Yes, you can open a bank account under 18, but you'll need a parent or guardian

Most banks let you open a checking or savings account before you turn 18, but they require a parent or guardian to co-own the account with you. The account is called a custodial account or minor account, and your parent or guardian has legal control over it until you reach the age of majority — usually 18, but sometimes 21 depending on your state and the bank.

Some banks have accounts designed specifically for teens and young adults, with features like no monthly fees, lower minimum balances, and limited overdraft options. Others let you open a standard account as long as an adult is on it with you. A few banks and credit unions will let you open an account solo at 16 or 17, but this is less common and usually requires proof of income or a job.

The process is straightforward: you and your parent or guardian go to the bank together, bring identification for both of you, and sign the paperwork. Some banks let you start online if your parent verifies their identity through the bank's app or website, though you may still need to visit in person to complete it.

Key Takeaways

  • Most banks require a parent or guardian to co-own your account until you turn 18 or 21, depending on your state.
  • Many banks offer teen-specific accounts with no monthly fees and lower minimum balances than adult accounts.
  • You will need a government-issued ID (like a school ID or passport) and your parent or guardian will need theirs to open an account.
  • Some credit unions and online banks let minors open accounts solo at 16 or 17 if they have a job or proof of income, though this is uncommon.
  • Once you turn 18, you can usually convert the account to your name alone or open a separate account without a co-owner.

What documents you and your parent need to bring

Both you and your parent or guardian will need to bring a government-issued photo ID. For you, this might be a school ID, passport, state ID, or driver's license. Your parent or guardian will need a driver's license, passport, or state ID.

You will also need to bring proof of your Social Security number. This can be a Social Security card itself, a birth certificate, or a tax return. Your parent or guardian will need their Social Security number as well, and they may need to bring proof of it too.

Some banks ask for proof of address, like a utility bill or lease in your parent's name. A few banks ask for your school enrollment letter or report card to confirm your age. Call the bank ahead of time to ask what they need — requirements vary by bank and by state.

The difference between teen accounts and regular accounts

Banks market teen accounts to minors and young adults, and they usually come with perks designed for that age group. Most have no monthly maintenance fees, no minimum balance requirement, and no overdraft fees. Some include free debit cards, free transfers between accounts, and access to the bank's mobile app.

The trade-off is that teen accounts often have limits on what you can do. You may not be able to write checks, take out a loan, or open a credit card through the bank. Some teen accounts limit how much you can withdraw per day or how many transactions you can make per month. Your parent or guardian usually has the ability to see all transactions and set spending limits.

A regular adult account with a co-owner works differently. You get all the same features as an adult — checks, overdraft protection, the ability to apply for credit — but your parent or guardian has equal control over the account and can see everything. If you want privacy as you get older, a teen account may feel less restrictive even if it has fewer features.

Banks and credit unions that let minors open accounts

Most major banks offer teen or minor accounts. Chase, Bank of America, Wells Fargo, and Citibank all have programs for minors, though the features and fees vary. Chase's teen checking account has no monthly fee and no minimum balance. Bank of America's teen account includes a debit card and parental controls. Wells Fargo's teen account lets you set savings goals and track progress.

Credit unions often have more flexible rules than big banks. Many credit unions will open an account for a minor with just a parent or guardian present, and some offer accounts with even lower fees. If your parent belongs to a credit union, ask whether they have a teen account option.

Online banks like Ally, Charles Schwab, and Fidelity also offer accounts for minors, though the process is usually entirely online and may require your parent to verify their identity through the bank's app. These accounts typically have no fees and no minimum balance, but you won't have access to a physical branch if you need to deposit cash.

What happens when you turn 18

When you turn 18, you have options. You can keep the custodial account open and ask your parent or guardian to remove themselves from it, converting it to an account in your name alone. Most banks let you do this without closing the account or losing your account history. You keep the same account number, debit card, and online login.

Alternatively, you can open a new account in your name alone at the same bank or a different one, and transfer your money over. Some people do this to get a fresh start or to move to an account with features better suited to an adult.

Your parent or guardian cannot keep the account open in their name alone once you turn 18 — the account belongs to you. If they want to keep banking with you, you would need to add them as an authorized user on your account, which gives them access but not ownership.

Opening an account online versus in person

Many banks let you start the process online. You fill out an application with your information and your parent or guardian's information, and then one of you verifies your identity through the bank's app or website using a photo ID. After that, you may need to visit a branch in person to complete the account opening, or the bank may mail you a debit card and let you start using the account right away.

Some banks require you to open the account in person at a branch. This usually takes 15 to 30 minutes. You and your parent or guardian sit with a banker, show your IDs, sign the paperwork, and walk out with a debit card or a temporary card number you can use immediately.

Online-only banks typically handle the entire process online, but they may not let you deposit cash without a third-party ATM network or a mobile check deposit feature. If you plan to deposit cash regularly, ask the bank how you can do that before you open the account.

What to do if a bank won't let you open an account

If a bank turns you down, it's usually because you don't have the required documents or because the bank has a policy against opening accounts for minors under a certain age. Call the bank and ask what the issue is. If it's a missing document, you can usually fix it and try again.

If the bank simply doesn't offer accounts for minors, try a different bank or a credit union. Credit unions are often more willing to work with minors, especially if your parent is already a member. Some credit unions have no age minimum as long as a parent or guardian is on the account.

If you're 16 or 17 and want an account in your name alone, look for banks or credit unions that specifically advertise accounts for minors without a co-owner. These are less common, but they do exist. You will likely need to show proof of income, like a pay stub from a job, or proof of enrollment in school.

Frequently Asked Questions

Can I open a bank account at 16 without a parent?

Most banks require a parent or guardian to co-own the account until you turn 18. Some credit unions and online banks let 16-year-olds open accounts solo if they have a job and can show a pay stub, but this is uncommon. Call banks in your area and ask about their specific age and income requirements.

What if my parent won't take me to open an account?

You need a parent or guardian to co-own the account — the bank will not open one for you alone. If your parent is unavailable, ask a legal guardian, grandparent, or other adult with custody. If none of those options work, you may need to wait until you turn 18 to open an account in your name alone.

Can my parent see all my transactions?

Yes, on a custodial account your parent or guardian can see every transaction. Some teen accounts let parents set spending limits or turn off certain features. Once you turn 18 and the account becomes yours alone, your parent can no longer see your activity unless you add them as an authorized user.

Will opening a bank account hurt my credit?

No. Opening a checking or savings account does not affect your credit score. Banks check your history through ChexSystems (a checking account verification system), not through a credit bureau. Having a bank account actually helps you build a financial history that lenders may look at later.

Do I need a job to open a bank account?

No. Most banks let minors open accounts with just a parent or guardian present, regardless of whether you have income. A few banks ask for proof of a job or school enrollment, but this is not standard. If a bank asks, you can usually satisfy it with a school ID or enrollment letter.