You can open a bank account at 17 with a parent or guardian, or sometimes alone
Most banks let you open a checking or savings account at 17 if a parent or guardian co-signs or is present. Some banks set the minimum age at 18 and require no adult involvement. A few banks let 17-year-olds open accounts solo if they meet specific conditions — usually proof of income or enrollment in school. The route depends on which bank you choose and what type of account you want.
The practical difference matters: a co-signed account means the adult has full access to your money and can withdraw or close it without your permission. A solo account at 17 is yours alone, but fewer banks offer it. Most teenagers end up with a co-signed account because it is the fastest and most widely available option.
Key Takeaways
- Most major banks allow 17-year-olds to open accounts with a parent or guardian present, but require the adult to co-sign or be a joint owner.
- Some banks including Ally, Charles Schwab, and Fidelity let 17-year-olds open solo accounts without an adult, though requirements vary by bank.
- You will need a government-issued ID, proof of address, and Social Security number; the adult co-signer will need the same documents plus proof of income.
- Co-signed accounts give the adult full access to your money, while solo accounts are yours alone but are less common at age 17.
- Online banks often have lower minimum balances and fewer fees than brick-and-mortar banks, making them a practical choice for teenagers.
What banks require from you at 17
You will need a government-issued photo ID — a driver's license, state ID, or passport. If you do not have one, some banks accept a school ID plus a second form of ID like a birth certificate or Social Security card. You will also need proof of your address, usually a utility bill, lease, or bank statement in your name. If nothing is in your name, a parent's bill with you listed as a resident works at most banks.
Every bank will ask for your Social Security number. If you do not have one, you can request one from the Social Security Administration before you open the account — the process takes about two weeks. If a parent or guardian is co-signing, they will need their own ID, proof of address, and Social Security number. Some banks also ask the adult for proof of income, usually a recent pay stub or tax return.
Bring originals or certified copies, not photos. Banks will not accept screenshots or digital copies of IDs or address proof for in-person accounts. If you are opening online, the bank will tell you which documents can be uploaded and which require mail-in verification.
Co-signed accounts: the most common route at 17
A co-signed account means the parent or guardian is a joint owner with equal rights. They can see all transactions, withdraw money, add or remove funds, and close the account without asking you. This is the default at most banks for anyone under 18. The upside is that nearly every bank offers it, and you can open one in a single visit with the right documents.
The account is still yours to use — you get a debit card, online access, and the ability to deposit paychecks. The adult does not have to monitor it or approve each transaction. But they have the legal right to do so, and they can take the money out if they choose. If you want privacy or independence, this is a real limitation.
Most banks do not charge extra for co-signed accounts. The monthly fee, if any, is the same as a regular checking account. Some banks waive fees for accounts under $500 or with direct deposit, which can help if you are starting with little money.
Solo accounts at 17: which banks offer them
Ally Bank lets 17-year-olds open checking and savings accounts without an adult, with no minimum balance. You explore online, upload your ID and proof of address, and get approved in minutes. Ally is an online-only bank, so there is no branch to visit.
Charles Schwab offers a Schwab Bank checking account to 17-year-olds with no co-signer required. You need a Social Security number and a valid ID. The account comes with a debit card and ATM access through Schwab's network and MoneyPass ATMs nationwide.
Fidelity allows 17-year-olds to open a Cash Management Account solo. Like Ally and Schwab, it is online-only. You will need an ID and Social Security number. The account earns interest on balances and has no monthly fees.
These three banks are the most straightforward for solo accounts at 17. Other banks may offer solo accounts but require proof of income, school enrollment, or other conditions that vary. Call or check the bank's website before you visit or explore online.
The step-by-step process for opening an account at 17
If you are opening in person with a co-signer, go to a branch together during business hours. Bring both sets of documents — yours and the adult's. Tell the banker you want to open a checking or savings account. They will ask which type, show you the options, and explain fees. This takes 15 to 30 minutes. You will sign paperwork, the adult will co-sign, and you will get a debit card on the spot or by mail within 5 to 10 business days.
If you are opening online, go to the bank's website and click "Open an Account" or "Sign Up". You will answer questions about yourself, upload your ID and address proof, and enter your Social Security number. The bank will verify your identity — this can take a few minutes to a few hours. Once approved, you can start using the account when ready, though your debit card arrives by mail in 7 to 10 days.
If you are opening a solo account at one of the banks listed above, the process is the same as opening online. You do not need to visit a branch or involve an adult. The entire process happens on your phone or computer.
Fees and account types to compare
Most banks offer two main types of accounts for teenagers: checking and savings. A checking account is for money you spend regularly — it comes with a debit card, online transfers, and bill pay. A savings account is for money you want to keep and grow — it earns interest but has fewer withdrawal options. Many teenagers open a checking account because they need a debit card for everyday purchases.
Fees vary widely. Some banks charge $5 to $15 per month for checking accounts. Others waive the fee if you maintain a minimum balance (often $100 to $500), set up direct deposit, or use their ATMs. Online banks like Ally and Fidelity typically charge no monthly fee at all. Before you choose a bank, compare the monthly fee, minimum balance requirement, and ATM network — especially if you do not have a car and need ATMs near school or home.
Interest rates on savings accounts are higher at online banks than at traditional banks. As of early 2024, online savings accounts earn around 4 to 5 percent annually, while brick-and-mortar banks often earn less than 1 percent. If you are saving money, this difference adds up over time.
What happens when you turn 18
If you opened a co-signed account at 17, you can remove the co-signer when you turn 18. You do not have to — some people keep a parent on the account for emergencies or oversight. But you have the right to make it yours alone. Call the bank or visit a branch and ask to remove the co-signer. You will sign a form, and the adult's access ends when ready.
If you opened a solo account at 17, nothing changes at 18. The account is already yours, and you keep using it the same way. There is no paperwork or action needed.
Frequently Asked Questions
Can I open a bank account at 17 without a parent?
Yes, but only at certain banks. Ally, Charles Schwab, and Fidelity let 17-year-olds open accounts solo. Most other banks require a parent or guardian to co-sign. Check with your bank directly — policies vary.
What if I do not have a government ID?
You can request a state ID from your local DMV or a passport from the post office. Both take 1 to 3 weeks. In the meantime, some banks accept a school ID plus a birth certificate or Social Security card. Call ahead to confirm what your bank will take.
Can my parent see my transactions if they co-sign?
Yes. A co-signed account makes the parent a joint owner with full access. They can see all deposits, withdrawals, and transfers. If you want privacy, ask about opening a solo account at one of the banks that allow it at 17.
Do I need a minimum balance to open an account at 17?
Most banks do not require a minimum balance to open an account, but some charge a monthly fee if your balance drops below a certain amount — usually $100 to $500. Online banks typically have no minimum balance and no monthly fee.
How long does it take to open an account?
In person, 15 to 30 minutes. Online, a few minutes to a few hours depending on how quickly the bank verifies your identity. Your debit card arrives by mail in 7 to 10 business days either way.