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How to open a bank account if you're under 18

You’ll need the help of an adult.

Yahoo Personal Finance· Brand X Pictures via Getty Images
Emily Batdorf
6 min read

Whether you’re earning a paycheck from your first summer job or have birthday money piling up in your piggy bank, a bank account can be a good place for kids and teens to put their money.

It’s never too early to start learning financial responsibility, money management, and budgeting strategies — and having your own bank account can help. But if you’re under 18, can you open a bank account on your own?

If you’re under 18, you can open a bank account, but you’ll need an adult’s help to do so. Here’s how to open a bank account if you’re under 18.

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You can generally open a bank account if you’re under 18. But unlike those 18 and older, minors typically need an adult to open the account with them. In other words, you and a parent or guardian will have to open a joint account, meaning you both have control over the account.

While there aren’t any federal laws prohibiting minors from opening bank accounts, most states don’t allow minors to open bank accounts on their own. Additionally, financial institutions can and often do enforce age restrictions on accounts, generally requiring you to be 18 to open an account on your own.

The age at which you can open a bank account without an adult may also vary based on the age of majority in your state. In most states, that age is 18, but there are some exceptions. In Alabama and Nebraska, for instance, the age of majority is 19. And in Mississippi, it’s 21. This means in certain states, you may have to be older than 18 to open a bank account without a parent or guardian.

Read more: Here’s what to do if your bank account application was denied

Many banks offer both checking and savings accounts for minors. These account types have different features, and you can use them for different purposes.

Savings accounts are generally available to both kids and teens. They may have withdrawal limits enforced by the bank, and they don’t often come with ATM access. However, many allow you to earn interest on your balance. That’s why savings accounts are best for depositing money you don’t plan to spend in the near future.

Read more: 8 smart money moves to make with $1,000 in savings

Some banks also offer checking accounts to those under 18. At some banks, you may have to be at least 13 years old to open a checking account, as these accounts come with more responsibility than a savings account.

Checking accounts typically come with a debit or ATM card for everyday account access and spending. Depending on where you bank, your account may come with a mobile banking app, budgeting tools, mobile check deposit, and more. But unlike regular checking accounts, those designed for minors may come with added features for parents. As a joint account owner, your parent may be able to monitor your spending, set limits, and even pay you an allowance.

If you’re under 18, you’ll need an adult’s help to open a joint bank account. You’ll also need to follow these steps:

  1. Choose an account type: Before opening an account, you’ll need to choose which account type makes sense. A savings account is best for putting away money for the future and earning interest on your balance, while a checking account is better for everyday spending. Depending on your needs, you may choose to open both.

  2. Pick a bank: Find a bank that offers the account type you want and the features you need. Consider accounts with low or no minimum balance requirements or fees. Some bank accounts for minors may require an adult to link their account to yours, so you may need to open an account where a parent or guardian is already banking.

  3. Gather the necessary documentation: To open a bank account under 18, you and the adult who’s opening the account with you both need to provide some personal information. This may include Social Security numbers, contact information, forms of ID, and proof of address.

  4. Apply: Some banks may allow you to apply online, while others require an in-person application for joint accounts. Either way, you’ll need to provide the documentation listed above. The adult opening the account with you may also need to provide their bank account number.

  5. Fund the account: Some accounts may require an initial deposit. You can often make this deposit with cash, a check, or a transfer from another bank account.

Read more: How to open a bank account for someone else

Generally, you can’t open a bank account without a parent if you’re under 18. You typically have to be the age of majority (18 in most states) to open a bank account on your own.

Many banks and credit unions offer accounts for minors, including savings accounts and checking accounts. Some examples of financial institutions offering minor accounts include Capital One, Wells Fargo, Chase, Bethpage Federal Credit Union, and Alliant Credit Union.

A 16-year-old can have a debit card if they open an account that provides one. For example, Capital One’s MONEY Teen Checking account comes with a debit card and is available to anyone eight and older. To open this account or a similar one, you’ll have to apply with an adult, who will have access to the account and may even be able to set limits on your debit card spending.

A joint account and a custodial account aren’t the same thing. A joint account has multiple owners who can access the account. On the other hand, a custodial account is an account opened and managed by an adult for the benefit of a child. With a custodial account, the child has no control over the account until they reach the age of majority.

Check with your bank to see what happens to your account when you turn 18. Depending on your bank’s policies, it may transition to another account type, like a regular savings account or a student checking account.

Regardless, your parent or guardian will still have control over the account if they’re listed as a joint owner. If you want an individual bank account, you can get your parent’s consent to remove their name from the account or open a new individual account in your name.