What you need to open an account as a minor

A teenager can open a bank account, but a parent or guardian must be present and sign the paperwork. Most banks require the teen to be at least 13 years old, though some set the minimum at 16. The adult on the account is legally responsible for it and can see all transactions, deposits, and withdrawals.

You will need to bring a government-issued ID for the teenager (a school ID usually does not work; a state ID, passport, or learner's permit does) and a government-issued ID for the parent or guardian. Some banks also ask for proof of address—a utility bill, lease, or mortgage statement in the adult's name, dated within the last 60 days.

A few banks waive the ID requirement if you open the account online and link it to an existing account in the parent's name, but most require an in-person visit. Call ahead to confirm what documents your specific bank needs; requirements vary between institutions and sometimes between branches of the same bank.

Key Takeaways

  • A parent or guardian must be present and sign when opening an account for a teenager under 18, and they become a co-owner with full access to the account.
  • Bring government-issued ID for both the teenager and the adult, plus proof of the adult's address if the bank requests it.
  • Most banks set a minimum age of 13 to 16; call your bank before visiting to confirm their policy and what documents to bring.
  • Teen checking accounts often come with spending limits, no overdraft fees, and parental controls, while savings accounts typically have no restrictions.
  • Once the account is open, the teenager can use a debit card, online banking, and mobile apps, though the parent retains visibility and control.

Checking accounts designed for teenagers

Many banks offer checking accounts specifically for minors, with features that protect both the teen and the parent. These accounts often include a spending limit per day or per transaction—commonly $500 to $2,500 per day, depending on the bank—that the parent can adjust through the mobile app or online banking.

Teen checking accounts typically do not charge overdraft fees if the balance goes negative, because the account is linked to the parent's account and overdrafts are prevented rather than charged. The teenager gets a debit card and can use ATMs, make online purchases, and transfer money between accounts, but the parent can see every transaction in real time.

Banks that offer teen accounts include Chase (First Banking), Bank of America (BankAmericard for Students), Wells Fargo (Way2Save Savings Account for Students), and many regional banks and credit unions. Not all branches carry these products, so confirm availability when you call.

Savings accounts for teenagers

A savings account for a teenager works the same way as an adult account: the parent is the co-owner, can see all activity, and must sign the paperwork. The main difference is that some banks offer higher interest rates on teen savings accounts to encourage saving, though rates vary widely and change frequently.

Savings accounts have no spending limits and no debit card, so the teenager cannot make purchases directly. Money moves in and out through transfers from the parent's account, ATM deposits, or direct deposit if the teen has a job. Interest accrues monthly or daily depending on the bank's terms.

If your goal is to teach the teenager to save rather than spend, a savings account is simpler than a checking account because it removes the temptation to use a debit card. Many families open both—a checking account for everyday spending and a savings account for money the teen is building toward a goal.

What happens when the teenager turns 18

At age 18, the teenager becomes a legal adult and the parent's access to the account changes. The parent does not automatically lose access; instead, the account remains a joint account and both the teenager and the parent can see all transactions and make withdrawals. The teenager can remove the parent from the account at any time, and the parent cannot prevent this.

Some banks allow the teenager to convert the account to a standard adult account at 18, which removes the parent as a co-owner. Others keep the account as-is unless one of the owners requests a change. The teenager should contact the bank to understand their options and decide whether to keep the parent on the account or remove them.

If the teenager has a job and receives direct deposit, the account will continue to work normally after age 18. If the account was funded only by the parent, the teenager may need to make a deposit or transfer to keep the account active, depending on the bank's minimum balance requirements.

Opening an account online versus in person

Most banks require an in-person visit to open an account for a teenager because they need to verify the identity of both the minor and the adult. A few banks allow online opening if the parent already has an account with them and can verify their identity through existing login credentials, but this is less common.

In-person opening takes 15 to 30 minutes. You will sit with a bank representative, show your IDs, sign the account agreement, and receive a debit card on the spot or within 5 to 7 business days. The account is usually active immediately, though some banks place a hold on deposits for 24 hours.

If you open online, the process is faster but the debit card arrives by mail, typically within 7 to 10 business days. The account may be active for transfers and online purchases before the card arrives. Confirm with your bank whether online opening is available for minors before you start the process.

Fees and account minimums

Most teen checking and savings accounts have no monthly maintenance fees, no minimum balance requirement, and no overdraft fees. Some banks charge a small fee if the account sits inactive for a long period—usually 12 months or more—but this is rare for teen accounts.

Debit card replacement fees vary; if the card is lost or damaged, some banks charge $5 to $15 to issue a new one, while others replace it free. ATM fees apply if the teenager uses an ATM outside the bank's network; most banks charge $2 to $3 per out-of-network withdrawal, though some offer a certain number free per month.

Read the account agreement or fee schedule before opening the account. Banks update fees periodically, so what was free last year may not be free now. Ask the bank representative to walk you through the fee structure and confirm that the account has no monthly maintenance fee.

Teaching money management through the account

A bank account gives a teenager a concrete way to see how money moves. Deposits appear as credits, withdrawals as debits, and interest (if any) accrues over time. Many teens benefit from seeing their balance change in real time, especially if they set a savings goal and watch the account grow toward it.

Set expectations about the account before opening it. Decide whether the teenager can spend freely within their limit, whether they need to ask permission for large purchases, and whether they are responsible for tracking their own balance. Some families link the account to chores or a job; others fund it as an allowance and let the teenager learn by running out of money.

Use the parental controls and transaction notifications to stay informed without micromanaging. Most banks send alerts when the balance drops below a threshold or when a large purchase is made. These alerts help the teenager notice their own spending patterns and give you a chance to discuss money decisions without checking the account constantly.

Frequently Asked Questions

Can a teenager open a bank account without a parent?

No. Anyone under 18 must have a parent or legal guardian present and co-signing the account. The adult becomes a co-owner with full access to the account. Once the teenager turns 18, they can open an account on their own.

What if the teenager does not have a government-issued ID?

A school ID is not accepted by most banks. A state ID, passport, or learner's permit works. If the teenager has none of these, you can apply for a state ID at your local DMV or Department of Motor Vehicles; the process takes a few days to a few weeks depending on your state.

Can the teenager use the account to receive direct deposit from a job?

Yes. Once the account is open, the teenager can provide the bank's routing number and account number to their employer. Direct deposit typically takes one to two business days to appear in the account after payday.

What if the parent wants to remove themselves from the account later?

If the teenager is still a minor, the parent usually cannot remove themselves without closing the account or transferring the money. Once the teenager turns 18, the parent can ask the bank to remove themselves as a co-owner, or the teenager can do it on their own. The account remains open under the teenager's name alone.

Do teen bank accounts affect the teenager's credit score?

No. A checking or savings account does not appear on a credit report and does not affect credit score. Credit scores are based on borrowing and repayment history—loans, credit cards, and payment records. A bank account is separate from credit.