Yes, you can open a bank account for a minor, but the parent or guardian must be the account owner
A minor cannot legally own a bank account by themselves. Instead, a parent or guardian opens an account in their own name and adds the minor as an authorized user or joint account holder. The adult remains the legal owner and has full control over the account, including the ability to close it, freeze it, or withdraw money at any time.
Most banks offer accounts specifically designed for minors, with features like lower or no monthly fees, limited overdraft risk, and parental controls. Some banks set age limits—many won't add a child under 13 to a joint account, while others have no minimum age. A few banks offer custodial accounts where the minor becomes the owner at a set age (usually 18 or 21), but the parent controls the money until then.
Key Takeaways
- The parent or guardian must open the account and remain the legal owner; the minor cannot open an account alone.
- Most banks require the minor to be present in person with a parent and a government-issued ID, though some allow online opening for teens 13 and older.
- You will need the minor's Social Security number, birth date, and address to open the account.
- Joint accounts give the minor a debit card and the ability to make withdrawals, while custodial accounts lock the money until the minor reaches adulthood.
- Some banks charge monthly fees even on youth accounts, so compare options before choosing.
What documents you need to bring
Bring the minor's Social Security number and date of birth. You will also need a government-issued photo ID for the parent or guardian—a driver's license, passport, or state ID card. The bank will verify this information before opening the account.
Some banks ask for proof of address, such as a utility bill or lease in the parent's name. A few banks will accept the minor's school ID or report card as secondary identification if the child does not have a passport or state ID yet. Call the bank ahead of time to ask what they accept, since requirements vary by institution.
In-person versus online account opening
Most banks require you to visit a branch in person to open a youth account. The parent and minor both need to be there, and the bank will verify IDs on the spot. This usually takes 15 to 30 minutes.
Some larger banks now allow parents to open accounts for teens 13 and older online, without visiting a branch. You will still need the minor's Social Security number and date of birth, and the bank may send a verification code to the minor's phone or email. Even with online opening, the parent remains the account owner and can manage it from their own login.
Joint accounts versus custodial accounts
| Account Type | Who Controls the Money | When the Minor Gets Full Ownership | Best For |
|---|---|---|---|
| Joint Account | Parent and minor can both withdraw; parent can freeze or close it | Never—parent remains owner unless account is formally changed | Teaching a teen to manage money while parent keeps oversight |
| Custodial Account (UTMA/UGMA) | Parent controls until minor reaches age of majority (18 or 21) | Automatically at age 18 or 21, depending on state and bank | Saving for a child's future with tax advantages; money transfers to minor at adulthood |
A joint account is the most common choice for families. Both the parent and the minor can use the debit card and withdraw money. The parent can still see all transactions and close the account if needed. This works well if you want your child to learn how to use a bank account while you keep watch.
A custodial account (also called an UTMA or UGMA account, depending on your state) is a legal arrangement where the parent holds the money in trust for the minor. When the minor turns 18 or 21—depending on your state and the bank—the account automatically becomes theirs, and they have full control. Custodial accounts have tax advantages for savings, but once the minor reaches adulthood, you cannot stop them from taking the money. Not all banks offer custodial accounts, so you may need to ask.
Fees and minimum balance requirements
Many banks waive monthly maintenance fees on youth accounts, but some still charge $5 to $10 per month. A few banks charge no fees as long as you keep a minimum balance (often $100 to $500) or set up direct deposit. Some accounts have no minimum balance at all.
Overdraft fees vary widely. Some youth accounts do not allow overdrafts, which means the debit card will simply decline if there is not enough money. Others allow overdrafts but charge a fee (typically $25 to $35 per overdraft). Read the fee schedule before opening the account, because these costs add up if your teen uses the card frequently.
What happens when the minor turns 18
If you opened a joint account, it does not automatically change when your child turns 18. The account remains a joint account, and both of you can still access it. You can keep it that way, or you can visit the bank and convert it to an account in your child's name alone. Some teens prefer to move to their own account at this point for privacy.
If you opened a custodial account, the bank will notify you before the minor reaches the age of majority (usually 18 or 21). At that point, the account transfers to the minor's full control. You will no longer be able to see transactions or withdraw money. The minor can close the account, move the money, or keep it open—it is entirely their choice.
Banks that offer youth accounts
Most major banks offer youth or teen accounts: Chase, Bank of America, Wells Fargo, Citibank, and US Bank all have programs. Credit unions often have youth accounts too, and some credit unions have lower fees or higher interest rates on savings. Online banks like Ally and Discover also offer accounts for minors, though you may need to open them online or by phone rather than in person.
Community banks and smaller regional banks sometimes offer youth accounts with more personalized service. If you already bank somewhere, ask whether they have a youth account option before looking elsewhere. Switching banks just for a minor's account is usually not necessary unless your current bank charges high fees or does not offer youth accounts at all.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. A minor cannot legally sign a contract, which is what opening a bank account requires. A parent or legal guardian must open the account and remain the owner. Some banks allow teens 16 or older to manage the account online once it is open, but the parent is still the legal owner.
What if the minor does not have a Social Security number yet?
You will need to obtain one before opening a bank account. Apply for a Social Security number at your local Social Security office or online at ssa.gov. The process takes about two weeks. Some banks may allow you to open an account with an ITIN (Individual Taxpayer Identification Number) if the minor is not a U.S. citizen, but this is rare—call ahead to ask.
Can I open an account for my grandchild or foster child?
Yes, if you are the legal guardian. Bring proof of guardianship (a court order or custody papers) along with your ID and the child's Social Security number. If you are not the legal guardian, the child's parent or legal guardian must open the account.
Will opening a youth account affect the minor's credit score?
No. A bank account does not appear on a credit report and does not build or hurt credit. Credit scores are based on borrowing history—loans, credit cards, and payment history. A checking or savings account has no effect on credit.
What if I want to close the account later?
You can close a joint account at any time by visiting the bank or calling customer service. If it is a custodial account and the minor has not yet reached the age of majority, you can also close it. Once the minor reaches adulthood and the account becomes theirs, you cannot close it without their permission.