number, proof of identity (usually a birth certificate or state ID), and proof of the parent's or guardian's identity to open an account.
- Some banks offer accounts specifically designed for teens with features like spending limits, parental notifications, and financial education tools.
What documents you need to bring
To open an account for a minor, bring the minor's Social Security number and a form of ID. A birth certificate works at most banks; some also accept a state ID or school ID. The parent or guardian will need to bring their own ID (driver's license or passport) and proof of address, such as a utility bill or lease.
Some banks ask for additional paperwork, especially for custodial accounts. Call the bank ahead of time to confirm what they require. If you are opening the account online or by mail, the bank will tell you which documents to upload or mail in. In-person is usually faster because the bank can verify everything on the spot.
Age requirements vary by bank and account type
Banks set their own rules for how old a minor must be. Chase, for example, lets minors open a savings account at any age with a parent present, but requires the minor to be 13 to open a checking account. Bank of America has similar rules. Wells Fargo requires the minor to be 16 for most accounts. Credit unions often have different thresholds—some allow accounts for children under 13 if a parent co-owns.
If your bank's minimum age is higher than your child's current age, a custodial account is often the only option. The parent opens and manages the account, and the child's name is on it. When the child reaches the age set by your state (usually 18 or 21), the account automatically becomes theirs to control.
Online banks like Ally and Discover have fewer physical branches, which can make opening an account for a minor harder. Many online banks do not offer accounts for minors at all, or require the parent to open a custodial account and manage it entirely. Check the bank's website or call before visiting.
Custodial accounts: how they work and when to use them
A custodial account is opened by a parent or guardian in the minor's name. The parent controls all deposits, withdrawals, and spending until the child reaches adulthood. At that point—usually age 18 or 21, depending on your state—the account becomes the child's to manage. The parent can no longer access it.
Custodial accounts are useful if your child is too young for a regular minor account, or if you want to set aside money for their future without them having access to it yet. They are also common for gifts from grandparents or other relatives. The downside is that once the child reaches adulthood, the money is theirs to spend however they want—you lose control.
Some custodial accounts have tax advantages if the money is invested rather than just held in savings. Talk to the bank or a tax professional about whether a custodial account makes sense for your situation.
What happens when the minor turns 18 or 21
If the account is a joint account (parent and minor both own it), the parent usually stays on the account even after the minor turns 18. The young adult can use the account independently, but the parent can still see activity and make transactions. Some banks let you remove the parent at this point; others require both parties to agree.
If the account is custodial, it automatically transfers to the minor when they reach the age of majority in your state. The parent's access ends. The young adult receives paperwork explaining that the account is now theirs alone. They can change the account type, add or remove features, or move the money to a different bank if they want.
Some banks offer a transition period where they notify the young adult about the change and explain their options. If you are setting up a custodial account now, ask the bank what the handoff process looks like so you know what to expect.
Teen-specific accounts with parental controls
Many banks now offer accounts designed specifically for teenagers, with built-in features that let parents monitor spending and set limits. Chase First Banking, Bank of America's Teen Checking, and Capital One 360 Money Teen are examples. These accounts usually let the parent see transactions in real time, set daily spending limits, and receive alerts when the teen uses the debit card.
Teen accounts often come with financial education tools—apps or websites that teach budgeting, saving, and how interest works. Some let the teen earn rewards for completing financial tasks. The parent can adjust restrictions as the teen gets older and more responsible.
Teen accounts are not free at every bank. Some charge a monthly fee (usually $5 to $10), though many waive the fee if the account meets certain conditions, like maintaining a minimum balance or setting up direct deposit. Compare a few banks' teen accounts before deciding—the features and costs vary.
Opening an account online versus in person
Opening an account in person at a branch is usually the simplest route for minors. You bring the documents, the bank verifies everything on the spot, and the account opens the same day. The minor can get a debit card immediately or within a few days.
Some banks let you start the process online and finish in person. You fill out the application on the bank's website, then visit a branch with the required documents to complete it. This can save time if the branch is busy.
Opening entirely online is harder for minors because the bank cannot verify the parent's and minor's identities in person. A few banks offer this option using video verification or by mailing documents, but it takes longer—usually one to two weeks. If you need the account quickly, in-person is faster.
Frequently Asked Questions
Can a minor open a bank account without a parent or guardian?
No. Banks require a parent or guardian to co-sign or co-own the account for minors under 18. The only exception is a custodial account, which the parent opens and manages on the minor's behalf. Once the minor reaches adulthood, they can open accounts independently.
What if the minor's parents are divorced or separated?
Either parent can usually open an account with the minor, but some banks require consent from both parents if both have custody. Ask the bank about their policy before you visit. Bring custody paperwork if you have it, especially if only one parent has legal custody.
Can a minor use a debit card right away?
Most banks issue a debit card within three to five business days of opening the account. Some offer a temporary digital card you can use immediately while you wait for the physical card. Ask the bank when you open the account.
Do minors' accounts earn interest?
Yes, but the rate is usually very low—often less than 0.01% at traditional banks. Online banks and credit unions sometimes offer higher rates on savings accounts for minors. Check the bank's website for the current rate before opening.
What is the difference between a joint account and a custodial account?
A joint account has both the parent and minor as owners from the start; both can make transactions. A custodial account is owned by the parent on behalf of the minor; the parent controls it until the minor reaches adulthood. Joint accounts stay joint after the minor turns 18 unless changed. Custodial accounts automatically transfer to the minor.