Yes, minors can open bank accounts, but an adult must be involved
A minor—anyone under 18—cannot open a bank account alone. Every bank and credit union requires a parent or legal guardian to open an account on behalf of a minor, to co-own it, or to be listed as a custodian. The adult's role varies by account type and by institution, but the adult is always legally responsible for the account until the minor reaches the age of majority (18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi).
The account itself belongs to the minor and is held in their name. The adult does not own the money in it. But the adult can see all transactions, set spending limits, and close the account if needed. Some accounts let the minor manage the account independently once they reach a certain age—often 13 or 14—while the adult retains oversight.
Key Takeaways
- A parent or legal guardian must be present and sign documents to open any account for a minor, and their name appears on the account.
- Custodial accounts and joint accounts are the two main structures; custodial accounts give the adult more control, while joint accounts treat both parties as equal owners.
- Most banks allow minors to use debit cards, online banking, and mobile apps once the account is open, often with parental controls on spending.
- The minor's Social Security number is required, and the adult will need to provide their own identification and proof of address.
- At age 18, the minor can convert the account to a standard adult account or open their own account without a co-owner, depending on the bank's policy.
What documents you need to open a minor's account
The adult bringing the minor to open the account will need a government-issued photo ID (driver's license, passport, or state ID card) and proof of current address, usually a utility bill or lease dated within the last 60 days. Some banks accept a bank statement or government document instead.
The minor does not need their own ID, but their Social Security number is required. If the minor does not have a Social Security number, the bank will ask for an Individual Taxpayer Identification Number (ITIN) or, in some cases, will allow the account to open without one—though this is less common and may limit features.
Bring the minor's birth certificate if you have it; some banks request it to verify age, though many will accept the adult's word. Call the specific bank or credit union ahead of time to confirm what they require, because requirements vary.
Custodial accounts versus joint accounts
A custodial account is opened in the minor's name, with the adult listed as custodian. The adult can deposit and withdraw money, monitor spending, and set rules. The minor may or may not have direct access to the account—it depends on the bank and the minor's age. When the minor reaches age 18 or 21 (depending on state law), the custodial relationship ends and the account becomes the minor's sole property. The adult loses all access and control.
A joint account lists both the minor and the adult as owners. Both can deposit and withdraw money, and both have equal legal rights to the account. Joint accounts do not automatically convert when the minor turns 18; the adult remains a co-owner unless they remove themselves. Joint accounts are simpler to set up but give the adult less control over spending.
Most banks default to a custodial structure for minors under 13 and offer joint accounts for older teens. Ask the bank which structure they use and whether you can choose.
What the minor can do with the account
Once the account is open, the minor can usually receive direct deposits (such as paychecks from a job), use a debit card to make purchases, and withdraw cash at ATMs. Many banks issue debit cards to minors as young as 8 or 10, though some wait until age 13.
Online and mobile banking access is standard. The minor can check their balance, transfer money between their own accounts at the same bank, and see transaction history. Some banks let the adult set daily spending limits on the debit card or require the adult to approve certain transactions.
Minors typically cannot write checks, take out loans, or open credit cards in their own name. Some banks allow minors to set up savings goals or automatic transfers to a savings account, which can be a useful way to teach money management.
Age restrictions and what changes at 18
Banks do not have a single rule for when a minor can use their account independently. Some allow minors to manage accounts starting at age 13, with the adult able to monitor but not override decisions. Others keep the adult in full control until age 18. A few banks have tiered access: a 14-year-old might be able to make purchases but not withdraw large amounts without the adult's approval.
At age 18, the minor becomes a legal adult in most states. If the account is custodial, it automatically converts to a standard adult account in the minor's name alone, and the former custodian loses access. If the account is joint, the adult remains a co-owner unless they formally remove themselves from the account.
Some banks require the newly adult customer to visit a branch or call to confirm the conversion. Others handle it automatically. The minor's existing debit card usually remains valid, though the bank may issue a new one with the updated account structure.
Where to open a minor's account
Nearly every bank and credit union offers accounts for minors. Large national banks (Chase, Bank of America, Wells Fargo, Citibank) all have youth or teen accounts. Credit unions often have lower fees and may offer better rates on savings. Online banks like Ally and Marcus have started offering custodial accounts, though fewer than traditional banks.
Compare what each institution offers: some have no monthly fees for minors, others charge $5 to $10 per month. Some offer higher interest rates on savings balances. Some allow the minor to earn interest on checking accounts, which is rare. A few have financial education tools built into the app.
You can open an account in person at a branch, by phone, or online, depending on the bank. In-person is often fastest because the bank can verify ID on the spot. Online and phone openings may take a few days for the bank to confirm information.
What happens if the minor's account goes negative
If the minor's debit card is used to make a purchase that exceeds the account balance, the bank may decline the transaction, or it may allow the transaction and charge an overdraft fee. Most banks charge $25 to $35 per overdraft. Some banks waive overdraft fees for minors or limit them to one per month.
The adult is responsible for paying any overdraft fees or negative balance, since the minor cannot legally be held liable for debt. If the account stays negative, the bank may close it and report the negative balance to ChexSystems, a banking history database. This can make it harder for the minor to open accounts in the future.
To avoid overdrafts, many parents set up alerts when the balance drops below a certain amount, or they disable the debit card's ability to overdraw. Ask the bank what protections are available.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. Every bank requires a parent or legal guardian to be present and to sign documents. If the minor's parents are deceased or unavailable, a legal guardian, grandparent, or other court-appointed custodian can open the account instead.
What if the minor is 17 and wants to open an account on their own?
They still need a parent or guardian to co-sign. However, some banks allow 17-year-olds to manage the account independently once it is open, with the adult retaining oversight. At 18, the minor can convert to a solo account or open a new one without a co-owner.
Can a minor have a savings account separate from a checking account?
Yes. Many minors have both. The adult can help the minor open a savings account at the same bank or a different one. Some families use a savings account to teach the minor about interest and long-term saving, while the checking account is for everyday spending.
What if the minor's parent wants to remove themselves from the account?
If the account is custodial and the minor is still under 18, the parent cannot straightforward remove themselves; the custodial relationship is set by law. If the account is joint, the parent can visit the bank and request to be removed, leaving the minor as the sole owner. The minor must be present or the bank may require the minor's written consent.
Does a minor's bank account affect their credit score?
No. Checking and savings accounts do not appear on credit reports and do not affect credit scores. Only credit accounts (credit cards, loans) do. A minor's bank account is purely a tool for managing money, not for building credit history.