You can open a bank account before age 18, but you'll need a parent or guardian to co-sign
Most banks let minors open accounts, but the process differs from opening one as an adult. You cannot sign a binding contract on your own until you turn 18, so banks require a parent or legal guardian to open the account with you and be listed as a co-owner. This means they have full access to the account and can see all transactions. Some banks let you move to a solo account at 18 without closing anything; others require you to open a new one.
The specific rules vary by bank. A few banks offer teen accounts designed for younger people, with features like spending limits or parental controls. Others treat minor accounts the same as adult accounts but with the co-owner requirement. Your best move is to call the bank you're interested in and ask what documents you need to bring and whether they have a teen-specific product.
Key Takeaways
- You need a parent or legal guardian to co-sign and be listed as a co-owner on any account you open before age 18.
- Bring a government-issued ID (school ID, passport, or state ID), proof of address, and your Social Security number to the bank with your parent or guardian.
- Some banks offer teen accounts with parental controls or spending limits; others have standard accounts that simply require a co-owner.
- At age 18, you can usually convert the account to your name alone, though some banks require you to open a new account instead.
- Online banks often have lower or no minimum balances but may not let minors open accounts at all, so check their policy first.
What documents you need to bring to the bank
Bring your government-issued photo ID. A school ID, state ID, or passport all work. If you don't have one yet, ask the bank whether they accept a birth certificate or school ID without a photo. You'll also need your Social Security number — have it memorized or written down.
Bring proof of your address. A utility bill, lease, or mortgage statement in your parent's or guardian's name works. Some banks accept mail from a government agency or school. The document usually needs to be recent — within the last 60 days — so check before you go.
Your parent or guardian needs to bring the same things: their photo ID, Social Security number, and proof of address. Some banks ask for additional information like employment details or a phone number, so call ahead and ask what they need.
The difference between teen accounts and standard accounts
Teen accounts are designed for younger people and often come with parental controls. A parent can set daily spending limits, block certain types of transactions, or get alerts when the card is used. Some teen accounts have lower minimum balances or no monthly fees. Chase, Bank of America, and Wells Fargo all offer teen checking accounts, though the features and fees vary.
Standard checking or savings accounts work just as well but don't have the built-in controls. You and your parent both have full access, and the account works like any other. If you want to limit spending or get alerts, you'd have to rely on the bank's general tools, which may not be as detailed.
Neither type is inherently better — it depends on what you need. If you want your parent to monitor spending or set limits, a teen account makes that easier. If you just want a place to save money or receive paychecks, a standard account is fine. Compare what your bank offers before you go in.
Online banks and whether they let minors open accounts
Most online banks do not let minors open accounts on their own. Chime, Ally, and Charles Schwab all require account holders to be at least 18. Some online banks have started offering teen accounts — Greenlight and Step are built specifically for minors — but they work differently than traditional banks and may have monthly fees.
If you want to use an online bank, check their website for their age policy before you try to open an account. If they don't allow minors, you'll need to use a traditional bank with a physical branch. Once you turn 18, you can move your money to an online bank if you want to.
What happens to the account when you turn 18
At 18, you can usually remove your parent or guardian as a co-owner and take over the account yourself. Some banks do this automatically; others require you to go in or call and request it. A few banks require you to close the minor account and open a new adult account instead, though this is less common.
Call your bank before your 18th birthday and ask what the process is. If they require you to open a new account, ask whether they can transfer your balance automatically so you don't have to move money yourself. If you have direct deposit set up, you may need to update it with your new account number.
How to set up direct deposit as a minor
Direct deposit works the same way for minors as it does for adults. Your employer or the organization paying you needs your account number and routing number. You can find both on the bottom left of any check, or ask your bank for them. Give these numbers to your employer, and they'll deposit your paycheck automatically.
Your parent or guardian will see the deposit in the account since they're a co-owner, but that's normal. Once you turn 18 and remove them from the account, only you will see it. If you're uncomfortable with them seeing your paychecks, talk to them about it — many parents agree to step back from monitoring once you're working.
Fees and minimum balances to watch for
Many banks charge a monthly maintenance fee for checking accounts, though teen accounts often waive this. Common fees range from $5 to $15 per month, but some banks have no monthly fee at all. Ask about this before you open the account.
Minimum balance requirements vary. Some banks require you to keep $100 or $500 in the account at all times, or they charge a fee. Others have no minimum. If you're just starting to save, a bank with no minimum balance is easier to manage. Read the fee schedule the bank gives you, or ask them to explain it.
Overdraft fees are another thing to know about. If you spend more than you have, the bank may charge you $25 to $35 per overdraft. Some banks let you opt out of overdraft protection, which means your card will simply decline instead of charging you a fee. Ask whether this option is available.
Frequently Asked Questions
Can I open a bank account without my parent or guardian?
No. Banks require a parent or legal guardian to co-sign and be listed as a co-owner on any account opened by someone under 18. This is a legal requirement, not a bank policy. If you don't have a parent available, ask whether a legal guardian, grandparent, or other relative can co-sign instead.
What if I want my parent to not see my transactions?
You cannot hide transactions from a co-owner while you're under 18 — they have full access to the account. Once you turn 18, you can remove them and have complete privacy. Until then, talk to your parent about what you're comfortable with. Some parents agree to not check the account regularly even though they can.
Can I get a debit card as a minor?
Yes. Most banks issue debit cards to minors with checking accounts. The card works like an adult's card, though some teen accounts let parents set spending limits on it. Ask the bank whether the card comes automatically or if you need to request it.
Do I need a credit card to build credit as a teen?
No. A checking or savings account does not build credit. Credit cards and loans build credit history. If you want to start building credit as a teen, ask your parent about becoming an authorized user on their credit card, which may report to your credit file depending on the card issuer.
What if the bank closes my account after I turn 18?
This is rare, but some banks do close minor accounts and require you to open a new one. If your bank does this, they'll notify you before it happens. Ask them to transfer your balance to the new account automatically so you don't have to move the money yourself.