Yes, minors can have their own bank accounts, but with restrictions

A person under 18 can open a bank account at most banks and credit unions in the United States. However, the account will be a custodial account or minor account, which means a parent or legal guardian must be a joint owner and co-signer. The adult has legal control over the account until the minor reaches the age of majority — usually 18, though some states set it at 19 or 21.

The specific rules depend on the bank and your state. Some banks allow minors as young as 13 to open accounts with parental permission. Others require the minor to be 16 or older. A few banks have no minimum age if a parent opens the account on the child's behalf. The account itself works like any other checking or savings account — the minor can deposit money, make withdrawals, and use a debit card — but the parent can see all transactions and freeze or close the account at any time.

Key Takeaways

  • Minors need a parent or legal guardian to co-sign and maintain joint ownership of the account until the minor reaches the age of majority in their state.
  • Minimum age requirements vary by bank, ranging from no minimum (if a parent opens it) to age 16 or older, so you will need to check with your specific bank.
  • A custodial account gives the minor access to banking services like debit cards and online transfers while the parent retains legal control and visibility.
  • When the minor reaches the age of majority, the account can be converted to a standard individual account, though some banks require the parent to formally remove themselves.

What happens when you turn 18

When a minor reaches the age of majority in their state, the custodial account does not automatically convert to an individual account. The parent remains a joint owner unless both parties take action to change it. Some banks automatically send a notice when the minor turns 18, prompting the parent to remove themselves. Others do nothing, leaving the account as-is.

To fully take control of the account, the minor typically needs to visit the bank in person with a photo ID and ask to remove the parent as a co-owner. Some banks allow this online or by phone, but most require an in-person visit. Until the parent is removed, they can still see all transactions and have the legal right to withdraw funds or close the account. If the parent does not remove themselves and the minor wants a truly independent account, opening a new account at a different bank may be simpler than fighting the process.

Types of accounts available to minors

Most banks offer a youth checking account or teen checking account designed specifically for minors. These accounts often come with a debit card, online banking access, and the ability to set up direct deposit. Some include parental controls that let the parent set spending limits, receive alerts when the minor makes a purchase, or block certain types of transactions.

Savings accounts for minors work the same way as checking accounts — they require a parent co-signer and offer interest on the balance, though rates are usually very low (often less than 0.01% annually at traditional banks). Credit unions sometimes offer higher rates on youth savings accounts. A few banks offer 529 education savings plans or Coverdell ESA accounts that are designed for saving for college, but these are separate from regular checking and savings accounts and have their own rules about withdrawals and tax treatment.

What you need to open an account

To open a custodial account, you will need to bring both the minor and the parent or guardian to the bank in person. Bring a photo ID for the adult (driver's license, passport, or state ID) and proof of the minor's identity — usually a birth certificate, school ID, or passport. Some banks also ask for proof of address, such as a utility bill or lease in the parent's name.

A few banks allow parents to open accounts for minors online or by mail without the child present, but this is less common. If you are opening an account at a credit union, you may also need to become a member of the credit union first, which sometimes requires a small deposit or membership fee. Call ahead to ask what documents your specific bank requires — requirements vary widely, and showing up without the right paperwork means a wasted trip.

Parental controls and monitoring

Many banks offer parental controls that let the parent monitor spending and set limits on the minor's account. These tools typically allow the parent to receive text or email alerts when the minor makes a purchase, set a daily spending cap, or block certain types of transactions (like online purchases or ATM withdrawals). Some banks let parents freeze the account temporarily if they suspect fraud or if the minor is spending recklessly.

However, not all banks offer these features, and the ones that do vary in how detailed the controls are. Some parental control systems show only the total amount spent each day, while others break down each individual transaction. If monitoring your child's spending is important to you, ask the bank specifically what tools they offer before opening the account. Be aware that these controls are not a substitute for teaching financial responsibility — they are a tool to help, not a replacement for conversation about money.

Fees and interest rates

Youth checking and savings accounts often have lower fees than adult accounts or no fees at all. Many banks waive monthly maintenance fees for minors, and some do not charge overdraft fees if the account goes negative. However, some banks still charge fees for things like excessive ATM withdrawals, wire transfers, or stopping a check payment.

Interest rates on youth savings accounts are typically very low — often 0.01% or less annually at traditional banks. Online banks and credit unions sometimes offer higher rates, but even those are usually under 0.05% for youth accounts. The difference in interest earned is usually small unless the minor has a large balance, so the main reason to choose a savings account over a checking account is to encourage saving rather than spending. If you are saving for a specific goal like college, a 529 plan or Coverdell ESA may offer tax advantages that make more sense than a regular savings account.

Moving to an independent account

Once the minor reaches the age of majority and the parent removes themselves from the account, the account becomes a standard individual account. The minor is now fully responsible for managing it, and the parent has no legal right to access it or make decisions about it. If the minor wants to switch banks or account types at this point, they can do so freely without needing parental permission.

Some minors who are close to turning 18 start thinking about opening a separate account in their own name only, especially if they want privacy from their parents or if they are earning their own income. This is legal once they reach the age of majority, but it is not possible before then — any account opened before 18 must have a parent or guardian as a co-signer. If a minor is working and wants to keep their paycheck separate from family finances, talking to the parent about opening a second account (still with the parent as co-signer) is usually the best approach.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. Federal law requires a parent or legal guardian to co-sign any account opened by a minor. Some banks may allow a minor to open an account online or by mail if a parent initiates it, but the parent must be a joint owner and have legal control over the account.

What if my parents won't let me open an account?

You cannot open a bank account without a parent's involvement until you reach the age of majority in your state. If your parents refuse to help, talk to a school counselor, trusted teacher, or another adult family member who might be willing to co-sign. Some credit unions are more flexible than banks and may work with you if a different trusted adult is available.

Can I use my debit card without my parent knowing?

Your parent can see all transactions on a custodial account if they check online or ask the bank. Many banks also send statements to both the parent and the minor. If your bank offers parental controls, your parent may receive alerts for every purchase. Privacy is limited until you reach the age of majority and the parent removes themselves from the account.

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

Yes. Banks are required to collect a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have a Social Security number, you will need to apply for one before opening a bank account.

What happens if my parent closes the account?

Because your parent is a joint owner, they have the legal right to close a custodial account at any time without your permission. If this happens, any money in the account will be returned to you or your parent, depending on the bank's policy. Once you reach the age of majority, your parent can no longer close the account without your consent.