Yes, but you'll need a parent or guardian to co-own it
Most banks allow people under 18 to open an account, but not alone. You'll need a parent or guardian to open a custodial account — a joint account where an adult is the legal owner and you're an authorized user. The adult can see all transactions, set spending limits, and close the account. Once you turn 18, you can convert it to an account in your name only, or open a separate account without supervision.
Some banks offer teen-specific accounts designed for this setup, with features like spending controls and financial education tools. Others let you simply add yourself to a parent's existing account as an authorized user, though that gives you less independence. The route you take depends on what the bank offers and what your parent prefers.
Key Takeaways
- You need a parent or guardian to co-own the account; banks will not open one for a minor alone.
- Custodial accounts let you use a debit card and online banking while your parent monitors spending and can set limits.
- Most major banks offer teen accounts, but features and fees vary — compare what each bank provides before opening.
- At 18, you can convert the account to your own name or open a new account independently.
- You'll need a Social Security number, proof of identity for your parent, and sometimes proof of address.
What you can do with a teen account
A custodial account works like a regular checking or savings account. You get a debit card, online banking access, and a mobile app. You can deposit money (from a job, allowance, or gifts), withdraw cash at ATMs, and make purchases. Your parent can set up alerts for large transactions, require approval for spending over a certain amount, or lock the card if needed.
Some teen accounts include financial tools — a savings goal tracker, spending breakdown by category, or educational content about budgeting. Chase, Bank of America, Wells Fargo, and Ally all offer versions of this. Credit unions often do too, sometimes with lower or no monthly fees. The specific features depend on which bank and which account type you choose.
You cannot overdraft or go into debt on most teen accounts. If you try to spend more than you have, the transaction is declined. This protects you from fees and teaches you to stay within your means.
How to open an account before you turn 18
Visit a bank branch or go online with your parent. You'll need:
- Your Social Security number
- Your parent's or guardian's Social Security number
- A government-issued ID for your parent (driver's license or passport)
- Proof of your identity (school ID, passport, or birth certificate)
- Proof of address for your parent (utility bill, lease, or bank statement from the last 30 days)
Some banks let you start online; others require you to visit in person. Call ahead or check the bank's website to see what they need and whether you can do it remotely. The process usually takes 15 to 30 minutes in a branch, or a few minutes online if the bank supports it.
Your parent will be the account owner and will sign all paperwork. You'll sign as an authorized user. The bank will issue a debit card in your name, usually within 5 to 10 business days.
Differences between teen accounts and being added to a parent's account
| Feature | Teen Account (Custodial) | Added to Parent's Account |
|---|---|---|
| Your own debit card | Yes | Usually yes, but depends on the bank |
| Your own online login | Yes, on some accounts | No — you share the parent's login |
| Spending controls | Yes — limits and alerts | Limited or none |
| Privacy from parent | None — parent sees all transactions | None — parent sees all transactions |
| Conversion at 18 | Easier — often automatic or one step | Requires opening a new account |
A teen account gives you more independence and better tools to learn money management. Being added to a parent's account is simpler to set up but offers less separation. If your parent's bank doesn't offer a teen account, adding you to their account is the faster option.
What happens when you turn 18
At 18, you become a legal adult. Your parent's rights to the account end. Most banks let you convert the custodial account to a regular account in your name alone — you keep the same account number and card, and nothing changes except the ownership structure. This usually takes one visit to a branch or one phone call.
Some banks require you to open a new account at 18. If that's the case, you can transfer your balance to the new account and close the old one. Check with your bank ahead of time so you know what to expect.
Once the account is yours alone, your parent can no longer see transactions or set limits. You're fully responsible for managing it.
Banks and credit unions that offer teen accounts
Chase offers Chase First Banking for ages 6 to 17, with parental controls and no monthly fee if you link it to a parent's Chase account. Bank of America has BankAmericard for teens, with customizable spending limits. Wells Fargo offers a teen checking account with parental alerts. Ally Bank allows custodial accounts online with no monthly fees.
Credit unions often have lower fees and more flexible rules. Many will open a teen account for anyone in their service area. Search for a credit union near you at CO-OP.org or Alliant Credit Union's locator tool.
If you're under 13, fewer options exist — some banks have accounts for younger children, but most teen-focused accounts start at age 13 or 14. Ask your parent to call local banks and credit unions to ask what age they accept.
Frequently Asked Questions
Can I open a bank account without my parent knowing?
No. Banks require a parent or guardian to co-own the account for anyone under 18. You cannot hide it from them. If you're concerned about privacy, talk to your parent about what information they'll see and whether you can agree on boundaries.
What if my parent won't let me open an account?
You cannot open one alone until you turn 18. If you have a trusted adult (grandparent, aunt, uncle), some banks allow them to be the custodian instead of a parent. Talk to your parent first, but this is an option if they refuse.
Can I use the account to build credit?
No. A checking or savings account does not build credit history. To build credit as a teen, you'd need a credit card (which also requires a parent to co-sign) or to be added as an authorized user on a parent's credit card account. A bank account is separate from credit.
What if I lose my debit card?
Call the bank immediately and report it lost. They'll cancel the card and issue a replacement, usually within 5 to 10 business days. Most banks offer temporary solutions like a digital wallet (Apple Pay, Google Pay) so you can spend while you wait for the new card.
Can I have more than one bank account?
Yes. You can open accounts at multiple banks as long as a parent co-owns each one. Some people open one account for spending and another for saving. There's no limit, but each account requires the parent's involvement.