Minors can open accounts, but an adult must co-sign
A child under 18 cannot open a bank account alone. Every bank requires a parent or legal guardian to open and co-sign the account. The adult becomes a joint owner and can see all transactions, set spending limits, and close the account. Some banks let you open an account for a child as young as infancy; others have a minimum age of 13 or 16.
At 18, you can open your own account without a parent's permission or involvement. You will need a government-issued ID, proof of address, and a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks also require an initial deposit, which ranges from $0 to $300 depending on the institution.
Key Takeaways
- Children under 18 need a parent or legal guardian to co-sign; the adult has full access to the account and can control it.
- The minimum age for a child's account varies by bank—some accept infants, others require age 13 or 16.
- At 18, you can open your own account with just an ID, proof of address, and a Social Security number.
- Custodial accounts (parent-controlled) and teen accounts (with restrictions) are two different products; ask your bank which one you are opening.
How custodial accounts work for children
A custodial account is a savings or checking account held in a child's name but controlled by a parent or guardian. The adult can deposit money, withdraw funds, set up automatic transfers, and monitor spending. The child may have a debit card with limits set by the parent, or no card at all.
The account remains in the child's name and Social Security number. When the child turns 18 or 21 (depending on state law and the bank), the account automatically transfers to their sole control. At that point, the parent loses access unless the child chooses to keep them as a co-owner.
Custodial accounts do not require the child to do anything—the parent manages everything. This is useful for teaching children about money while keeping the parent in charge of risk.
Teen accounts with restrictions and debit cards
Some banks offer teen accounts designed for ages 13 to 17. These accounts come with a debit card and may include spending limits, parental controls, and alerts. The parent can set a daily spending cap, block certain types of transactions, or require approval for purchases over a certain amount.
Teen accounts are not custodial—the teen is the primary account holder, not the parent. However, the parent can monitor activity and set rules. When the teen turns 18, the account may convert to a standard checking account, or the parent's access may end depending on the bank's policy.
Not all banks offer teen accounts. Chase, Bank of America, Wells Fargo, and many credit unions do. Ask your bank whether they have a teen product and what age range it covers.
What happens when a minor turns 18
On your 18th birthday, you have the legal right to control your own bank account. If you have a custodial account, the bank will notify you and the parent that the account is converting to your sole control. The parent's access ends unless you both agree to keep them as a co-owner.
If you have a teen account, the bank may automatically convert it to a standard checking account. Some banks ask you to confirm your information or sign new paperwork. Check with your bank before your 18th birthday to understand what will change.
You can also close the account and open a new one at a different bank if you want a fresh start. There is no penalty for closing an account you own.
Opening your first account at 18
If you do not have a custodial or teen account, you can open a checking or savings account the day you turn 18. Bring a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number.
Some banks let you open an account online with just your ID and Social Security number. Others require you to visit a branch in person. A few banks waive the initial deposit requirement for new customers; others require $25 to $300. Check the bank's website or call ahead to confirm what you need.
If you do not have a Social Security number, you can use an ITIN. If you do not have a government-issued ID, some banks will accept a school ID plus a second form of ID, though this varies by location.
Age requirements at different types of banks
Traditional banks (Chase, Bank of America, Wells Fargo, Citibank) typically allow custodial accounts from age 0 or 13 onward. Credit unions often have lower minimum ages and more flexible rules. Online banks (Ally, Charles Schwab, Discover) sometimes have higher minimum ages because they do not have branches to verify identity in person.
If you are under 13 and want to open an account, a credit union in your area may be your best option. Call ahead and ask what the minimum age is and whether they offer teen accounts or custodial accounts.
At 18 or older, you can open an account at any bank, credit union, or online bank that serves your state. There is no upper age limit.
What you need to know about co-signers and joint accounts
A co-signer is different from a joint owner. A co-signer on a loan promises to pay if the borrower does not; a co-signer on a bank account is a joint owner with full access. For a child's account, the parent is a joint owner, not a co-signer.
Once you turn 18, you can add someone else as a joint owner if you want—a spouse, parent, or trusted person. Both owners have equal access to all money in the account. Either owner can withdraw everything, so only add someone you trust completely.
You can also remove a joint owner at any time by visiting the bank or calling. The other owner does not have to agree.
Frequently Asked Questions
Can a 10-year-old open a bank account?
No, not alone. A parent or legal guardian must open and co-sign the account. The minimum age for a child's account varies by bank—some accept children as young as infants, others require age 13 or 16. Contact your bank to ask what age they allow.
What if my parents refuse to let me open an account at 18?
You have the legal right to open an account without their permission once you turn 18. You do not need their signature or involvement. Go to any bank, bring your ID and Social Security number, and open the account yourself.
Do I lose access to my custodial account when I turn 18?
No. The account becomes yours to control. The parent's access ends automatically unless you both agree to keep them as a co-owner. You can also remove them at any time by contacting the bank.
Can I open a bank account if I do not have a Social Security number?
Yes. You can use an Individual Taxpayer Identification Number (ITIN) instead. Some banks accept ITIN; others do not. Call ahead to confirm. You will still need a government-issued ID and proof of address.
What is the difference between a teen account and a custodial account?
A custodial account is in the child's name but controlled entirely by the parent. A teen account is in the teen's name, and the teen is the primary holder, but the parent can monitor activity and set spending limits. Teen accounts are designed to teach independence; custodial accounts keep the parent fully in control.