Minors can open bank accounts, but not alone—a parent or guardian must co-own the account or sign off on it
A minor cannot legally sign a binding contract, which is what opening a bank account requires. Every bank will ask for a parent or legal guardian to be present and to co-sign or co-own the account. Some banks allow the adult to be the sole owner with the minor as an authorized user; others require both names on the account as joint owners. The specific structure depends on the bank's policy and what you want the account to do.
The age at which a minor can have their name on an account varies by bank, but most allow it starting at age 13 or 14. Some banks have no minimum age if a parent is the account owner. The key difference is whether the minor can access the account independently—most accounts for minors under 18 require parental approval for withdrawals or transfers, though this varies.
Key Takeaways
- A parent or legal guardian must be present and sign the account paperwork; minors cannot open accounts on their own.
- Most banks allow minors to have their name on an account starting at age 13 or 14, though some have no age minimum if a parent owns it.
- Joint accounts let both the parent and minor access the money, while custodial accounts give the parent control until the minor reaches the age of majority (usually 18 or 21).
- Bring a government-issued ID for the parent, the minor's birth certificate or Social Security card, and proof of address such as a utility bill or lease.
Joint accounts versus custodial accounts
A joint account lists both the parent and the minor as owners. Both can deposit and withdraw money without asking permission. This works well if you want the teen to manage their own spending and savings while you keep an eye on the account. The downside is that the minor has full access—they can empty the account if they choose.
A custodial account is owned by the parent in the minor's name. The parent controls all transactions until the minor reaches the age of majority, which is 18 in most states but 21 in a few. At that point, the account automatically transfers to the minor's full control. Custodial accounts are common for savings meant to stay untouched until the child is older, such as money from grandparents or a trust.
Some banks also offer teen checking accounts, which are joint accounts with built-in limits—the teen can use a debit card and make withdrawals, but the parent can set spending caps or require approval for large transactions. These accounts often come with financial education tools and lower or no monthly fees.
What documents you need to bring
Bring the parent's government-issued photo ID (driver's license, passport, or state ID card). The bank will verify the parent's identity and check their banking history through ChexSystems or Early Warning Services, which are databases that track account closures and fraud.
For the minor, bring either a birth certificate or Social Security card. Some banks ask for both. You will also need proof of address for the household—a utility bill, lease, mortgage statement, or recent bank statement in the parent's name, dated within the last 60 days. If you have moved recently and the ID does not match your current address, bring two pieces of mail showing the new address.
If the minor is 16 or older, some banks will ask them to sign the paperwork themselves alongside the parent. Younger children typically do not sign anything.
Age requirements by bank type
Large national banks like Chase, Bank of America, and Wells Fargo generally allow minors as young as 13 to have their name on an account. Credit unions often have similar policies, though some allow younger children if a parent is the account owner. Online banks like Ally and Marcus have higher minimums—usually 18—because they do not have branches where a parent can sign in person.
Some banks have no stated age minimum for custodial accounts, meaning you can open one for an infant if you want to start saving for them. However, the minor cannot access or use the account until they reach the age of majority, at which point it becomes theirs.
Call the bank directly or check their website before you go in. Age policies change, and some banks have different rules for different account types. A bank might allow a 13-year-old on a teen checking account but require 16 for a savings account.
What happens when the minor turns 18
If the account is a joint account, both the parent and the young adult remain owners. The parent does not automatically lose access. If you want to remove yourself from the account, you can ask the bank to convert it to a solo account in the young adult's name, or you can close it and let them open their own.
If the account is custodial, it automatically converts to the young adult's sole ownership at the age of majority (18 or 21, depending on your state). The parent's access ends. The young adult can then change the account settings, add or remove authorized users, and manage it however they want.
Some banks send a notice before the conversion happens, giving the young adult time to understand what is about to change. Others convert silently. Check with your bank about their specific process if you have a custodial account.
Building credit and teaching financial habits
A bank account alone does not build credit. Credit reports track borrowed money—loans, credit cards, payment history. A checking or savings account shows up on your banking record but not on your credit report. If you want a minor to start building credit, you would need to add them as an authorized user on a parent's credit card or help them open a secured credit card at 18.
However, a bank account is the foundation for learning to manage money. A teen with a debit card and a checking account can practice budgeting, see how transactions work, and understand the difference between spending and saving. Many teen accounts come with mobile apps that show real-time balance and transaction history, which helps reinforce good habits.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. A minor cannot sign a legal contract, which is what a bank account requires. A parent or legal guardian must be present and sign the paperwork. Some banks allow the parent to be the sole owner with the minor as an authorized user, but the parent must still initiate the account.
What if the minor's parents are divorced or separated?
Either parent can open an account with the minor, but if both names are on the account, both have equal access and control. If you want to restrict one parent's access, ask the bank about custodial accounts or sole-owner accounts with the minor as an authorized user. You may need a court order if custody is disputed.
Can a minor have their own debit card?
Yes, if they are on the account. Most banks issue debit cards to minors age 13 and up. The card works like any other debit card—it draws from the account balance. Some teen accounts let parents set daily spending limits or require approval for transactions over a certain amount.
Do I need to close my child's account when they turn 18?
No. If it is a joint account, it stays open and both of you remain owners unless you ask the bank to change it. If it is custodial, it automatically converts to the young adult's sole account. You do not have to do anything unless you want to remove yourself from a joint account.
What if the minor wants to withdraw all the money?
On a joint account, they can withdraw it all without your permission—you both own the money equally. On a custodial account, they cannot withdraw anything until they reach the age of majority. If you are concerned about a teen spending money on a joint account, consider a teen account with parental controls or a custodial account instead.