Yes, minors can open bank accounts, but an adult must be involved

A minor—anyone under 18—can have a bank account, but the account must be opened and managed with a parent or guardian. Most banks offer accounts specifically designed for young people, with the adult as a co-owner or custodian. The adult has full access to the account and can withdraw money, set spending limits, or close it at any time.

The age at which a minor can open an account varies by bank. Some allow accounts from birth (usually for savings purposes), while others require the child to be at least 13 or 16 before they can use a debit card or make transactions independently. A few banks let minors open accounts online with a parent's verification, but most require both the child and adult to visit a branch in person with identification.

Key Takeaways

  • A parent or legal guardian must open the account with the minor and remain on it as a co-owner or custodian.
  • Most banks allow minors to have accounts from age 13 or 16 onward, though some offer savings accounts from birth.
  • The adult on the account has full control and can set spending limits, monitor transactions, or close the account.
  • You will need identification for both the minor and the adult, and most banks require an in-person visit to open the account.
  • Some banks offer teen checking accounts with lower fees and educational tools designed to teach money management.

What identification and documents you need

To open an account for a minor, bring a valid government-issued ID for the adult—a driver's license, passport, or state ID card. For the minor, bring a birth certificate or Social Security card. Some banks also accept a school ID or library card as secondary identification for the child.

The bank will verify the adult's identity and may run a background check through ChexSystems, a banking history database. They will also ask for proof of address, usually a recent utility bill or lease in the adult's name. If you do not have these documents, call the bank ahead of time to ask what alternatives they accept.

Types of accounts available for minors

Most banks offer a teen checking account, designed for ages 13 to 17. These accounts come with a debit card, online banking access, and often lower or no monthly fees. The parent can set daily spending limits and receive alerts when the teen makes a purchase. Some teen accounts include financial literacy tools—budgeting apps, savings goals, or educational videos—to help young people learn money habits.

Banks also offer custodial savings accounts, where the adult holds the account in trust for the minor until they reach the age of majority (usually 18 or 21, depending on state law and the bank). These accounts are common for grandparents or relatives who want to save money for a child's future. The adult controls the account entirely until the minor comes of age, at which point ownership transfers automatically.

A third option is a joint account, where both the minor and adult are equal owners from the start. Joint accounts are less common for minors because they give the child full access and control, which defeats the purpose of parental oversight. However, some families use them for older teens (16 or 17) who are ready for more independence.

How parental controls and monitoring work

When you open a teen checking account, the bank typically gives the parent access to a separate online portal or mobile app. From there, you can see all transactions in real time, set daily or weekly spending limits, and turn the debit card on or off remotely. Some banks let you block certain types of purchases—like online shopping or ATM withdrawals—or restrict where the card can be used.

You can also set up alerts so you receive a notification every time your child makes a purchase, withdraws cash, or the balance drops below a certain amount. These tools are designed to let your child practice spending and saving while you maintain oversight. As your child demonstrates responsibility, you can gradually loosen restrictions.

Age requirements and when your child can use the account independently

Most banks allow minors to use a debit card starting at age 13, though some require 16. The adult remains on the account and retains control until the minor reaches the age of majority in your state—typically 18. At that point, the account can either convert to a standard adult account in the minor's name alone, or the adult can remain as a co-owner if both parties agree.

Before age 13 or 16, the minor can still have a savings account and earn interest, but they cannot make independent transactions. The parent handles all deposits and withdrawals. This is useful for teaching children about saving without giving them spending power.

Fees and costs to expect

Many banks waive monthly maintenance fees on teen checking accounts, especially if the account maintains a minimum balance (often $0 to $100) or has regular deposits. However, fees vary widely. Some banks charge $5 to $10 per month; others charge nothing. Overdraft fees, ATM fees outside the bank's network, and foreign transaction fees may still apply, so ask about the full fee schedule before opening the account.

Custodial savings accounts typically have no monthly fee and may offer higher interest rates than regular savings accounts. Joint accounts usually follow standard adult account fee structures, which can include monthly maintenance fees if the balance falls below a threshold.

How to open an account for a minor

Visit a branch of your chosen bank with your child, the required identification, and proof of address. Tell the banker you want to open a teen checking account or custodial account. They will explain the account type, fees, and parental controls available. You will sign paperwork authorizing the account and setting yourself as the custodian or co-owner.

Some banks now allow you to start the process online by entering your information and your child's, then completing the account opening in a branch or by video call with a banker. This speeds up the process but still requires verification of identity in person or via secure video.

Once the account is open, the bank will issue a debit card (if the account type includes one) within 7 to 10 business days. You can set up online banking and parental controls immediately through the bank's website or app.

Frequently Asked Questions

Can a minor open a bank account without a parent or guardian?

No. Federal banking regulations require an adult to open and maintain the account with the minor. The adult must be a parent, legal guardian, or in some cases a court-appointed conservator. A minor cannot open an account alone, even at age 17.

What happens to the account when my child turns 18?

The account automatically converts to an adult account in your child's name, though you may remain as a co-owner if you both agree. Your child can then manage the account independently, add or remove co-owners, and change account settings. Contact your bank to confirm their specific conversion process.

Can a minor have multiple bank accounts?

Yes. A minor can have accounts at different banks, and a parent can open multiple accounts for the same child—for example, a checking account for spending and a savings account for long-term goals. Each account requires the parent's involvement and identification.

Do minors earn interest on savings accounts?

Yes. Minors earn the same interest rates as adults on savings accounts. Custodial savings accounts sometimes offer slightly higher rates to encourage saving. Interest earned is reported on the minor's Social Security number and may affect tax filing, though most minors earn too little to owe taxes.

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

Contact the bank immediately. Most banks cancel the card within minutes and issue a replacement at no cost. Your child's account is protected by federal law, so fraudulent charges made after you report the loss are typically reversed. The replacement card usually arrives within 7 to 10 business days.