Yes, you can open a bank account under 18, but a parent or guardian must be involved
Most banks let you open a checking or savings account before age 18, but they require a parent or legal guardian to co-own the account or sign off on it. The exact rules depend on the bank — some let a minor open an account alone at 16 or 17, while others require a parent's presence for any age under 18. You will need to bring identification, proof of address, and usually your Social Security number. The parent or guardian will need their own ID and Social Security number as well.
The account will typically be set up as a joint account, meaning both you and the parent can see the balance, make withdrawals, and manage it. Some banks offer teen accounts specifically designed for this arrangement, with features like spending limits or parental controls. Once you turn 18, you can convert the account to your name alone or open a separate account without parental involvement.
Key Takeaways
- A parent or guardian must be present or co-sign when you open an account under 18 at most banks.
- You will need a valid ID (state ID, passport, or school ID), proof of address, and your Social Security number.
- Many banks offer teen checking accounts with parental controls, spending limits, or no monthly fees.
- The account becomes yours alone once you turn 18, though the parent can remain as a co-owner if you both choose.
- Credit unions and online banks sometimes have different age rules, so calling ahead saves a trip.
What identification and documents you need to bring
You will need a government-issued photo ID. A state driver's license or ID card works best, but a passport is also accepted. If you do not have any of those, some banks accept a school ID paired with another document like a birth certificate or Social Security card. The bank needs to verify your identity before opening the account.
Bring proof of your current address — a utility bill, lease, or bank statement in your name or your parent's name with your address on it. If you live with your parent and the address is already on their ID, that usually counts. You will also need your Social Security number and your parent's Social Security number. Have these ready before you go to the bank, either memorized or written down.
How joint accounts work and what the parent can see
A joint account means both you and the parent have equal legal rights to the money in it. The parent can deposit money, withdraw money, and see every transaction. They can also close the account or change the terms without your permission. This is standard for accounts opened by minors, because the bank needs someone over 18 legally responsible for the account.
When you turn 18, you have the option to remove the parent as a co-owner, but you will need to go to the bank in person or call and request it. Some banks make this automatic; others require you to initiate it. If the parent wants to stay on the account, they can, and you will both retain access. You can also open a separate account in your name alone once you are 18 and transfer your money there if you prefer complete privacy.
Teen checking accounts and what features they offer
Many banks market teen checking accounts specifically for minors, often with features designed for both the teen and the parent. Common features include parental alerts (the parent gets a notification when you spend money or the balance drops below a set amount), spending limits (the parent can cap how much you can spend per day or per transaction), and no monthly maintenance fees. Some also include a debit card with your name on it.
Chase, Bank of America, Wells Fargo, and most regional banks offer teen accounts. Credit unions often do as well. The features and fees vary — some charge a small monthly fee even for teens, while others waive it. Call your bank or visit their website to ask if they have a teen account option and what it includes. If you already have a regular joint account, you may be able to convert it to a teen account if the bank offers one.
Banks and credit unions with different age rules
Not all banks have the same minimum age or requirements. Some credit unions let minors as young as 13 open an account with a parent, while others require 16. Online banks like Ally and Charles Schwab have different rules than brick-and-mortar banks — some allow minors to open accounts, others do not. A few banks let a 16 or 17-year-old open an account without a parent present if they have a job and can show proof of income, though this is rare.
The best approach is to call the bank or credit union you are interested in and ask directly: "What is the minimum age to open a checking account, and does a parent need to be present?" This takes five minutes and tells you exactly what to expect. If the bank you want does not work for your age, you can try a different one — there is no penalty for shopping around, and the account you open now does not have to be your only account later.
What happens to the account when you turn 18
Once you turn 18, the account is legally yours. You can request that the parent be removed as a co-owner, and most banks will do this over the phone or in person. You will need to show your ID to confirm your age. After the parent is removed, only you can access the account, see the balance, or make changes. The parent will no longer receive alerts or have any control.
If you want the parent to stay on the account, you can ask them to remain as a co-owner. Some people do this for convenience (the parent can help manage money or make deposits) or for other reasons. The choice is yours once you are 18. You can also open a completely separate account in your name alone at that time and transfer your money if you prefer a fresh start.
What to do if you cannot get a parent to co-sign
If your parent is unavailable, unwilling, or you do not have contact with them, some banks may work with a legal guardian, grandparent, or other adult with legal authority over you. Call the bank and explain your situation — they may have options you are not aware of. A few banks and credit unions have programs for teens in foster care or without parental contact, though these are not common.
If no adult can co-sign, you may need to wait until you turn 18 to open an account in your name alone. In the meantime, you can use a prepaid debit card (which does not require a bank account) or ask a trusted adult to let you use their account for deposits, though this carries risk. If you are in a difficult family situation, a school counselor, social worker, or local youth organization may know of resources or accounts designed for your circumstances.
Frequently Asked Questions
Can I open a bank account at 16 or 17 without a parent?
Most banks require a parent or guardian for anyone under 18, but a few allow 16 or 17-year-olds to open an account alone if they have a job and proof of income. Call ahead to ask — it varies by bank and by state. Credit unions sometimes have different rules than large banks.
Will opening an account affect my credit score?
No. Opening a checking or savings account does not affect your credit score. Credit scores are based on borrowed money (loans, credit cards) and payment history. A bank account is just a place to store money, so it does not show up on your credit report at all.
Can my parent see my transactions if I am on a joint account?
Yes. On a joint account, the parent has full access to see every deposit, withdrawal, and transaction. They can also withdraw money or close the account. This is why some teens prefer to wait until 18 to open an account in their name alone, though many find the parental oversight helpful for learning to manage money.
What if I want to remove my parent from the account after I turn 18?
Go to the bank in person or call and ask to remove the co-owner. You will need to show your ID to prove you are 18. The bank will process the request, and the parent will no longer have access. This usually takes a few days to complete.
Do teen accounts cost money?
Most teen checking accounts have no monthly fee, but some banks charge a small fee (usually $5 to $10 per month). Savings accounts for teens are almost always free. Ask the bank about fees before you open the account — if there is a fee, you can often find a bank that does not charge one.