Yes, minors can have bank accounts, but with restrictions that depend on age and the account type

A minor can open a bank account in most cases, but the rules vary by age and by bank. Children under 18 typically cannot sign contracts on their own, so a parent or guardian must open the account with them or for them. The account itself belongs to the child, but the adult has legal control until the child reaches the age of majority—usually 18, though it varies by state.

The specific restrictions you'll encounter depend on how old the child is. A 7-year-old and a 16-year-old face very different rules at the same bank. Some banks set their own age minimums, while others follow state law. The account type also matters: a savings account has fewer restrictions than a checking account with a debit card.

Key Takeaways

  • A parent or guardian must open the account and remain on it until the child reaches the age of majority, usually 18.
  • Most banks allow children as young as 6 or 7 to have a savings account, but checking accounts and debit cards often require age 13 or older.
  • The adult on the account has full legal control and can withdraw money, close the account, or freeze it without the child's permission.
  • When the child turns 18, you can convert the account to a standard adult account, though some banks require the young adult to visit in person.

How age determines what account types are available

Banks do not have a single rule across all ages. Most will open a basic savings account for a child as young as 6 or 7 if a parent or guardian is the co-owner. These accounts are simple: the child can deposit money, earn interest, and see their balance grow. The parent can monitor spending and teach the child about saving.

Checking accounts and debit cards come with higher age requirements at most banks. Many require the child to be at least 13 before they can have a debit card linked to a checking account. Some banks push the age to 16 or 18. The reason is practical: a debit card means the child can spend money without the parent present, and banks want to reduce fraud risk and overdraft disputes.

A few banks offer accounts specifically designed for teenagers, with features like spending limits, parental controls, and lower or no monthly fees. These accounts often come with a debit card and online access. Chase, Bank of America, and Wells Fargo all offer teen checking accounts, though the exact age requirement and features vary by location and change over time. Call your bank directly or visit their website to see what they offer for your child's age.

What the parent or guardian controls on a minor's account

When you open an account as a co-owner with your child, you have full legal authority over that account. You can deposit money, withdraw money, close the account, or freeze it without asking the child's permission. This is true even if the child is a teenager and contributed their own money to the account.

The account is still in the child's name, and the money legally belongs to the child, but the parent's control is absolute until the child reaches 18. This matters if you are concerned about how your teenager is spending money, or if you need to access funds in an emergency. It also means you are responsible for any overdraft fees or fraud that occurs on the account.

Some banks allow you to set spending limits or require parental approval for certain transactions, especially on debit cards. These controls vary by bank and by account type. If this feature matters to you, ask about it when you open the account.

The difference between a custodial account and a joint account

There are two main ways a parent can structure a minor's account: as a custodial account or as a joint account. The names sound similar, but they work differently.

A custodial account is opened in the child's name, with the parent listed as custodian. The parent has control during the child's minority, but the account automatically transfers to the child's full control when they reach 18 or 21, depending on state law. The parent cannot keep the account or the money after that age. Custodial accounts are common for savings accounts and are sometimes used for investment accounts (called UTMA or UGMA accounts).

A joint account is opened in both names equally. Both the parent and child are owners, and either can withdraw money or close the account. When the child turns 18, the account remains joint unless you change it. You can convert it to a standard adult account in the child's name alone, but you will need to visit the bank or call and may need the child's permission depending on the bank's policy.

For most families, a custodial savings account is simpler because it automatically transfers to the child at 18. Ask your bank which structure they use when you open the account.

What happens when the minor turns 18

When your child reaches 18, the account transitions to their full control. If it is a custodial account, the bank will remove your name and the child becomes the sole owner. If it is a joint account, both names remain unless you take steps to change it.

The exact process depends on your bank. Some banks send a notice when the child turns 18 and ask what you want to do. Others require you to visit a branch or call to make the change official. A few banks require the young adult to come in person to confirm they want to take over the account.

Before your child turns 18, talk to them about the account and what will happen. If you have been using it to teach them about money, this is a good time to discuss how they will manage it on their own. If there are automatic transfers or bill payments set up, make sure they know about those too.

How to open a minor's account at your bank

The process is straightforward but varies slightly by bank. Start by contacting your bank directly—call the main number, visit a branch, or check their website. Ask what accounts they offer for minors and what the age requirements are.

When you are ready to open the account, bring the following:

  • Your government-issued ID (driver's license or passport)
  • The child's birth certificate or Social Security card
  • Proof of address (a recent utility bill or lease)
  • The child, if the bank requires them to be present

Some banks require the child to be present; others do not. Some allow you to open the account online; others require a branch visit. Call ahead to confirm what your bank needs and whether you can do it remotely.

Once the account is open, you will receive a debit card (if it is a checking account), a passbook or online access, and account statements. Set up online banking so you can monitor the account and teach your child how to check their balance.

Frequently Asked Questions

Can a minor open a bank account without a parent?

No. A minor cannot sign a contract, and a bank account is a contract. A parent or legal guardian must open the account and be listed as co-owner or custodian. Some banks may allow a minor to open an account online if a parent verifies their identity, but the parent's name will still appear on the account.

What if I want to give my child money but keep control of it until they are older?

A custodial account is designed for this. The money belongs to the child legally, but you control it until they reach 18 or 21. When they turn that age, the account transfers to them automatically. If you want to keep control longer, you would need a trust, which is more complex and usually involves a lawyer.

Can a teenager have their own account without a parent on it?

Not at a traditional bank. A teenager under 18 cannot sign a contract, so a parent or guardian must be on the account. Some online banks or fintech apps designed for teens allow a teenager to have an account with parental controls, but a parent still sets it up and has access.

What if my child loses the debit card or it gets stolen?

Call the bank immediately to report it lost or stolen. The bank will cancel the card and issue a new one. You are not liable for fraudulent charges if you report the loss quickly, usually within 30 days. Your child should not be liable either, but confirm this with your bank's policy.

Can I remove my name from the account before my child turns 18?

Not typically. You are the legal guardian and have responsibility for the account until your child reaches 18. Removing your name early would leave the account without a legal owner, which banks do not allow. You can remove your name once your child turns 18 and the account converts to their name alone.