Age requirements vary by bank, but most let you open an account for a child at birth
You can open a bank account for a child at nearly any age, even as a newborn. Most banks have no minimum age requirement when a parent or guardian opens a custodial account — an account the adult controls on the child's behalf until they reach the age of majority (18 or 21, depending on your state).
Once a child reaches their early teens, usually around 13, most banks let them open their own account with a parent as a co-owner. By 16 or 17, many banks allow teens to open accounts with minimal adult involvement, though a parent may still need to sign off. At 18, a young person can open any account independently without parental permission.
The exact ages and rules depend on the bank. Some regional banks and credit unions have different thresholds than national chains. A few banks set the independent account age at 16; others wait until 18. The best approach is to contact your bank directly or check their website for their specific policy.
Key Takeaways
- A parent or guardian can open a custodial account for a child at birth with no minimum age requirement at most banks.
- Around age 13, many banks allow a teen to open an account with a parent listed as a co-owner or authorized adult.
- At 16 or 17, some banks permit teens to open accounts with reduced parental involvement, though rules vary widely by institution.
- By age 18, a young person can open any standard bank account on their own without parental permission or co-ownership.
- Custodial accounts automatically transfer to the teen's sole control at the age of majority, which is 18 in most states and 21 in a few.
Custodial accounts: what a parent opens for a child
A custodial account is opened by a parent or legal guardian in the child's name, with the adult holding full control until the child reaches adulthood. The account belongs to the child legally, but the parent manages deposits, withdrawals, and decisions about the money. This is the most common route for families with young children.
To open a custodial account, you typically need the child's Social Security number, proof of the child's identity (birth certificate), proof of your identity (driver's license), and your tax ID or Social Security number. Some banks may ask for proof of address. The process usually takes 15 to 30 minutes in person or online.
Custodial accounts come in two main forms: UGMA (Uniform Gifts to Minors Act) and UTMA (Uniform Transfers to Minors Act) accounts. Both work similarly — the adult is the custodian and the child is the beneficiary. The key difference is that UTMA accounts can hold a wider range of assets (real estate, intellectual property) beyond just cash and securities. For a basic savings account, this distinction rarely matters.
When the child reaches the age of majority in your state, the account automatically transfers to their sole control. They become the owner and can do whatever they want with the money. Some states set this age at 18; others use 21. Check your state's law or ask the bank which age applies to accounts opened in your state.
Teen accounts: when your child can co-own
Around age 13, most major banks introduce teen or youth accounts that let the young person own the account jointly with a parent. The teen can use a debit card, make deposits and withdrawals, and see their balance, but the parent retains access and oversight. This gives the teen more independence than a custodial account while keeping parental safeguards in place.
Teen accounts often come with features designed for learning: spending limits, parental alerts when the balance drops below a set amount, and the ability for parents to freeze the card remotely. Some banks offer these accounts starting at age 13; others begin at 15 or 16. A few do not offer a formal teen product but will let a parent add a young teen as an authorized user on an adult account.
To open a teen account, you will need the teen's Social Security number, proof of identity, and your own identification. Many banks let you open one online if you already have an account there. Some require an in-person visit. The teen may need to be present to sign documents or verify their identity, depending on the bank's policy.
Independent accounts: what teens can open on their own
At 16 or 17, depending on the bank, a teen may be able to open a standard checking or savings account with little or no parental involvement. Some banks require a parent to co-sign; others let the teen open the account alone if they have a Social Security number and valid ID. A few banks still require the teen to wait until 18.
Chase, Bank of America, Wells Fargo, and most other national banks allow 16-year-olds to open accounts independently, though policies shift and vary by branch. Credit unions often have different rules — some allow accounts at 16, others at 13 with a parent, and some require 18. Regional banks may have their own thresholds.
Even when a teen can open an account alone, a parent may still want to monitor it or remain involved. Some teens choose to keep a joint account with a parent for safety and guidance, even after they are legally able to open one independently. There is no requirement to switch to a solo account at any particular age.
What happens when a custodial account reaches the age of majority
When a child reaches the age of majority in your state (18 in most states, 21 in Alabama, Nebraska, and Wyoming), a custodial account automatically converts to a standard account in the young person's name alone. The parent's authority ends, and the young adult now has full control of the money and the account.
This transition happens without any action needed from you or the bank — it is automatic. However, the young adult should be aware it is happening. If they have not been involved in managing the account, this is a good time to review the balance, discuss what the money is for, and explain how to use the account going forward.
Some parents and young adults choose to close the custodial account and open a new one together as a joint account, giving the young adult a fresh start and a chance to set up features (like direct deposit or bill pay) that suit their new independence. This is optional but can be a useful transition point.
Documents and information you will need
| What you need | For a custodial account | For a teen account | For an independent teen account (16+) |
|---|---|---|---|
| Child's Social Security number | Yes | Yes | Yes |
| Child's proof of identity | Birth certificate or passport | Birth certificate, passport, or school ID | State ID, passport, or school ID |
| Parent's proof of identity | Driver's license or passport | Driver's license or passport | Not always required |
| Parent's Social Security number or tax ID | Yes | Usually yes | Not always required |
| Proof of address | Utility bill or lease (may vary) | Utility bill or lease (may vary) | May not be required |
How to find out your bank's specific age policy
The fastest way to learn your bank's rules is to call the customer service number on the back of your debit card or visit the bank's website and search for "teen account" or "minor account." Most banks publish their age requirements online. If you do not bank anywhere yet, visit the websites of banks in your area and compare their policies before opening an account.
If you bank at a credit union, call the member services line or visit in person. Credit unions often have different rules than banks, and policies can vary between credit unions even in the same state. Some credit unions let members open accounts at any age with a parent; others have a minimum age of 13 or 16.
When you call or visit, ask three specific questions: the minimum age to open a custodial account, the age at which a child can co-own an account with a parent, and the age at which a young person can open an account independently. Write down the answers so you have them for reference.
Frequently Asked Questions
Can I open a bank account for a newborn?
Yes. Most banks let you open a custodial savings account for a child at birth or any age after. You will need the child's Social Security number and birth certificate, plus your own ID. The account is in the child's name, but you control it until they reach adulthood.
What is the difference between a custodial account and a teen account?
A custodial account is opened by a parent and controlled entirely by the parent until the child reaches adulthood. A teen account is co-owned by both the teen and the parent, giving the teen more visibility and control while the parent retains oversight. Teen accounts usually start around age 13; custodial accounts have no age minimum.
Does my teen need a Social Security number to open an account?
Yes, nearly all banks require a Social Security number to open any account, including teen accounts. If your child does not have one, you can request one from the Social Security Administration using Form SS-5. The process takes a few weeks.
What happens to the money in a custodial account when my child turns 18?
The account automatically converts to a standard account in your child's name alone. You lose access and control. The money belongs entirely to your child, and they can withdraw or spend it however they want. Some parents discuss this transition beforehand so the young adult understands what the money is for.
Can my teen have a debit card on a custodial account?
Most banks do not issue debit cards for custodial accounts — the account is meant for the parent to manage. However, some banks allow the parent to request a card in the child's name that draws from the custodial account. Ask your bank if this option is available. Teen accounts almost always come with a debit card.