How Old Do You Have to Be to Open a Bank Account?
Short answer
To open a bank account independently in the United States, you generally must be at least 18 years old, the legal age to enter contracts. Minors younger than 18 can open joint or custodial accounts with a parent or guardian. Knowing these rules helps you select the right account and prepare the necessary documentation for a smooth application process.
What Does It Mean to Open a Bank Account?
Opening a bank account means establishing a financial relationship with a bank or credit union where you can safely deposit money, withdraw cash, make payments, and track your finances. The most common types are checking accounts, used for daily transactions like paying bills or buying groceries, and savings accounts, which help you set money aside and earn interest.
For example, if you receive a paycheck of $400 a month, you might deposit it into your checking account. You can then use a debit card linked to that account to buy groceries or pay your phone bill. A savings account, on the other hand, could be used to save part of your earnings each month, helping you build a financial cushion.
Opening an account requires providing personal information such as your name, address, and identification to verify your identity. The bank also sets terms about fees, minimum balances, and access methods like online banking or debit cards.
How Old Do You Have to Be to Open a Bank Account?
You must be at least 18 years old to open a bank account on your own because banks require that you can legally sign a contract. Since minors cannot enter into contracts without adult approval, banks won’t open individual accounts for those under 18.
If you are younger than 18, you have two main options:
- Joint account: You and a parent or guardian both own the account, and the adult can monitor and control it.
- Custodial account: The adult manages the account on your behalf until you reach adulthood, at which point control transfers to you.
For example, if a 16-year-old wants to open a bank account, their parent can open a joint account with them at the bank. The parent’s name will appear on the account, and they can oversee transactions while the teen learns to manage money responsibly.
For more detail on age-specific accounts, see the article about opening a bank account at age 16.
Why Does Age Matter for Opening Bank Accounts?
Age matters because banks must follow laws that protect both the institution and customers. Opening an account means entering a binding contract, which minors legally cannot do on their own. This protects minors from making financial commitments they may not fully understand or be able to manage.
From your perspective, knowing age limits helps avoid the frustration of trying to open an account you’re not eligible for and guides you to the right type of account. For parents, opening joint or custodial accounts offers a way to supervise their child’s financial activities and teach money management skills in a controlled setting.
For example, a 17-year-old with a joint account monitored by a parent can learn how to budget, save, and avoid overdrafts with adult guidance.
What Types of Bank Accounts Can Minors Open?
Minors cannot usually open individual accounts, but they can access certain accounts with adult involvement:
- Joint accounts: Both the minor and an adult are co-owners with equal access. The adult can monitor and step in if needed. This is a good option for teens learning financial responsibility.
- Custodial accounts: An adult manages the account for the minor until the minor reaches legal age (usually 18 or 21, depending on state law). The funds belong to the minor but are controlled by the adult custodian.
- Teen or youth accounts: Some banks offer special accounts designed for minors with parental controls, spending limits, and educational tools.
For instance, a 15-year-old might open a teen checking account with their parent, which includes a debit card but limits daily spending and requires parental approval for certain transactions.
To explore options for minors without parent involvement, review the article on bank accounts for minors without parents.
What Identification Is Needed to Open a Bank Account?
Opening any bank account requires verifying your identity. For those 18 and older opening accounts alone, banks typically ask for:
- A government-issued photo ID (driver’s license, state ID, or passport)
- Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Proof of address (utility bill, lease agreement, or similar document)
If you’re a minor opening a joint or custodial account, both you and the adult must present identification. For minors without photo IDs, a birth certificate or school ID may be accepted as additional verification.
For example, a 17-year-old opening a joint account with a parent might bring their birth certificate and Social Security card, while the parent brings their driver’s license and Social Security number.
Learn more about ID requirements in the guide on what ID is needed to open a bank account.
How Can You Open a Bank Account If You’re Under 18?
Minors who want bank accounts should follow these steps:
- Speak with a parent or guardian about your interest in opening an account and learn their preferences.
- Research banks or credit unions offering accounts for teens or joint/custodial accounts, comparing fees, minimum deposits, and features.
- Gather the necessary documents: birth certificate or school ID, Social Security number, and the adult’s photo ID and SSN.
- Visit a bank branch together or apply online if the bank allows it, completing the application with the adult present.
- Make the minimum deposit required to fund the account (see how much money do you need to open a bank account for typical amounts).
- Receive account access tools such as a debit card and online banking credentials, if available.
For example, a 14-year-old and their parent visit a local credit union with birth certificates and IDs to open a custodial savings account, depositing $25 to start. The parent manages the account until the child turns 18.
What Should You Do Next to Open a Bank Account?
If you are 18 or older:
- Collect your photo ID, Social Security number, and proof of address.
- Review different banks’ account options and fees online or by calling.
- Visit a local branch or apply online to open a checking or savings account.
If you are under 18:
- Talk with a parent or guardian about opening a joint, custodial, or teen account.
- Research banks that offer youth accounts with features you want.
- Prepare required documents for both you and your adult co-owner.
- Visit the bank together to complete the application and deposit funds.
Taking these steps ensures your account opens smoothly and you start your financial journey on the right foot.
What Other Terms Do People Confuse With Age Requirements?
There are several related terms that sometimes cause confusion:
| Term | Explanation |
|---|---|
| Minimum Age | The legal age to open an account alone (usually 18). |
| Minimum Deposit | The smallest amount of money required to open an account, unrelated to age. |
| Joint Account | An account owned by two or more people with equal access. |
| Custodial Account | An account managed by an adult for a minor until adulthood. |
For example, some might confuse needing to be 18 with needing a certain amount of money to open an account. These are separate requirements. Also, a joint account is different from a custodial account because both owners actively use it, while custodial accounts are managed by adults for the minor’s benefit.
Understanding these terms helps you avoid mistakes when applying for your first bank account.
Frequently asked questions
Can a 17-year-old open a bank account without a parent?
Typically, no. Minors under 18 cannot open individual accounts because they can’t legally sign contracts. However, a 17-year-old can open a joint or custodial account with a parent or guardian.
What is a custodial bank account?
A custodial account is one where an adult manages the funds and account on behalf of a minor. The minor gains full control once they reach the legal age, usually 18 or 21 depending on the state.
Do all banks require you to be 18 to open an account?
Most banks require account holders to be 18 to open accounts independently, but many offer teen or joint accounts for minors with parental involvement. Check local bank policies for specific rules.
Can minors open savings accounts online?
Some banks allow minors to apply online with parental consent, but many require a parent or guardian to be present at the branch to provide identification and sign paperwork.
What documents do I need to open a bank account if I’m under 18?
You will typically need a birth certificate or school ID, your Social Security number, and a parent or guardian’s photo ID and Social Security number to open a joint or custodial account.
Why can’t minors open bank accounts on their own?
Because minors cannot legally enter into contracts, banks require adult involvement to ensure agreements are valid and the minor is protected financially.