Yes, a 14-year-old can have a checking account, but with limits
A 14-year-old can open a checking account at most banks and credit unions, but not alone. A parent or guardian must be a joint owner on the account, which means they have full access and control. The account will be in both names, and the adult is legally responsible for all activity on it.
The reason for this requirement is straightforward: the law does not recognize 14-year-olds as able to sign binding contracts, which is what opening a bank account technically is. A parent or guardian's signature makes the contract valid. This is true across all 50 states, though individual banks may set their own minimum age — some start at 13, others at 16.
What a teen can do with the account depends on the bank. Most allow a 14-year-old to use a debit card, make deposits at an ATM, and check their balance online. Some restrict certain actions — like closing the account or changing the address — to the adult owner only. The bank's rules, not the law, determine these limits.
Key Takeaways
- A parent or guardian must be a joint owner on any checking account opened by a 14-year-old, and they have full legal control of the account.
- Most banks allow 14-year-olds to use a debit card and access their account online, but rules about who can make changes vary by bank.
- Some banks offer accounts specifically designed for teens, which may have lower fees or built-in spending limits that parents can set.
- The adult on the account is responsible for overdraft fees and any other charges, even if the teen caused them.
How a joint account works with a minor
When you open a joint account, both the parent and the teen are listed as owners. This means the parent can see all transactions, withdraw money, and make changes to the account at any time — even without the teen's knowledge or permission. The teen cannot prevent this.
The parent is also liable for overdraft fees and any other charges. If the teen spends more than is in the account, the parent's credit and finances are affected, not just the teen's. This is why many parents start with a small deposit and monitor the account closely.
Some banks allow the teen to have online access while restricting what they can do. For example, a teen might be able to see the balance and make transfers between accounts, but not close the account or change the mailing address. Read the bank's specific rules before opening the account.
Banks and credit unions that offer teen accounts
Most major banks allow joint accounts with a 14-year-old, including Chase, Bank of America, Wells Fargo, and Citibank. Credit unions often have the same option. However, some banks have created accounts specifically marketed to teens, which may come with features parents find useful.
Teen-specific accounts sometimes include spending limits that a parent can set through an app, alerts when the teen makes a purchase, or lower monthly fees. Examples include Greenlight, FamZoo, and Copper — these are not traditional banks but companies that partner with banks to offer accounts for minors. Some traditional banks, like Capital One, also offer teen-focused checking products.
The difference between a traditional joint account and a teen-specific account is mainly in the features and how they are managed. A traditional joint account at your regular bank is simpler and may have lower or no monthly fees. A teen-specific account may offer more parental controls but might cost money each month. Compare what each bank offers before deciding.
What documents you will need to bring
To open a joint account, bring the teen's Social Security number and a form of ID — usually a school ID, state ID, or passport. The parent will need their Social Security number and a government-issued ID, such as a driver's license. Some banks also ask for proof of address, such as a recent utility bill or lease.
Call the bank ahead of time to ask what they specifically require. Requirements vary slightly between banks and between branches of the same bank. Some banks allow you to start the process online, but most require at least one person to visit in person to sign documents.
Debit cards and online access for teens
Most banks issue a debit card in the teen's name once the account is open. The teen can use this card to make purchases, withdraw cash at ATMs, and check their balance. The card is linked to the joint account, so any money spent comes from the shared balance.
Online and mobile banking access is usually available to both the parent and the teen. The teen can log in to see their balance, review transactions, and sometimes transfer money between accounts. The parent can also log in and see everything the teen does. Some banks allow you to set up alerts so the parent gets a text or email each time the teen makes a purchase over a certain amount.
The debit card has the same fraud protections as an adult's card. If the teen reports unauthorized charges, the bank will investigate and typically refund the money while they look into it. However, the teen should understand that they are responsible for keeping the card safe and the PIN secret.
Fees and overdraft protection
Many banks offer free checking for teens, especially if a parent also has an account at that bank. Some charge a small monthly fee, usually between $5 and $10. A few banks waive fees if you set up direct deposit or maintain a minimum balance.
Overdraft fees happen when the teen spends more money than is in the account. Most banks charge $25 to $35 per overdraft. Some banks offer overdraft protection, which means they will cover the overage by transferring money from a savings account or a line of credit — but this usually costs a fee as well. Others straightforward decline the transaction if there is not enough money.
Ask the bank what happens if the account goes negative. Some banks will let the account go into the red for a few days before charging a fee. Others charge when ready. Knowing this in advance helps you decide whether to set up overdraft protection or teach the teen to check their balance before spending.
When the teen can open an account alone
In most states, a teen can open a checking account without a parent or guardian once they turn 18. At that point, they can sign contracts on their own, and banks will allow them to be the sole owner of the account. Some banks may still require a parent to co-sign if the teen has no credit history, but this is less common.
Before age 18, the only way to have a checking account is with a parent or guardian as a joint owner. There is no legal workaround or exception to this rule. If a bank claims to offer an account for a 14-year-old without an adult, verify this claim directly with the bank — it may be a misunderstanding or a scam.
Frequently Asked Questions
Can my teen open a checking account without me knowing?
No. A parent or guardian must be present and sign documents to open the account. The bank will not open an account for a minor without an adult's involvement. However, once the account is open, the teen can use it without asking permission for each transaction.
What happens to the account when my teen turns 18?
The account remains open and active. At 18, your teen can remove you as a joint owner and become the sole owner, or you can both stay on the account if you choose. Many parents and teens keep the joint account for a few more years so the parent can still monitor spending or help with financial decisions.
Can I set limits on how much my teen can spend?
It depends on the bank. Traditional checking accounts do not usually have built-in spending limits. However, teen-specific accounts like Greenlight and Copper allow parents to set daily or weekly spending caps through an app. You can also straightforward deposit a set amount each month and let the teen manage it.
Is my teen's money protected if the bank fails?
Yes. Checking accounts at banks insured by the FDIC (Federal Deposit Insurance Corporation) are protected up to $250,000 per account owner. A joint account is insured up to $250,000 for each owner, so you and your teen are each covered for $250,000. Credit unions have similar protection through the NCUA.
Can my teen build credit with a checking account?
No. Checking accounts do not appear on credit reports and do not build credit history. To build credit, a teen needs a credit card, a loan, or to be added as an authorized user on a parent's credit card account. A checking account is a good first step toward financial responsibility, but it is separate from credit building.