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 banks. However, minors can have accounts too — they just need a parent or guardian to co-own the account with them. Some banks allow children as young as 13 to open accounts with parental permission, while others set the minimum at 16. A few banks have no age minimum if a parent is the primary account holder.
The age requirement depends on whether you're opening a checking account, savings account, or money market account. Checking accounts for teens often come with restrictions — limited debit card use, spending caps, or parental monitoring. Savings accounts for minors are usually simpler and may have fewer rules. Money market accounts typically require you to be 18 because they involve more complex transactions.
If you're under 18, the parent or guardian on the account has full access to your money and can see all transactions. Once you turn 18, you can convert the account to your name alone, though some banks require you to visit a branch in person to do this.
Key Takeaways
- You must be 18 to open an account by yourself; minors need a parent or guardian as a co-owner.
- Some banks allow minors as young as 13 to open teen checking accounts with parental permission, while others require 16.
- Teen accounts often have spending limits, restricted debit card features, or parental monitoring built in.
- When you turn 18, you can convert a joint account to your name alone, though the process varies by bank.
What banks require to open an account as a minor
If you're under 18, you'll need to bring a parent or legal guardian to the bank in person. Some banks allow you to start the process online, but you'll still need to visit a branch or have the parent verify their identity remotely before the account opens. Bring your Social Security number and a government-issued ID — usually a school ID or state ID card works, though some banks accept a birth certificate instead.
The parent or guardian will need their own ID, Social Security number, and proof of address (a utility bill or lease). Some banks also ask for a second form of ID from the adult. If you're opening the account online, the bank may use video verification instead of an in-person visit, but this is less common for minors.
You don't need an initial deposit to open most teen accounts, though some banks require a minimum of $25 to $100. Check with your bank before you go — the requirement varies widely.
Teen checking accounts and what they include
Teen checking accounts come with a debit card, but the card often has limits. Some banks cap daily spending at $500 or $1,000, while others limit the number of transactions per day. A few banks restrict where you can use the card — for example, blocking online purchases or international transactions. These limits exist to protect against fraud and to help young people learn spending habits.
Most teen accounts include parental monitoring through a mobile app or online portal. Parents can see every transaction, set spending limits, and turn the debit card on or off remotely. Some banks send alerts to the parent when the account balance drops below a certain amount or when a large purchase is made.
Interest rates on teen savings accounts are usually very low — often 0.01% or less — because the account is designed for learning, not for earning money on your balance. When you turn 18, the account typically converts to a standard adult account with higher interest rates and no spending limits.
Opening an account when you turn 18
Once you reach 18, you can open your own account without a parent's signature. You'll need a government-issued ID (driver's license, state ID, or passport), your Social Security number, and proof of address. Proof of address can be a utility bill, lease, bank statement, or government document with your name and current address on it.
If you already have a teen account, you don't have to do anything on your 18th birthday — the account doesn't automatically close. However, the parent's access may end automatically, or you may need to visit the bank to remove them as a co-owner. Check with your bank about their specific process. Some banks require you to come in person; others let you remove the parent online.
If you want to switch to a different bank after turning 18, you can open a new account and transfer your money. This takes three to five business days if you use the bank's transfer tool, or you can withdraw cash and deposit it at the new bank immediately.
Banks with lower age minimums for minors
Chase allows minors as young as 13 to open a Chase First Banking account with a parent. The account includes a debit card with parental controls and spending limits set by the parent. Bank of America has a similar product called BankAmericard for Youth, also starting at age 13. Both banks require the parent to visit a branch in person with the child.
Wells Fargo offers accounts for minors 10 and older, though the parent must be present. Ally Bank allows minors as young as 13 to open accounts online with parental consent, and the process is entirely digital — no branch visit required. Ally's teen account has no monthly fees and no minimum balance.
Credit unions often have lower age minimums than national banks. Many credit unions allow minors as young as 12 or even younger to open accounts if a parent is a member. Check with your local credit union to see what they offer.
What happens if you try to open an account under the age limit
If you're under 18 and try to open an account without a parent or guardian, the bank will reject your application. You cannot complete the process online or in person — the bank's system is designed to require a co-owner for anyone under 18. Some banks may allow you to start an application online, but it will be flagged and you'll be asked to bring a parent to finish it.
If you're under the bank's specific age minimum (for example, under 13 at Chase), you cannot open an account at that bank at all, even with a parent. You'll need to choose a different bank or wait until you reach their minimum age. Your parent can open a savings account in their own name and give you access to it, but this is not the same as having your own account.
Some parents open accounts in their own name and let their children use the debit card, but this means the child has no legal ownership of the account and no credit history is built. If you want to build your own credit and have your own account, you need to wait until you meet the bank's age requirement.
Building credit as a minor or young adult
Opening a bank account does not build credit — credit bureaus only track borrowing and repayment, not savings. However, having a bank account is the first step toward building credit. Once you turn 18, you can apply for a secured credit card, which requires a cash deposit and helps you build a credit history.
Some banks offer student credit cards for people 18 and older who are in school. These cards have lower credit limits and are designed for people with no credit history. Using a student card responsibly — making small purchases and paying the full balance each month — builds your credit score over time.
Your bank account itself won't show up on your credit report, but lenders will ask to see bank statements when you apply for a loan or mortgage later. Having a long history with a bank and a healthy account balance can help your application, even if it doesn't directly affect your credit score.
Frequently Asked Questions
Can a 16-year-old open a bank account without a parent?
No. At 16, you still need a parent or legal guardian to co-own the account with you. The age at which you can open an account alone is 18 in all U.S. states. Some banks allow 16-year-olds to open teen accounts with parental permission, but the parent must be present or verify their identity.
What if my parent won't take me to open an account?
If your parent refuses, you can ask another legal guardian — a grandparent, aunt, uncle, or court-appointed guardian can co-own the account instead. If you have no legal guardian, contact your school counselor or local social services office for help. Some banks also allow remote verification, so the guardian may not need to visit a branch in person.
Do I lose access to my teen account when I turn 18?
No. The account stays open and your money remains yours. The parent's access may end automatically, or you may need to remove them as a co-owner by visiting the bank or using the online portal. The account itself converts to an adult account with no spending limits or parental monitoring.
Can I open an account at two different banks?
Yes. You can have accounts at multiple banks at the same time. Each account is separate and insured independently by the FDIC up to $250,000. Having accounts at different banks can be useful if one bank has better interest rates for savings and another has better checking features.
What's the difference between a teen account and a regular savings account?
Teen accounts include parental monitoring and spending limits; regular savings accounts do not. Teen accounts are designed to teach money management, while regular savings accounts are for storing money and earning interest. Interest rates are usually the same, but teen accounts may have lower minimum balances and no monthly fees.