Yes, most banks offer accounts for people under 18, but they come with restrictions
Most major banks and credit unions will open a checking or savings account for someone under 18, but the account is legally controlled by a parent or guardian until the minor reaches the age of majority (usually 18, sometimes 21 depending on your state). The adult on the account can see all transactions, set spending limits, and close the account. Some banks let the teen use a debit card and online banking; others restrict access until a certain age.
The specific rules vary by bank and by state. A few banks have no minimum age and will open accounts for children as young as 6 or 7 with a parent present. Others require the teen to be at least 13 or 16. Some accounts are designed specifically for teens and come with parental controls built in; others are just regular accounts with a parent added as a co-owner.
The reason to open an account early is to build banking habits and a record with the bank before the teen turns 18 and needs to open their own account independently. A teen with a two-year history at a bank is more likely to be approved for a debit card or credit card later.
Key Takeaways
- Most banks allow parents to open joint accounts for minors, with the parent retaining full legal control until the teen reaches 18 or 21.
- Minimum age requirements vary by bank—some accept children as young as 6, while others require the teen to be 13 or older.
- Teen-specific accounts often include parental controls, spending limits, and restricted debit card access that can be adjusted as the teen gets older.
- Opening an account early helps a teen build a banking history, which makes it easier to open independent accounts and get approved for credit later.
- You will need to visit a branch in person with the minor and a valid ID; most banks do not allow online-only account opening for minors.
What you need to bring to open an account
To open an account for a minor, you will need to visit a bank branch in person. Bring the minor's valid ID (a school ID, state ID, or passport), your own valid ID, and proof of address (a utility bill or lease in your name). Some banks also ask for a Social Security number for the minor.
Online-only banks generally do not open accounts for minors because they cannot verify identity in person. Stick with banks that have physical branches, or credit unions in your area. Call ahead to confirm the bank accepts minors and ask what documents they need—requirements differ between institutions.
How parental controls and debit cards work
Most teen accounts come with a debit card, but the parent can usually set limits on how much the teen can spend per day or per transaction. Some banks let you turn the card on and off from a mobile app, or block certain types of purchases (like online shopping or gas stations). The parent can also see every transaction the teen makes in real time through online banking.
As the teen gets older, many banks allow you to gradually remove restrictions. By age 16 or 17, some accounts let the teen manage their own PIN, set their own spending limits, or even apply for a small line of credit. The exact timeline depends on the bank's policy.
A few banks offer accounts with no debit card at all until the teen reaches a certain age—these are savings-only accounts meant to teach the teen to save rather than spend. Ask the bank what the default setup is and whether you can request a different structure.
Differences between teen accounts and regular joint accounts
A teen account is designed specifically for minors and usually includes parental controls, limited debit card access, and educational tools like spending trackers. Banks like Greenlight, GoHenry, and Fidelity Youth offer these accounts, as do many traditional banks (Chase has Chase First Banking, Bank of America has BankSafe, Wells Fargo has Way2Save for Students).
A regular joint account is a standard checking or savings account with two owners—the parent and the minor. Both names appear on the account, and either person can withdraw money or close the account. Joint accounts do not usually have built-in parental controls, so the parent has to manage restrictions manually or through the bank's online tools.
Teen accounts are usually better if you want to teach spending habits and keep close oversight. Joint accounts are simpler if you just want the minor to have access to money and a debit card without extra features. Some families use both—a teen account for the minor's own money and a joint savings account for money the parent is setting aside for the child.
What happens when the teen turns 18
When the minor reaches 18 (or 21 in some states), the account automatically converts to a regular adult account in most cases. The parent's name may stay on the account, or the bank may ask whether the now-adult wants to remove the parent. Parental controls and spending limits are usually turned off automatically.
If the teen wants to open a completely independent account at 18, they can do so at any bank. Having an existing account history at the bank makes this easier—the bank already knows them and has a record of responsible use. A teen who has managed a debit card and stayed within limits for two years is more likely to be approved for a credit card or higher account features.
Some banks offer a smooth transition: they send a notice when the account holder turns 18, explain what changes, and ask the teen to confirm they want to keep the account. Others make no changes unless the teen or parent requests one. Check with your bank about their specific policy.
Banks and credit unions that accept minors
| Institution | Minimum Age | Account Type | Debit Card |
|---|---|---|---|
| Chase First Banking | 6 years old | Teen account with parental controls | Yes, with limits |
| Bank of America BankSafe | 8 years old | Teen account with parental controls | Yes, with limits |
| Wells Fargo Way2Save for Students | 13 years old | Teen savings account | Optional |
| Greenlight | 6 years old | Teen account (app-based) | Yes, with controls |
| GoHenry | 6 years old | Teen account (app-based) | Yes, with controls |
| Most credit unions | Varies (usually 13+) | Joint or youth account | Usually yes |
This table shows common options, but policies change and vary by location. Call your bank or credit union directly to confirm current age requirements and features. If you belong to a credit union, start there—credit unions often have lower fees and more flexible policies for minors than large banks.
Fees and costs to watch for
Most teen accounts have no monthly fee, but some charge a small fee ($3 to $5 per month) if the account balance falls below a minimum or if the teen makes too many withdrawals. A few banks waive fees entirely for accounts opened before age 18.
Overdraft fees are a common trap. If the teen spends more than the account balance, the bank may charge $25 to $35 per overdraft. Many teen accounts turn off overdraft protection by default to prevent this, but confirm with your bank. Some banks also charge fees for replacing a lost debit card or for using an out-of-network ATM too many times.
App-based teen accounts like Greenlight and GoHenry charge a monthly subscription ($5 to $15) in exchange for more features and parental controls. Traditional banks usually do not charge for teen accounts if you maintain a minimum balance or set up direct deposit.
Frequently Asked Questions
Can a teen open a bank account without a parent?
No. Anyone under 18 must have a parent or legal guardian on the account. The adult is the legal owner and can control the account until the minor turns 18. Some banks allow the teen to be the primary account holder with the parent as a co-owner, but the parent's consent and presence are always required.
What if the parent and teen disagree about spending?
The parent has legal control of the account and can set limits, freeze the card, or close the account. If the teen is old enough to understand money, talk about spending rules before opening the account. Some families set a weekly allowance or agree on what the teen can spend on. The bank's parental controls can enforce these rules automatically.
Can a teen build credit with a teen bank account?
No. A regular checking or savings account does not build credit history. To build credit, a teen needs a credit card (usually a secured card or a card with a parent as a co-signer) or a loan. A teen account teaches spending habits and banking skills, which are useful before applying for credit, but the account itself does not appear on a credit report.
What if the teen loses the debit card?
Call the bank immediately to report it lost or stolen. The bank will freeze the card to prevent unauthorized use and usually send a replacement within 5 to 10 business days. Most banks do not charge a fee for the first replacement, but may charge $5 to $15 for additional replacements. In the meantime, the teen can still withdraw cash from an ATM or visit a branch.
Can a teen have more than one bank account?
Yes. A teen can have accounts at multiple banks as long as a parent or guardian is on each account. Some families open one account for spending (with a debit card) and another for saving (without a card). This can help teach the difference between money to spend now and money to save for later.