Minimum age requirements vary by account type and bank
You must be at least 18 years old to open a bank account in your own name at most U.S. banks. However, minors can hold accounts through a parent or guardian as a custodial account (also called a minor account), and some banks allow children as young as 13 to open accounts with parental permission. The exact rules depend on the bank and the type of account you want.
If you are under 18, you will need a parent or legal guardian to co-sign or co-own the account. The adult's name will appear on the account, and they will have full access to the money and the ability to make decisions about the account. Once you turn 18, you can convert the account to your own name or open a separate account without a co-owner.
Key Takeaways
- You must be 18 to open a bank account alone; minors need a parent or guardian to co-own the account.
- Some banks allow children as young as 13 to open accounts with parental permission, though rules vary by institution.
- A custodial account stays under parental control until you turn 18 or reach the age of majority in your state (sometimes 21).
- You will need a Social Security number and a form of ID (or your parent's ID if you are a minor) to open any account.
- At 18, you can convert a minor account to your own name or open a new account without a co-owner.
How custodial accounts work for minors
A custodial account is a bank account held in a child's name but controlled by a parent or guardian until the child reaches the age of majority. The adult can deposit money, withdraw funds, and manage the account. The child's Social Security number is used for the account, and interest earned is reported on the child's tax return.
When you turn 18 (or 21 in some states), the account automatically transfers to your control. You become the sole owner and the parent's authority ends. Some banks require you to visit in person to complete the transfer; others handle it automatically. Check with your bank about what happens on your 18th birthday so you are not surprised by a change in how you access the account.
Custodial accounts are useful for teaching money management and saving for school or other goals. The parent can see all transactions and set limits on spending, but the account still belongs to the child and counts toward their financial history.
Age requirements at different types of banks
Traditional banks (Chase, Bank of America, Wells Fargo, Citibank) typically require you to be 18 to open an account in your own name. Most allow minors to open custodial accounts with a parent present, though the minimum age for a minor account varies—some start at age 13, others at age 15 or 16.
Credit unions often have similar rules but may be more flexible. Some credit unions allow younger children to open accounts if a parent co-owns. Online banks (Ally, Charles Schwab, Discover) have stricter rules because they cannot verify age in person; most require you to be 18 or to have a parent open a custodial account online.
High-yield savings accounts and money market accounts usually follow the same age rules as checking accounts at the same bank. Investment accounts (brokerage or retirement accounts) have different age rules and are not available to minors without a custodian.
What you need to bring to open an account
If you are 18 or older, bring a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. Some banks also ask for a second form of ID or proof of address, such as a utility bill or lease.
If you are a minor opening a custodial account, you and your parent or guardian must both be present (at most brick-and-mortar banks). Bring the child's Social Security number, the parent's photo ID and Social Security number, and proof of address for the parent. Some banks accept applications online if the parent has an existing account at that bank.
Online banks may have different requirements. Some allow you to upload photos of your documents; others require you to verify your identity through a third-party service. Call the bank before you visit or apply to confirm what documents you need.
When the account transfers to your name at 18
On your 18th birthday, you become a legal adult and the custodial account automatically converts to an account in your name alone at most banks. The parent's name is removed and they no longer have access. You will receive a new debit card and online login credentials in your name only.
Some banks require you to visit a branch or call to confirm the transfer. Others send a notice in the mail explaining what has changed. If you do not hear from your bank within a few weeks of your 18th birthday, contact them to confirm the account has been transferred. Do not assume it happened automatically.
In a few states, the age of majority is 21, not 18. If you live in one of those states, the custodial account may remain under parental control until you turn 21, unless your bank's policy is different. Check your account documents or call your bank to find out the exact age when control transfers to you.
Opening an account if you do not have a Social Security number
A Social Security number is required to open a bank account in the United States. If you are a non-citizen or immigrant without a Social Security number, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead. Not all banks accept ITINs, so you will need to call ahead or visit a branch to ask.
Some banks and credit unions that serve immigrant communities are more likely to accept ITINs. If your local bank does not, try a credit union or a bank that specifically advertises accounts for non-citizens. You will still need a photo ID and proof of address.
Frequently Asked Questions
Can a 16-year-old open a bank account without a parent?
No, not at most banks. You must be 18 to open an account in your own name. At 16, you can open a custodial account with a parent or guardian present. A few banks allow 16-year-olds to open accounts with parental permission, but this is rare—call your bank to ask.
What happens to a custodial account when the child turns 18?
The account automatically converts to the child's name and the parent's access ends. The child becomes the sole owner. Some banks require a visit or phone call to complete the transfer; others do it automatically. Contact your bank if you do not see changes within a few weeks of your 18th birthday.
Can a parent access a child's account after the child turns 18?
No. Once the account transfers to the child's name at 18, the parent has no legal right to access it or make decisions about it. The parent's name is removed from the account. If the parent needs access later, the adult child must add them as an authorized user.
Do I need to be a U.S. citizen to open a bank account?
No. You do not need to be a U.S. citizen, but you do need a Social Security number or an ITIN and a valid photo ID. Not all banks accept ITINs, so call ahead. Credit unions and banks serving immigrant communities are more likely to accept non-citizens.
Can a 13-year-old open a bank account?
Some banks allow children as young as 13 to open accounts with parental permission, but most require 15 or 16. Rules vary by bank, so contact your bank directly to ask about the minimum age for a minor account. You will need a parent or guardian to co-own the account.