Yes, but you'll need a parent or guardian to co-own it
A person under 18 can open a bank account, but not alone. Every bank requires a parent or legal guardian to open the account jointly with you. You and your parent will both be account owners, and both of your names will appear on the account and debit card. This is called a custodial account or minor account.
The parent or guardian has full access to the account and can see all transactions, deposits, and withdrawals. They can also close the account or change its terms. Some banks let you transition to an adult account on your own once you turn 18, while others require you to open a new account at that point.
Most major banks and credit unions offer accounts for minors. The process is straightforward: you and your parent go to a branch together with ID, or you can open one online if the bank allows it. Some banks have no minimum balance requirement for minor accounts, while others ask for $25 to $100 to start.
Key Takeaways
- You need a parent or legal guardian to co-own the account; you cannot open one by yourself under 18.
- Your parent will have full access to see transactions and can close or change the account at any time.
- Most banks let you bring your parent to a branch with ID to open the account, and some allow online opening.
- Once you turn 18, you can usually convert to an adult account or open a new one in your name alone.
- Debit cards for minors often come with spending limits or parental controls that your parent can adjust.
What documents you and your parent need to bring
Both you and your parent need a government-issued photo ID. For you, this is usually a school ID, state ID, or passport. Your parent will need a driver's license or passport. Some banks also ask for a Social Security number for both of you, so have those ready or know where to find them.
If you're opening the account in person at a branch, bring these documents with you. If you're opening online, you may be able to upload photos of the IDs or enter the information directly. A few banks ask for proof of address (a utility bill or lease in your parent's name), but this is less common for minor accounts.
How debit cards and spending controls work for minors
Most banks issue a debit card for minor accounts. Your parent can usually set daily spending limits—for example, $50 per day or $200 per week—through the bank's app or website. Some banks also let your parent turn the card on or off, block certain types of purchases (like online shopping), or get alerts when you use it.
The debit card works like an adult's card: you can use it to buy things in stores, withdraw cash from ATMs, and pay online. However, you cannot overdraft. If you try to spend more than what's in the account, the transaction will be declined. This protects you from going into debt.
Your parent can see every transaction you make in real time through the bank's app. This transparency is built into the account structure and cannot be turned off by you alone.
Differences between banks and what to compare
Banks vary in what they offer for minor accounts. Some have no monthly fee, while others charge $5 to $10 per month. A few waive the fee if you maintain a minimum balance or set up direct deposit. Check whether the bank charges fees for overdraft attempts, ATM use outside their network, or paper statements.
Interest rates on savings also differ. Some banks pay almost nothing on minor savings accounts (0.01% APY), while others, especially online banks and credit unions, may offer 4% to 5% APY. If you're saving money, this difference adds up over time.
Consider also whether the bank has branches near you, whether they offer online banking and a mobile app, and what happens to the account when you turn 18. Some banks automatically convert minor accounts to adult accounts; others close them and require you to open a new one.
| Feature | What to Look For |
|---|---|
| Monthly fee | $0 is common; some banks charge $5–$10 or waive it with direct deposit |
| Interest rate (APY) | Ranges from 0.01% to 5%, depending on the bank |
| Debit card | Most banks issue one; check if spending limits are adjustable |
| Parental controls | Some banks offer card on/off toggles and purchase category blocks |
| Conversion at 18 | Some auto-convert to adult accounts; others require opening a new one |
| Minimum balance | Usually $0–$100 to open; some waive monthly fees if you maintain a balance |
What happens when you turn 18
When you reach 18, you become a legal adult and can own an account by yourself. Some banks automatically convert your minor account to an adult account on your 18th birthday. Your parent's name stays on the account unless you both agree to remove it, but you now have the legal right to manage it independently.
Other banks close the minor account and require you to open a new adult account. If this happens, the bank will notify you and your parent in advance. You can transfer the money to the new account, or your parent can help you move it to another bank if you prefer.
Check with your bank now about their policy so you know what to expect. You can call the customer service number on the back of your debit card or ask at a branch.
Why having a bank account as a minor matters
A bank account teaches you how to manage money before you're on your own. You learn how deposits and withdrawals work, how to check your balance, and how to budget. This foundation helps when you open your first solo account or credit card as an adult.
A bank account also gives you a safe place to store money instead of keeping cash. If you have a job or receive allowance, the account keeps that money secure and creates a record of your savings. Some employers require direct deposit, which means you need a bank account to get paid.
Having an account also begins your banking history. Banks and credit card companies look at how long you've had an account and how responsibly you've used it. Starting young can help you build a stronger financial profile by the time you're 18.
Frequently Asked Questions
Can I open a bank account without my parent knowing?
No. The bank requires a parent or legal guardian to be present and to co-own the account. You cannot hide it from them because their name is on the account and they receive statements. If you're in foster care or have a different legal guardian, that person can open the account with you instead of a parent.
What if my parent won't let me open an account?
If you're in school, talk to a school counselor or trusted adult about why you want an account. If there's abuse or neglect involved, contact a local child protective services office or call the Childhelp National Child Abuse Hotline at 1-800-422-4453. If you're simply disagreeing with your parent, you may need to wait until you turn 18 to open an account on your own.
Can I have a savings account instead of a checking account?
Yes. Many banks offer savings accounts for minors with the same co-ownership structure. Savings accounts typically don't come with a debit card and are meant for storing money rather than frequent spending. Some minors have both—a checking account for everyday spending and a savings account for longer-term goals.
Will opening a bank account hurt my credit score?
No. Opening a bank account does not affect your credit score. Credit scores are based on borrowing and repayment history (credit cards, loans), not on having a checking or savings account. A bank account is separate from credit.
What if I want to close the account before I turn 18?
You and your parent can close the account together at any time. The bank will return any remaining balance to you or your parent. You can also transfer the money to a different bank if you want to switch. There's usually no penalty for closing a minor account early.