Yes, banks offer accounts specifically for people under 18, but they work differently than adult accounts

Most major banks and credit unions have accounts designed for minors. These accounts let you deposit money, use a debit card, and build a banking history before you turn 18. The catch: a parent or guardian must open the account with you and usually stays on it as a co-owner until you reach the age of majority in your state (usually 18, sometimes 21).

The parent's involvement is not optional—it is a legal requirement. Banks cannot open an account for a minor without a parent or legal guardian present, and that adult has full access to the account and the ability to withdraw funds. This is different from a savings account a parent opens in their own name for your benefit; a true teen account has your name on it and teaches you to manage money yourself, but under supervision.

What you can actually do with the account depends on the bank and your age. Some banks let you use online banking and set up direct deposit at 13 or 14. Others restrict certain features until you are older. Debit cards are common, but credit-building features like a linked credit card or the ability to take out a loan are not available until you are 18 or older.

Key Takeaways

  • A parent or guardian must open the account with you and remain on it as a co-owner until you reach the age of majority in your state.
  • Most teen accounts include a debit card, online banking, and the ability to receive direct deposit, but features vary by bank and your age.
  • You will need a Social Security number and proof of identity (usually a school ID or birth certificate) to open an account.
  • The account helps you learn money management and build a banking history, but the parent can access and withdraw funds at any time.
  • Some banks charge monthly fees for teen accounts; others waive fees if you meet conditions like maintaining a minimum balance or setting up direct deposit.

What you need to open a teen account

Bring your Social Security number, a form of ID (school ID, birth certificate, or passport), and proof of address. The parent or guardian opening the account with you will need their ID and Social Security number as well. Some banks also ask for a second form of ID or a utility bill in the parent's name.

You do not need to have money in the account to open it. Many banks let you start with zero balance, though some require a small opening deposit—usually between $25 and $100. Check with your bank before you go in; some waive the opening deposit for minors.

If you are opening the account online or by mail, the process is slower. Most banks require at least one in-person visit to verify identity, even if the process starts online. Some banks now use video verification instead, which speeds things up.

How teen accounts differ from adult accounts

The parent or guardian on the account has full legal access. They can see all transactions, withdraw money, and close the account without your permission. This is not a privacy violation—it is the legal reality of a minor's account. If you want privacy from a parent, a teen account is not the right tool.

Teen accounts usually have lower or no monthly fees compared to standard checking accounts. Many banks waive fees entirely if you maintain a minimum balance (often $0 to $100) or set up direct deposit. Some charge $5 to $10 per month if you do not meet those conditions.

Overdraft protection and overdraft fees work differently. Some banks allow overdrafts on teen accounts and charge fees; others decline transactions that would overdraw the account. Ask your bank which policy applies before you open the account, because overdraft fees can add up quickly.

Debit card limits are common. Some banks cap daily spending or daily ATM withdrawals at lower amounts than adult accounts—for example, $500 per day instead of $1,000. These limits are meant to reduce fraud risk and teach spending discipline.

When the account converts to an adult account

On your 18th birthday or shortly after, the bank will notify you that the account is converting to an adult account. The parent's name usually stays on the account unless you both go to the bank and remove them. You can do this yourself once you turn 18—the parent cannot force you to keep them on the account, and you cannot force them off without their consent.

Some banks automatically remove the parent at 18; others require you to visit in person or call to make the change. Check your account documents or call the bank to find out what happens on your 18th birthday. Do not assume the parent will be removed automatically.

Once you turn 18, you have full control of the account. You can change the PIN, set up online banking if you have not already, and make all decisions about the account without the parent's involvement. The parent can no longer withdraw funds or close the account without your permission.

Teen accounts at different types of banks

Large national banks like Chase, Bank of America, and Wells Fargo all offer teen checking accounts. These accounts usually include a debit card, online banking, and mobile app access. Monthly fees range from $0 to $12 depending on the bank and whether you meet fee-waiver conditions. The advantage is convenience—branches and ATMs are widely available. The disadvantage is that fees can add up if you do not maintain a minimum balance or set up direct deposit.

Credit unions often have lower or no fees on teen accounts and may offer better customer service. You must be a member of the credit union to open an account, which usually requires living or working in a specific area or having a family member who is already a member. Credit unions are nonprofit, so they tend to prioritize member benefit over profit.

Online banks like Ally, Charles Schwab, and Discover have fewer physical locations but often charge no monthly fees and offer higher interest rates on savings. However, not all online banks offer teen accounts, and those that do may have stricter age requirements (some start at 16 rather than 13). You will need to verify identity online or by mail, which takes longer.

Building credit and learning money management

A teen account does not build credit on its own. Credit scores are based on borrowing and repayment history, not on how well you manage a checking account. However, the account teaches you the habits that matter for credit later: tracking spending, avoiding overdrafts, and managing money responsibly.

Some banks offer teen savings accounts or savings goals features that let you set aside money for a specific purpose. These are useful for learning to save, but they also do not build credit. Credit building starts when you borrow money—through a credit card, a loan, or a co-signed loan with a parent—and repay it on time.

If you want to start building credit before 18, ask your parent about becoming an authorized user on their credit card. This means you get a card linked to their account, and their payment history appears on your credit report. This is one of the fastest ways to build credit as a minor, though it only works if the parent pays on time.

What happens if you lose the debit card or suspect fraud

Call the bank when ready. Most banks have a 24-hour fraud line. Report the card as lost or stolen, and the bank will freeze it within minutes. A replacement card usually arrives in 5 to 10 business days.

If someone used your card without permission, the bank will investigate. Under federal law, your liability is limited to $50 if you report the fraud within 60 days of the statement date. If you report it faster, your liability may be $0. However, the parent on the account may be able to access the account and dispute charges themselves, which can speed up the process.

While you wait for a replacement card, you can still access your money through ATMs or by visiting a branch with ID. Some banks let you use your phone to make contactless payments even without the physical card.

Frequently Asked Questions

Can I open a bank account without a parent if I am under 18?

No. Banks are required by law to have a parent or legal guardian open the account with you and remain on it as a co-owner. If you are in foster care or have a court-appointed guardian, that person can open the account instead of a parent.

What if my parent refuses to take their name off the account after I turn 18?

You can remove them yourself once you turn 18. Visit the bank in person or call and request to remove the co-owner. The parent cannot stop you from doing this, and the bank will process the request. If the parent is also on the account for their own funds, removing them may not be possible without closing the account entirely—ask the bank about your options.

Do I need a job to open a teen account?

No. You do not need income or employment to open a teen account. The account is meant for learning money management, whether the money comes from a job, allowance, gifts, or savings. However, if you want to set up direct deposit, you will need an employer to send paychecks to the account.

Can I have more than one bank account as a teen?

Yes. You can open accounts at multiple banks if you want. Some teens open a checking account at one bank for everyday spending and a savings account at another bank or credit union for long-term savings. Each account will have a parent as co-owner.

What is the youngest age a bank will let me open an account?

Most banks accept minors as young as 13, though some start at 16. A few banks have no age minimum as long as a parent opens the account. Call your bank or check their website to find out their specific age requirement.