Minors can open bank accounts, but not alone

A minor—someone under 18—cannot open a bank account by themselves. Banks require an adult to co-own the account, usually a parent or legal guardian. The adult becomes a joint account holder, which means they have full access to the account and legal responsibility for it. This is not optional; it is how banks manage the legal risk of dealing with someone who cannot sign binding contracts.

The specific rules vary slightly by bank and by state. Some banks allow minors as young as 13 to open accounts with a parent present. Others set the minimum at 16. A few banks offer accounts designed specifically for teenagers that work a little differently. The best approach is to call your bank directly or visit a branch with the minor and ask what they require.

Key Takeaways

  • A parent or legal guardian must be a joint account holder on any account opened by a minor under 18.
  • Different banks set different minimum ages—some allow accounts at 13, others at 16—so check with your specific bank.
  • You will need the minor's Social Security number, proof of identity, and proof of address to open the account.
  • Once the minor turns 18, they can remove the parent from the account or open their own account without a co-owner.

What documents you need to bring

To open an account for a minor, bring both the minor and the parent or guardian to the bank. You will need the minor's Social Security number, which you can find on their Social Security card or birth certificate. You will also need a form of ID for the minor—a school ID, passport, or state ID card all work. Some banks accept a birth certificate instead if the minor has no other ID.

The parent or guardian will need their own ID and proof of address. Proof of address is usually a recent utility bill, lease, or mortgage statement with the parent's name and current address. A few banks accept a driver's license as both ID and proof of address. Ask the bank ahead of time what they accept, because requirements differ.

Why banks require a parent on the account

Banks require a parent or guardian on a minor's account for two legal reasons. First, minors cannot sign contracts, so the bank needs an adult who can sign the account agreement and be legally bound by it. Second, the bank needs someone who can be held responsible if the account is overdrawn or if fraud occurs. The parent's presence protects both the minor and the bank.

This also means the parent has full access to the account. They can see all transactions, withdraw money, and close the account. This is by design—it allows parents to monitor spending and teach financial habits. When the minor turns 18, they can request that the parent be removed, though some banks require both parties to agree.

Different account types for minors

Most banks offer a standard savings or checking account that a minor can open with a parent. Some banks also offer accounts specifically designed for teenagers, which may have different features. These teen accounts sometimes come with a debit card, limited overdraft protection, or parental controls that let the parent set spending limits.

Credit unions often have similar options and sometimes charge lower fees. If you are already a member of a credit union, ask whether they have accounts for minors. The features and requirements may differ from what a traditional bank offers, and credit unions sometimes have more flexible age minimums.

What happens when the minor turns 18

Once a minor turns 18, they become a legal adult and can own an account in their own name. At that point, they have the right to remove the parent from the account. Some banks allow this to happen automatically on the 18th birthday; others require the young adult to visit a branch and request it. A few banks require both the parent and the young adult to agree to the removal.

The young adult can also choose to keep the parent on the account if they want to. There is no requirement to remove them. Some people keep a parent as a co-owner for another year or two while they build credit and learn to manage money independently. This is entirely up to the account holder.

Fees and account minimums for minors

Many banks waive monthly fees on accounts opened for minors, or charge a lower fee than they would for an adult account. Some require a minimum balance to avoid fees; others do not. A few banks offer accounts for minors with no monthly fee and no minimum balance at all.

The best way to find out what your bank charges is to ask directly or check their website for "teen account" or "minor account" information. If your current bank's fees seem high, it is worth comparing what other banks in your area offer. Credit unions in particular often have lower or no fees for youth accounts.

Frequently Asked Questions

Can a minor open a bank account without a parent present?

No. Banks require a parent or legal guardian to be present and to co-own the account. The minor cannot open an account alone, even if they have a job or their own money.

What if the minor's parents are divorced or separated?

Either parent can open an account with the minor, but only one parent needs to be the co-owner. If both parents want access, the bank may allow both to be on the account, but you will need to ask the bank about their specific policy.

Can a minor have a debit card?

Yes. Most banks issue a debit card to minors with a checking account. The card works like an adult's debit card—the minor can use it to withdraw cash or make purchases. The parent can usually see all transactions online.

What is the youngest age a minor can open a bank account?

It depends on the bank. Some banks allow accounts at age 13, while others require the minor to be 16. A few have no age minimum as long as a parent is present. Call your bank to find out their specific age requirement.

Can a minor open a savings account instead of a checking account?

Yes. A minor can open a savings account, a checking account, or both. Savings accounts typically earn a small amount of interest and have limits on how many withdrawals you can make per month. Checking accounts are designed for frequent deposits and withdrawals.