You can open a bank account at any age, but the rules depend on whether you're a minor or an adult

There is no minimum age to have a bank account in the United States. Infants and children can be account holders. However, a minor (anyone under 18) cannot open or manage an account alone—a parent or legal guardian must open it with them or on their behalf, and they typically retain control until the child turns 18.

The specifics vary by bank and account type. Some banks allow parents to open custodial accounts for children of any age. Others set their own minimums, often age 13 or older, before a minor can have any ownership role. A few banks let minors as young as 16 open accounts with parental permission but without a parent as a joint owner. At 18, you can open and manage your own account without anyone else's involvement.

Key Takeaways

  • Minors under 18 need a parent or legal guardian to open a bank account, either as a joint owner or custodian.
  • Some banks allow children under 13 to have accounts; others require the child to be at least 13 or 16 before opening one.
  • At 18, you can open and manage a bank account entirely on your own without parental involvement.
  • The bank you choose determines the minimum age and whether the account is custodial, joint, or teen-specific.

How custodial and joint accounts work for minors

A custodial account is opened by a parent or guardian in the child's name. The adult controls the account and can deposit, withdraw, and manage money until the child reaches the age of majority (18 in most states, 21 in a few). The child's name is on the account, but they cannot access it or make decisions about it without the custodian's permission. Some banks automatically convert custodial accounts to standard accounts when the child turns 18; others require the young adult to take over actively.

A joint account lists both the parent and child as owners. Both can deposit and withdraw money, though the parent typically retains decision-making authority. Joint accounts are less formal than custodial ones and do not automatically transfer control at 18—the parent remains a co-owner unless they remove themselves. Joint accounts are common for families who want a child to learn about banking while the parent maintains oversight.

The choice between custodial and joint depends on the bank's offerings and your family's needs. Custodial accounts are clearer about control and transition; joint accounts are simpler to set up but require more active management when the child becomes an adult.

Teen accounts for ages 13 to 17

Many large banks and credit unions offer accounts designed for teenagers, typically for ages 13 to 17. These accounts usually come with a debit card, online banking access, and sometimes limited overdraft protection. A parent or guardian must still be involved—either as a joint owner or as someone who can monitor the account—but the teen gains more independence than in a traditional custodial account.

Teen accounts often include parental controls, such as spending limits, transaction alerts, or the ability to freeze the card remotely. Some banks allow parents to set rules about what the teen can spend on or how much they can withdraw. These features make teen accounts useful for teaching financial responsibility while keeping the parent informed.

Not all banks offer teen accounts, and those that do may have different age minimums and features. Check with your bank or credit union to see what they offer for your child's age.

What you need to open an account as a minor

To open an account for a minor, you will need the child's Social Security number and proof of identity. The parent or guardian will also need to provide their own identification and Social Security number. Some banks ask for a second form of ID or proof of address, such as a utility bill or lease.

If you are opening the account in person, bring the child and the parent or guardian together. Many banks allow you to open accounts online, though you may need to verify identity through a video call or by uploading documents. A few banks still require an in-person visit for minors.

The process is faster if you already have an account at the bank—some institutions waive certain requirements for existing customers. If you are new to the bank, expect the process to take 15 to 30 minutes in person or a few hours online, depending on how quickly you can provide documents.

Opening your own account at 18

At 18, you are a legal adult and can open a bank account on your own. You will need a valid government-issued ID (driver's license, passport, or state ID card) and your Social Security number. Some banks also ask for proof of address, such as a utility bill, lease, or mail from a government agency.

You can open an account in person or online. Online applications typically take 10 to 20 minutes and can be completed from home. In-person applications at a branch take about 15 to 30 minutes. You do not need a parent or guardian to sign anything or give permission.

If you had a custodial or joint account as a minor, you may want to convert it to an account in your name alone or close it and open a new one. Some banks do this automatically at 18; others require you to visit a branch or call to make the change. Check with your bank about their process.

What happens to a minor's account when they turn 18

The transition depends on the account type and the bank's policy. Custodial accounts usually convert automatically to standard accounts in the young adult's name, and the parent's access ends. Joint accounts remain joint unless one owner removes themselves—the parent does not automatically lose access just because the child turned 18.

If you had a teen account, the bank may convert it to a standard adult account, or you may need to request the change. Some banks send a notice before the conversion; others do it silently. Contact your bank a few weeks before your 18th birthday to ask what will happen and whether you need to take any action.

If the account is joint and you want the parent to stay involved, nothing changes. If you want the parent removed, you will need to visit the bank or call to remove them as a co-owner. If the account is custodial and converts automatically, the parent's role ends, but you can add them back as a joint owner if you choose.

Age limits for other account types

Savings accounts and checking accounts follow the rules above. Money market accounts and certificates of deposit (CDs) also allow minors with a parent or guardian, though some banks set higher age minimums—often 16 or 18—for these products.

Credit cards cannot be opened by anyone under 18, even with parental permission. At 18, you can apply for a credit card on your own, though approval depends on your credit history and income. Some banks offer secured credit cards for young adults with no credit history.

Investment accounts (brokerage accounts) can be opened for minors through custodial accounts, but the rules are set by the Securities and Exchange Commission (SEC) and vary by brokerage. A parent or guardian manages the account until the child reaches 18 or 21, depending on the state and the account type.

Frequently Asked Questions

Can a 10-year-old have their own bank account?

Yes, but a parent or legal guardian must open it and manage it. The account will be custodial or joint, with the adult in control. The child can learn about banking and see their money grow, but cannot withdraw or transfer funds without permission.

Can a 16-year-old open a bank account without a parent?

Most banks require a parent or guardian to be involved for anyone under 18. Some banks allow 16-year-olds to open teen accounts with parental permission, but the parent is still listed on the account or has monitoring access. A few banks may allow 16-year-olds to open accounts independently, but this is rare—check with your specific bank.

What happens if I turn 18 and my parent is still on my account?

If the account is custodial, it converts to your name alone and your parent's access ends automatically. If it is joint, your parent remains a co-owner unless you ask the bank to remove them. You can request this change in person, by phone, or online, depending on the bank.

Do I need my Social Security number to open a bank account at 18?

Yes. Banks use your Social Security number to verify your identity and report interest earned on the account to the IRS. If you do not have a Social Security number, you may be able to open an account with an Individual Taxpayer Identification Number (ITIN), but policies vary by bank.

Can I move my money from a custodial account to my own account at 18?

Yes. Once the custodial account converts to your name or you turn 18, you can transfer the money to a new account or keep it where it is. If you want to move it, you can do so by transferring funds online, visiting a branch, or asking the bank to move it for you. There is no fee to transfer your own money between accounts.