Yes, you can have a bank account at 15, but almost every bank will require a parent or guardian to open it with you as a joint owner. Minors generally cannot be held to a contract on their own, and a bank account agreement is a contract, so the adult co-signer is what makes the account possible. With the right documents and a willing adult, setup takes about as long as opening any other account.
Why an Adult Has to Be on the Account
In most states, anyone under 18 can walk away from a contract without legal consequence. Banks handle that risk by requiring a creditworthy adult to sign on with you. That adult takes on full legal responsibility for the account, including any overdraft fees or negative balances.
Shared responsibility means shared access. Both of you can deposit, withdraw, view transactions, and close the account. Under federal deposit insurance rules, joint account holders have equal withdrawal rights, which means your parent or guardian can legally take out the entire balance without asking you.1FDIC. Joint Accounts Worth thinking through before you deposit job earnings or a big chunk of savings.
Teen Checking or Teen Savings
Most banks offer accounts built for customers roughly 13 to 17. A student or teen checking account usually has no minimum balance or a very low one, waives monthly maintenance fees, and comes with a debit card in your name. Daily spending and ATM withdrawal limits tend to be set lower than on standard adult accounts.
A teen savings account is meant for building a balance rather than daily spending. These accounts often pay a small amount of interest and rarely charge monthly fees. Individual banks may cap the number of outgoing transfers per month, so read the account terms before you assume unlimited access.2Federal Reserve Board. Federal Reserve Board Announces Interim Final Rule to Delete the Six-Per-Month Limit on Convenient Transfers From the Savings Deposit Definition in Regulation D
Many teens open both: checking for spending, savings for anything they want to hold onto.
Documents to Bring
Federal anti-money-laundering rules require the bank to verify four things about every account holder: name, date of birth, address, and a taxpayer identification number.3eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks For you, that generally means:
- Your Social Security card or a document showing your SSN. If you don’t have one, an Individual Taxpayer Identification Number, or a passport number with country of issuance, can work as a substitute.4Consumer Financial Protection Bureau. Can I Get a Checking Account Without a Social Security Number or Drivers License
- Proof of identity and age, such as a government-issued birth certificate or a current passport.
- Proof of address, such as a utility bill, bank statement, or school enrollment document in your name or the joint owner’s name.
Your parent or guardian needs a government-issued photo ID (driver’s license or passport) and their Social Security number. Check that names and numbers match exactly across every document. Mismatches are the most common reason applications get held up.
How the Application Works
You can apply at a branch or, at many banks, online. In person, both of you usually need to be there to sign the account agreement. Online applications use electronic signatures verified through a secure link sent by email, so you and the adult can sometimes complete the steps from different places.
Once the application is approved and any required opening deposit clears, the account is typically active within a few business days. A debit card in your name usually arrives within seven to ten business days, though some branches issue cards on the spot. Online and mobile banking access can generally be set up right away.
Overdraft Protections to Know About
One federal rule matters from day one. Under Regulation E, a bank cannot charge an overdraft fee on a debit card purchase or ATM withdrawal unless you have specifically opted in to the bank’s overdraft service.5Consumer Financial Protection Bureau. Section 1005.17 Requirements for Overdraft Services If you haven’t opted in, a transaction that would overdraw the account is simply declined, at no cost.
Overdraft fees can still apply to other transactions, like recurring automatic payments or checks, even without an opt-in. And the adult joint owner is on the hook for any negative balance. Before you start using the account, talk with your co-signer about whether to opt in and how you’ll handle a low balance.
What Changes When You Turn 18
At 18, you gain the legal capacity to hold an account in your own name. Some banks automatically convert a teen account into a standard adult account on your birthday. Others make you come into a branch to do it. If you take no action, the adult joint owner stays on the account, keeping full access to view transactions and withdraw funds.
To get sole control, contact the bank around your 18th birthday and ask about your options. You may need to open a new individual account and close the joint one, or the bank may be able to remove the joint owner from the existing account. Both of you will typically need to provide identification, and both may need to be present or complete separate verification steps. Planning a few weeks ahead prevents a gap in access during the switch.
Does a Bank Account Affect Your Credit?
Standard checking and savings accounts are not reported to the major credit bureaus, because they don’t involve borrowing. Opening, using, or closing one has no direct effect on your credit history. The exception: if you close an account with an unpaid negative balance, the bank can send that debt to collections, and a collections account can show up on a credit report and lower your score later on.