In the United States, you can open a bank account at any age with a parent or guardian, but you must be 18 to open one entirely on your own. Most banks offer joint custodial accounts for children under 18, and many have dedicated teen checking accounts starting at age 13. No minimum age is required for a custodial account.
Minors Under 18 Cannot Open a Bank Account Without a Parent
Children under 18 cannot legally sign binding contracts in the United States, which means they cannot open a bank account independently. The practical solution is a joint custodial account, a bank account co-owned by a parent or legal guardian and the minor, where the adult retains legal control until the child reaches adulthood.
Most major banks and credit unions offer custodial accounts for children starting from birth, though some set a minimum age of 6 or 13 depending on their product line. There is no federal law mandating a minimum age for a custodial account, so the policy varies by institution.
To determine your exact age, subtract your birth date from today’s date (04/05/2021). You can use online tools like the AgeFinder.Org Age Calculator to find your age in years, months, days, and even hours or minutes.
The FDIC provides deposit insurance covering up to $250,000 per depositor, per insured bank, for all account types including custodial accounts, meaning a child’s savings are protected the same way an adult’s are.
Teen Checking Accounts Are Available Starting at Age 13
Teen checking accounts are bank accounts designed specifically for minors that typically open at age 13 and include a debit card, mobile app access, and optional parental spending controls. They are legally still joint accounts because the parent remains a co-owner, but the teen manages day-to-day spending and deposits independently.
Several major banks and fintech companies offer their own versions with different minimum age requirements and fee structures:
| Bank / Institution | Teen Account Name | Minimum Age | Monthly Fee |
|---|---|---|---|
| Chase | Chase First Banking | 6 | $0 |
| Capital One | MONEY Teen Checking | 8 | $0 |
| Alliant Credit Union | Teen Checking | 13 | $0 |
| Bank of America | Advantage SafeBalance | 16 | $4.95 (waivable) |
| Greenlight (fintech) | Greenlight Debit Card | Any age | $5.99/mo (family plan) |
This structure gives teenagers hands-on banking experience before they gain full legal control at 18, and the no-fee options make it genuinely accessible for families at any income level.
What You Need to Open a Bank Account
Opening a bank account requires a short list of documents regardless of whether the account is custodial or solo. The Consumer Financial Protection Bureau outlines requirements for opening a bank account and explains what banks are permitted to ask for during the application process.
For a Minor’s Custodial Account
The parent or guardian typically provides the following:
- Government-issued photo ID (driver’s license or passport)
- Social Security Number (SSN) for both the parent and the child
- Proof of address (utility bill, lease, or bank statement)
- Initial deposit, which ranges from $0 to $100 depending on the bank
For Adults 18 and Older Opening a Solo Account
Adults applying independently typically need the following:
- Government-issued photo ID
- Social Security Number or Individual Taxpayer Identification Number (ITIN)
- Proof of address
- Initial deposit (many online banks require $0)
The ChexSystems Screening Most Applicants Don’t Expect
Banks run a ChexSystems report, a consumer reporting file that tracks negative banking history such as unpaid overdrafts or accounts closed for cause. A negative ChexSystems record can lead to denial even when all other documents are in order.
The CFPB’s ChexSystems profile explains exactly what data ChexSystems collects and how to dispute errors in your report. For those with a negative record, second-chance checking accounts, designed specifically for people with troubled banking histories, bypass this screening entirely and restore full account access.
At 18, the Account Converts to Your Name Alone
At 18, most banks either automatically convert the joint custodial account to a solo account or send a notification prompting a brief update to remove the co-owner. Most institutions process this with minimal paperwork, though in some cases a branch visit is required to formally update the account ownership.
At 18, account options that were previously unavailable also become accessible:
- Standard checking and savings accounts with full signing authority
- High-yield savings accounts (HYSA), which offer significantly better interest rates than traditional savings products
- Student checking accounts, designed for college students with no monthly fees and no minimum balance requirements
- Secured credit cards, which require a cash deposit as collateral and are an excellent first step toward building credit history
Credit unions are worth considering alongside traditional banks at this stage. The NCUA’s MyCreditUnion.gov share insurance page confirms that federally insured credit unions protect deposits up to $250,000 per member, identical to FDIC coverage, and credit unions consistently charge fewer fees than commercial banks.
Opening an Account Without a Social Security Number
Not having a Social Security Number does not automatically bar someone from opening a bank account in the United States. Banks and credit unions can accept an ITIN (Individual Taxpayer Identification Number), a passport, or in some cases a Matricula Consular (a consular identification card issued by Mexican consulates) as qualifying identification.
Some financial institutions have built accounts specifically for immigrants and non-citizens, and eligibility varies by bank. Contacting the bank directly before applying is the most reliable way to confirm which forms of ID they accept.
Frequently Asked Questions
Can a 16-year-old open a bank account without a parent?
No. In the United States, individuals under 18 cannot enter into binding legal contracts, which means they cannot open a bank account independently. A parent or legal guardian must be a co-owner on the account. The minor can manage day-to-day banking once the joint account is open, but the adult remains legally responsible until the teen turns 18.
What is the youngest age a child can have a bank account?
There is no federally mandated minimum age for a custodial bank account. Institutions like Chase and Capital One allow accounts for children as young as 6 or 8, and some credit unions accept accounts for newborns. The parent or guardian is always the primary account holder for children in this age range.
At what age can you open a checking account on your own?
You must be 18 years old to open a checking account independently in the United States without any parental involvement. At 18, you have full legal capacity to sign contracts, which is required to become the sole account holder.
Can a 17-year-old open a bank account with just a job offer or proof of income?
No. Proof of income does not replace the age requirement. A 17-year-old still needs a parent or guardian as a joint account holder regardless of employment status or income level. Some teen accounts do allow a minor to deposit paychecks independently once the joint account is established.
What happens to a custodial bank account when you turn 18?
When you turn 18, most banks either automatically convert the joint custodial account to a solo account in your name or send a notification prompting a brief update process. In some cases, the parent must visit a branch to be formally removed as a co-owner. It is worth contacting your bank around your 18th birthday to confirm their specific conversion process and timeline.