Yes, minors under 18 can have a bank account, but it requires a parent or guardian

Most banks and credit unions allow people under 18 to open accounts, but with one requirement: a parent or legal guardian must be present and co-sign. The account is jointly owned, meaning the adult has full access and control until the minor turns 18. Some institutions call this a custodial account or minor account. The rules and features vary by bank, so what one institution offers may differ from another.

The adult on the account is responsible for monitoring activity, setting spending limits if the bank allows it, and managing the account until the minor reaches the age of majority in their state—usually 18, but sometimes 19 or 21. Once the minor reaches that age, the account typically converts to a standard adult account, though some banks require the young person to visit in person or sign new paperwork to complete the transition.

Key Takeaways

  • A parent or legal guardian must open the account with the minor and be listed as a co-owner with full access.
  • Most banks offer minor accounts at no monthly fee, though some require a minimum balance or have restrictions on withdrawals.
  • The minor can use a debit card, make deposits, and withdraw money, but the parent can see all transactions and set limits.
  • When the minor turns 18, the account usually converts to a standard adult account without closing or moving money.
  • Some banks offer teen-specific accounts with features like spending alerts or parental controls that go beyond a basic joint account.

What documents you need to open an account

Both the minor and the parent or guardian must bring identification to the bank or credit union. For the minor, this is usually a birth certificate, school ID, or state ID if they have one. For the adult, a government-issued photo ID such as a driver's license or passport is standard.

The bank will also ask for proof of address—a utility bill, lease, or mortgage statement in the adult's name. Some institutions request a Social Security number for both the minor and the adult; others may allow an Individual Taxpayer Identification Number (ITIN) if the minor does not yet have a Social Security number. Call the bank ahead of time to confirm what they accept, since requirements vary.

If you are opening the account online or by mail, the bank may require you to visit a branch in person to verify identity, or they may use a video call with a bank representative. A few online banks do not offer minor accounts at all, so check their policy before starting the process.

Types of accounts available to minors

Most banks offer a basic savings account for minors, which earns a small amount of interest and has no monthly fee. A checking account for minors works the same way as an adult checking account—the minor can write checks, use a debit card, and make online transfers—but again, the parent has full visibility and control.

Some banks market teen checking accounts with extra features: spending alerts that notify the parent when the minor makes a purchase, the ability to set daily withdrawal limits, or tools to help the teen learn about money management. These accounts may cost a few dollars per month or be free depending on the bank. A few institutions offer savings goals features that let the minor set a target amount and track progress toward it.

Credit unions often have similar options and may offer slightly lower fees or higher interest rates on savings. If you are a member of a credit union, ask whether they have a minor account program and what features come with it.

Debit cards and spending controls

Most minor accounts come with a debit card in the minor's name. The card works at ATMs and stores just like an adult debit card, but the parent can monitor every transaction. Some banks allow the parent to turn the card on or off through a mobile app, which is useful if the card is lost or if the parent wants to restrict spending temporarily.

Spending limits are a feature on some teen accounts: the parent can set a daily maximum withdrawal amount or a daily spending cap on debit card purchases. If the minor tries to spend more than the limit, the transaction is declined. Not all banks offer this feature, so ask when you open the account whether it is available and whether it costs extra.

The minor cannot overdraft the account if the bank does not allow overdrafts on minor accounts—a transaction will simply be declined if there is not enough money. This is actually a safety feature, since it prevents the minor from going into debt.

When the account converts to an adult account

On the date the minor turns 18 (or the age of majority in your state), the account does not automatically close. Instead, most banks convert it to a standard adult checking or savings account. The parent's name usually remains on the account unless the young adult goes to the bank and requests to remove them.

Some banks require the young adult to sign new account documents or visit a branch to confirm the conversion. Others handle it automatically and send a notice in the mail. Check with your bank about their specific process so there are no surprises when the birthday arrives.

If the young adult wants the parent off the account, they can request that the bank remove the parent's name. This makes the account solely theirs. Alternatively, they can leave the parent on the account if they want to maintain that oversight or if the parent is helping them manage money.

Fees and minimum balances

Most banks do not charge a monthly maintenance fee on minor accounts, but some do—typically $3 to $10 per month. A few waive the fee if the account maintains a minimum balance, usually $100 to $500, or if the minor sets up direct deposit.

Overdraft fees, ATM fees, and wire transfer fees vary by bank. Since the minor account is jointly owned, the parent is responsible for any fees that accrue. Before opening an account, ask the bank for a full fee schedule and whether any fees are waived for minors or for accounts with direct deposit.

Interest rates on savings accounts for minors are typically very low—often less than 0.01% annually—though some credit unions and online banks offer slightly higher rates. The interest earned is minimal, but it can be a teaching tool to show the minor how money grows over time.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. All major banks and credit unions require a parent or legal guardian to open and co-sign a minor account. If the minor is in foster care or has a court-appointed guardian, that person can serve as the co-signer. Some banks may have exceptions for emancipated minors, so call ahead if that applies to your situation.

Can a minor have their own account that the parent cannot see?

Not until they turn 18. Any account opened for someone under 18 must have a parent or guardian as a co-owner with full access. Once the minor reaches 18, they can open a separate account in their name alone that the parent cannot access.

What happens if the parent and minor disagree about spending?

The parent has legal control of the account until the minor turns 18, so the parent can restrict or deny access. If there is conflict, the parent can set spending limits, turn off the debit card, or freeze withdrawals. These are conversations to have before opening the account so expectations are clear.

Do minors need a Social Security number to open a bank account?

Most banks require a Social Security number for the minor, but some accept an ITIN or will issue a temporary number during the application. Call your bank to ask what they accept. If the minor does not have a Social Security number, you can request one from the Social Security Administration before opening the account.

Can a minor move money between their account and another person's account?

Yes, if the bank allows transfers. The minor can transfer money to the parent's account or to another account in the minor's name. The parent can also transfer money into the minor's account. All transfers are visible to both the minor and the parent since they are co-owners.