Yes, but the bank sets the age and your involvement depends on how old they are
Most banks let children open accounts, but the rules vary by bank and by your child's age. Under 18, your child will need you to co-sign or co-own the account — no bank will let a minor open one alone. Some banks start at age 13, others at 16. A few have no minimum age if a parent is on the account. The account type matters too: a basic savings account is easier to open than a checking account with a debit card.
What you need to know before you start: the bank will ask for your child's Social Security number, proof of identity (usually a birth certificate or school ID), and your own ID and Social Security number. You'll both need to be present at the branch, or some banks let you start online and finish in person. The whole process usually takes 15 to 30 minutes.
Key Takeaways
- Children under 18 cannot open a bank account without a parent or guardian co-signing, and most banks require the parent to be present or to verify their identity online.
- Age minimums vary by bank — some allow accounts at 13, others at 16, and a few have no stated minimum if a parent is the account owner.
- You will need your child's Social Security number and a form of ID, plus your own ID and Social Security number, to open the account.
- A basic savings account is simpler to open than a checking account with a debit card, which some banks restrict until age 16 or older.
- Once the account is open, you can decide how much control your child has — some parents monitor all transactions, others give their teen full access to their own money.
Age minimums and what each bank requires
Chase allows children as young as 13 to open a savings account with a parent present. Bank of America has no stated age minimum for a savings account if a parent is the account owner, but requires a parent to be present. Wells Fargo starts at 16 for a teen checking account. Credit unions often have lower age minimums than national banks — some start at 10 or 12 — so if you belong to one, ask what they offer.
The difference between a savings account and a checking account matters. A savings account is usually just a place to hold money and earn interest. A checking account comes with a debit card and the ability to write checks, which banks see as riskier for younger children. Most banks that offer checking to minors set the age at 16 or older, or require the parent to keep close oversight.
Call your bank or visit their website and search for "teen account" or "minor account" to find the exact age and what documents you'll need. Banks update these policies, so what was true last year may have changed.
What happens when you co-own or co-sign
Co-owning means you and your child are both on the account and both have full access to the money. You can see every transaction, and so can your child. Co-signing means you are legally responsible if the account goes negative, but the account is primarily your child's. The distinction varies by bank — some use the term "parent-child account" and don't distinguish between co-owner and co-signer.
In practice, this means you can monitor spending if you want to, but your child can also see that you're watching. Some parents use this as a teaching tool: the child sees their balance drop when they spend, and the parent can talk through the choices. Other parents prefer to give their teen more privacy once they turn 16 or 17, and may remove themselves from the account or switch to a teen account that doesn't require parental co-ownership.
Ask the bank what the account looks like on your child's end and on your end. Some banks show the parent a separate view with transaction history; others show the same view to both account holders. This affects how much oversight you actually have.
Debit cards, spending limits, and parental controls
If the account comes with a debit card, the bank may let you set a daily spending limit or a total transaction limit. Chase's teen checking account, for example, lets parents set daily spending caps and turn the card on or off from a mobile app. Bank of America's teen account allows parents to set purchase limits and receive alerts when the card is used.
Not all banks offer these controls, and not all teen accounts come with a debit card. Some banks issue a card only after the child turns 16, or only if the parent requests it. If parental controls matter to you — because your child is young or because you want to monitor spending closely — ask the bank what controls are available before you open the account.
Spending limits can be a useful way to let your child learn to manage money without risk. A $20 daily limit means they can't accidentally overdraft or make a large purchase without talking to you first. But limits also mean your child may hit the cap and be unable to make a purchase they need, so talk through what the limit should be.
Removing yourself from the account later
Once your child turns 18, they can usually remove you from the account or convert it to an adult account without your permission. Some banks do this automatically; others require your child to request it. If you want to stay on the account after your child turns 18, you can ask the bank to keep you as a co-owner, but your child can refuse.
This is worth knowing before you open the account, especially if you're using it to monitor spending or ensure your child doesn't overdraft. At 18, your child has the legal right to financial privacy, and the bank will honor their request to remove you even if you object.
If your child is 17 and you're thinking about this account as a way to teach money management before they leave home, plan to hand over full control within a year. Use that time to talk through budgeting, overdraft fees, and what to do if the card is lost or stolen.
What to bring to the bank
| You need to bring | For your child | For you |
|---|---|---|
| Photo ID | Birth certificate, school ID, or passport | Driver's license or passport |
| Social Security number | Your child's SSN (or the bank can look it up if you provide it) | Your SSN |
| Proof of address | Usually not required for minors | A recent utility bill or lease (some banks ask, some don't) |
| Initial deposit | Some banks require a minimum opening deposit, often $25 to $100. Others have no minimum. |
Call ahead to confirm what the bank needs. Some branches are stricter than others, and policies change. If you're opening the account online, the bank will tell you which documents to upload and which to bring to the branch to verify in person.
Bring originals, not copies — banks will not accept photocopies of your ID or your child's birth certificate. If you're opening the account at a branch you don't usually visit, call first to make sure they have the staff available to help you that day. Some branches are busier than others, and you may have a shorter wait if you go at an off-peak time like a Tuesday morning.
Frequently Asked Questions
Can my child open an account without me?
No. Anyone under 18 needs a parent or legal guardian to co-sign or co-own the account. The bank will not open an account for a minor without an adult present or verifying their identity. Once your child turns 18, they can open their own account without you.
What if my child loses the debit card?
Call the bank immediately and report it lost or stolen. The bank will cancel the card and issue a new one, usually within 5 to 10 business days. Most banks will not hold you responsible for fraudulent charges made after you report the card lost, but you should report it as soon as you notice it's gone.
Can I see all my child's transactions?
If you're a co-owner, yes — you can log into the account online and see the transaction history. If you're only a co-signer, the bank may not show you transactions unless you ask. Log into your own account view and see what you can see, or ask the bank what information is available to you as a co-signer.
Does my child need a Social Security number to open an account?
Yes. Banks are required to ask for a Social Security number for anyone opening an account. If your child doesn't have one yet, you can request one at the Social Security Administration office or online at ssa.gov. The process takes a few weeks, so plan ahead if you're opening an account soon.
What happens if the account goes negative?
If your child spends more than is in the account, the bank will charge an overdraft fee — usually $25 to $35 per transaction. As a co-owner or co-signer, you may be responsible for paying the overdraft. Some teen accounts don't allow overdrafts at all and simply decline the transaction. Ask the bank what their overdraft policy is before you open the account.