Yes, minors can have bank accounts, but an adult must open and manage them
A minor cannot walk into a bank alone and open an account. Banks require a parent or legal guardian to open the account, sign the paperwork, and remain on it. The adult's name appears on the account alongside the minor's, and the adult has full access to the money and the ability to make decisions about the account. This is true whether the minor is 5 or 17.
The specific rules vary by bank and by state. Some banks allow minors as young as 13 to have their own debit card tied to a parent-controlled account. Others require the minor to be 16 or older. A few banks offer accounts designed for teenagers that give the teen more independence while keeping the parent informed. The account type matters—a savings account has different rules than a checking account, and a custodial account (set up specifically for a minor) works differently than a regular joint account.
Key Takeaways
- A parent or legal guardian must be present to open any account for a minor and will have full access to the account and its funds.
- Most banks allow minors to have debit cards once the account is open, though some restrict this until age 13 or 16.
- Custodial accounts and teen checking accounts are designed for minors but still require an adult co-owner with full control.
- The minor's Social Security number is required to open the account, along with the parent's identification and proof of address.
- Once the account is open, the minor can deposit money, make withdrawals, and use a debit card, but the parent can freeze or close the account at any time.
What documents you need to open an account for a minor
Both the parent and the minor must be present at the bank, or the parent can open the account online or by mail depending on the bank's policy. You will need the minor's Social Security number, the parent's government-issued photo ID (driver's license or passport), and proof of the parent's current address (a utility bill, lease, or recent bank statement dated within the last 60 days). Some banks also ask for the minor's birth certificate, though not all do.
If you are opening the account online, the bank will ask you to upload images of these documents or verify them through their app. If you are opening it in person, bring the originals. The process usually takes 10 to 20 minutes in a branch. Online applications can take one to three business days to process, depending on the bank.
The difference between joint accounts and custodial accounts
A joint account is the simplest option. The parent and minor are both listed as owners, and both can withdraw money or close the account. The parent has no special legal authority—they are just a co-owner. This works well for families who want the minor to learn to manage money with the parent's oversight, but it does not protect the money if the parent faces creditors or legal judgments. If the parent's bank account is frozen due to debt, a joint account with the minor can be frozen too.
A custodial account is set up under a state law (usually the Uniform Transfers to Minors Act, or UTMA, or the Uniform Gifts to Minors Act, or UGMA). The parent is the custodian, not a co-owner. The money legally belongs to the minor, but the parent controls it until the minor reaches the age of majority (18 or 21, depending on the state). If the parent faces creditors, the custodial account is protected because the parent does not own the money—they are just managing it. However, when the minor turns 18 or 21, the money becomes theirs to control completely, and the parent has no say in what they do with it.
Most banks offer both options. Ask which one the bank recommends for your situation. Custodial accounts are more common when money is being saved for the minor's future (from gifts, inheritance, or the minor's own earnings), while joint accounts are more common for everyday spending and learning.
What a minor can and cannot do with the account
Once the account is open, the minor can deposit checks, make deposits at an ATM, withdraw cash, and use a debit card to pay for things. The minor can also check the balance online or on a mobile app. However, the parent can see all of this activity—most banks show both the parent and the minor the same transaction history.
The minor cannot close the account, change the account settings, add or remove the parent, or transfer money to another bank without the parent's permission. The parent can set spending limits on the debit card (some banks allow this through their app), freeze the card if it is lost or stolen, or close the account entirely. The parent can also withdraw money from the account at any time.
If the minor is old enough to work, they can deposit their own paychecks into the account. Some employers allow direct deposit to accounts held by minors, though a few require the minor to be 16 or older. Check with your employer about their policy.
Age restrictions and debit card access
Banks have different minimum ages for debit cards. Chase allows debit cards for minors of any age on a parent-controlled account. Bank of America requires the minor to be at least 13. Wells Fargo requires 16. Some online banks like Greenlight and GoHenry are designed specifically for younger children and issue debit cards to children as young as 6, though a parent controls spending limits and can see every transaction.
Even if the account is open, the bank may not issue a debit card until the minor reaches the bank's minimum age. In that case, the minor can still use the account—they just cannot make purchases with a card. They can withdraw cash at an ATM using a PIN, or ask the parent to withdraw cash for them.
How the account affects taxes and financial aid
Money in a minor's account is counted as the minor's asset for purposes of the Free process for Federal Student Aid (FAFSA), which is used to determine financial aid for college. The more money in the minor's name, the less aid they may receive. Custodial accounts are treated as the minor's assets, and joint accounts are also treated as the minor's assets for FAFSA purposes (even though the parent is a co-owner).
If the minor earns interest on the account, that interest is taxable income to the minor. The bank will send a 1099-INT form if the interest exceeds $10 in a year. The minor may need to file a tax return, depending on how much interest was earned and whether the minor has other income. A parent can claim a minor as a dependent on their own tax return, which affects how much the minor can earn before owing taxes.
If you are concerned about how an account will affect financial aid, speak with a tax professional or the financial aid office at the school the minor plans to attend. The rules are complex and depend on the minor's age, income, and the type of account.
What happens when the minor turns 18
When the minor reaches 18, the account does not automatically close or change. If it is a joint account, both the minor and the parent remain co-owners unless one of them asks the bank to remove the other. The minor can now withdraw money, close the account, or change settings without the parent's permission. The parent can still see the account if they are listed as a co-owner, but they cannot prevent the minor from accessing the money.
If it is a custodial account, the account converts to a regular account in the minor's name alone when they reach the age of majority (18 or 21, depending on the state). The parent's access ends. The money is now fully the minor's to control. Some banks send a notice before this happens so the parent and the young adult can discuss what will happen next.
If the parent wants to keep oversight after the minor turns 18, they can ask the young adult to keep them as a co-owner on a joint account, but the young adult can refuse. There is no legal way to maintain control over an adult's account without their consent.
Frequently Asked Questions
Can a minor open a bank account without a parent?
No. Banks require a parent or legal guardian to open the account and sign the paperwork. A minor cannot open an account alone, even if they have a job and their own money. Some online banks allow minors to open accounts through a parent's existing account, but the parent must still be involved.
What if the minor's parents are divorced or separated?
Either parent can open an account for the minor. If both parents want to be on the account, the bank will allow it, and both will have full access. If only one parent opens the account, the other parent cannot access it unless they are also listed as a co-owner. If there is a custody order that restricts one parent's access to the minor's money, bring a copy to the bank and ask how they handle it—policies vary.
Can a minor have a savings account instead of a checking account?
Yes. Savings accounts and checking accounts both require a parent to open them. Savings accounts typically earn interest and have limits on how many withdrawals you can make per month. Checking accounts usually do not earn interest but allow unlimited withdrawals and come with a debit card. Many minors have both—a savings account for long-term money and a checking account for everyday spending.
What if the parent wants to close the account but the minor does not?
The parent can close the account at any time because they are a co-owner or custodian. The minor's wishes do not override the parent's authority. However, the parent must return the money to the minor in some form—they cannot keep it. If the account is a custodial account, the money legally belongs to the minor, so the parent must give it to them or move it to another account in the minor's name.
Does the minor need a credit card, or just a debit card?
Minors cannot have credit cards in their own name. A debit card draws from money already in the account, so it does not create debt. A parent can add a minor as an authorized user on the parent's credit card, which allows the minor to use the card but does not build the minor's credit history. Most financial experts recommend starting with a debit card and a joint or custodial account, then moving to a credit card after the minor turns 18.