Yes, minors under 18 can open bank accounts, but a parent or guardian must be involved

A person under 18 can open a bank account at most banks and credit unions, but they cannot do it alone. A parent or legal guardian must either co-own the account with them or, at some banks, open it on their behalf. The exact process and what the minor can do with the account depends on the bank and whether the account is a joint account or a custodial account.

Most banks offer accounts specifically designed for minors, often called teen accounts or youth accounts. These accounts typically come with a debit card, online banking access, and sometimes limited overdraft protection. Some banks allow the minor to manage the account independently once it is open; others require the parent to approve transactions or set spending limits.

Key Takeaways

  • A parent or legal guardian must be present and sign documents to open an account for anyone under 18.
  • Most banks offer teen or youth accounts with debit cards and online access, though features vary by institution.
  • Joint accounts let both the minor and parent see and manage the money; custodial accounts are owned by the minor but controlled by the parent until age of majority.
  • You will need a Social Security number, proof of identity for the parent, and sometimes proof of address to open an account.
  • Some banks allow minors to open accounts online with a parent's verification; others require an in-person visit.

What documents you need to bring

To open an account for a minor, bring the minor's Social Security number and a form of ID. A school ID, state ID, or passport works. The parent or guardian will need their own government-issued ID (driver's license or passport) and proof of current address, usually a recent utility bill or bank statement.

Some banks also ask for a second form of ID or proof of address for the minor, though this is less common. Call the bank ahead of time to confirm what they require, since requirements vary. If the minor does not have a Social Security number yet, some banks will still open an account but may delay linking it to certain services until the number is provided.

Joint accounts versus custodial accounts

A joint account is owned by both the minor and the parent. Both names appear on the account, both can deposit and withdraw money, and both can see all transactions. This setup works well when a parent wants to teach a teen to manage money while keeping oversight. When the minor turns 18, the account typically remains joint unless one party removes themselves.

A custodial account is owned by the minor but managed by the parent as custodian. The parent controls the money and can withdraw it, but the account legally belongs to the minor. At a set age—usually 18 or 21, depending on state law and the bank—the minor gains full control and the parent's authority ends. Custodial accounts are often used for savings or money set aside for the minor's future.

Ask the bank which type they offer and which makes sense for your situation. Some banks use different names for these structures, so clarify what control each party has before signing.

What a minor can do with the account

In a joint account, the minor can usually deposit money, withdraw cash at ATMs, make purchases with a debit card, and check their balance online. Some banks restrict certain actions—like closing the account or changing the account holder's contact information—to the parent only. A few banks set daily spending limits on teen debit cards to prevent overspending.

In a custodial account, the minor may have limited access depending on the bank's rules. Some custodial accounts come with a debit card for the minor to use; others do not. The parent retains the ability to withdraw money at any time. Once the minor reaches the age of majority in their state, they gain full control of the account and the parent's access ends.

Online banking and mobile apps are usually available to minors on joint accounts. Some banks restrict the minor's ability to transfer money between accounts or set up automatic payments without parental approval.

Opening an account in person versus online

Most banks require an in-person visit to open an account for a minor. The parent and minor both go to a branch, show ID, and sign the account agreement. This typically takes 15 to 30 minutes. The debit card is usually issued on the spot or mailed within a few business days.

Some larger banks and online banks now allow parents to open accounts for minors remotely. The parent verifies their identity online using a government ID, and the minor's information is added to the account. The bank then mails a debit card to the address on file. This process can take a few days to a week. Check with your bank to see if remote opening is available.

Fees and account requirements

Many banks offer teen and youth accounts with no monthly maintenance fee. Some require a minimum balance, though it is often low—$25 to $100. A few banks charge a small monthly fee ($3 to $5) unless the account meets certain conditions, like having direct deposits or maintaining a minimum balance.

Overdraft fees, ATM fees, and out-of-network fees vary by bank. Some banks waive overdraft fees for minors; others do not. Ask about these costs before opening the account. If the account comes with a debit card, confirm whether there is a card replacement fee if the card is lost or damaged.

What happens when the minor turns 18

When a minor turns 18, they become a legal adult and can manage their own finances. If the account is joint, it typically remains joint unless one party requests to remove the other. The young adult can now open their own accounts independently and does not need a parent's permission for financial decisions.

If the account is custodial, the parent's control ends at the age of majority in your state—usually 18 or 21. The young adult then has full access and ownership. Some banks require paperwork to formalize this transition; others handle it automatically. Contact the bank to confirm what happens on or after the 18th birthday.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. Anyone under 18 must have a parent or legal guardian co-sign or co-own the account. Some banks allow a legal guardian other than a parent if they have documentation of guardianship.

What if the minor does not have a Social Security number yet?

Most banks require a Social Security number to open an account. If the minor does not have one, you can request one from the Social Security Administration before opening the account. Some banks will hold the account open temporarily and link the number later, but this is uncommon.

Can a minor have their own debit card?

Yes. Most teen and youth accounts come with a debit card. The minor can use it to make purchases and withdraw cash. Some banks set daily spending limits on teen cards to prevent overspending.

Do minors pay taxes on account interest?

Yes. Interest earned on a savings account is taxable income. If the minor earns more than a certain amount in interest in a year, they may need to file a tax return. The bank will send a 1099-INT form if interest exceeds the reporting threshold.

Can a minor transfer money to another person's account?

This depends on the bank and the type of account. Some banks allow minors to transfer money between their own accounts or to family members. Others restrict transfers without parental approval. Check with your bank about their transfer policies for minors.