You can get a bank account at 17, but in almost every case you’ll need a parent or guardian to open it with you as a joint owner. Federal identity rules apply to you the same way they apply to any adult customer, so both of you will need government-issued identification and a Social Security number or ITIN. A handful of banks and credit unions will let older teens open an account on their own, but that’s the exception, not the norm.
Why Banks Ask for a Parent or Guardian
The reason is contract law. People under 18 can generally cancel — or “void” — most contracts they sign, and a bank deposit agreement is a contract. If you overdrew the account or disputed a fee, the bank might have no legal way to hold you to the agreement it signed with you. Adding an adult co-owner who can be held responsible solves that problem.
State law has loosened around this. By 2017, most states had passed laws specifically allowing minors 15 and older to hold their own checking or savings accounts at state-chartered banks.1Federal Reserve. Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws Whether any particular bank will actually let you do that depends on the bank’s own policy and on whether it’s state-chartered or nationally chartered. Most large national banks still want an adult on the account. Smaller community banks and credit unions are worth asking.
What Kind of Account to Open
Your options depend on what you want the account for and how much control you want over it.
Joint Checking or Savings
This is the most common setup. Both you and the adult co-owner have full access: either of you can deposit, withdraw, and use a debit card. The adult shares legal responsibility for any negative balance or fees. Balances are covered by FDIC insurance at a bank or by NCUA coverage at a credit union.2FDIC. Joint Accounts
Teen or Student Checking
Many banks and credit unions offer checking accounts built for teenagers, usually with no monthly maintenance fee for account holders between about 13 and 24, or while you’re enrolled in school. When you age out or leave school, the account typically converts to a standard checking account with a monthly fee that can run up to around $15 unless you keep a minimum balance or set up direct deposit. A parent or guardian is still normally required as a co-owner until you turn 18.
Custodial Accounts (UGMA/UTMA)
A custodial account under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act works differently. An adult is named as custodian and manages the money, but you are the legal owner of the assets. The custodian can only spend the funds for your benefit, and when you reach the termination age set by your state’s law — typically 18 or 21 — the custodian has to hand full control over to you.3FINRA. FINRA Reminds Member Firms of Their Responsibilities for Supervising UTMA and UGMA Accounts These accounts are better for savings or investments held on your behalf than for everyday spending.
Credit Union Youth Accounts
Federal credit unions can offer share (savings) accounts to minors, and some of them apply fewer restrictions at the door than banks do.4NCUA. Student Banking Program Lending and some other privileges are limited until you reach the age of majority. You’ll also need to fall within the credit union’s field of membership, meaning you live, work, or attend school in the area it serves.
What You’ll Need to Bring
Every bank and credit union has to verify the identity of anyone opening an account under the Customer Identification Program rules, and those rules apply to minors just like adults.5eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks Before the account opens, both you and your co-owner have to provide:
- Full legal name
- Date of birth
- Residential street address (a P.O. box alone won’t do)
- A taxpayer identification number — a Social Security number for U.S. citizens and most residents, or an ITIN if you aren’t eligible for an SSN6Internal Revenue Service. Individual Taxpayer Identification Number (ITIN)
You also need to show identity documents. For your adult co-owner, that’s normally an unexpired government-issued photo ID like a driver’s license or U.S. passport. If you don’t yet have either, banks have some flexibility. Federal regulators have said a bank can verify a minor’s identity using a student ID or by checking the minor’s information through a consumer reporting agency or other database.7Office of the Comptroller of the Currency. Guidance to Encourage Financial Institutions Youth Savings Programs A birth certificate can help as supporting documentation, but because there’s no photo on it, most banks won’t take it as your only ID.
The adult co-owner will usually need to prove their address with something like a recent utility bill, bank statement, or lease. The bank may also ask about the source of the opening deposit, which typically runs $25 to $100 by cash, check, or electronic transfer.8Consumer Financial Protection Bureau. Checklist for Opening a Bank or Credit Union Account
How the Application Works
You can apply in person at a branch or online. If you go into a branch, both you and the co-owner need to be there to sign the account agreement. Online, you’ll upload images of your ID documents and sign electronically.
Most banks screen applicants through ChexSystems, a consumer reporting agency that tracks checking history — past overdrafts, bounced checks, and involuntary closures.9Consumer Financial Protection Bureau. Chex Systems, Inc. At 17 you probably have no record there, but your co-owner’s history can affect the decision.
Online applications are often approved within minutes. If the bank verifies documents manually, it can take a couple of business days. Once the account is open, a debit card is mailed and generally arrives within seven to ten business days. You activate it by calling the number on the card sticker or by using it at an ATM to set your PIN.
Overdrafts and What Your Co-Owner Is Signing Up For
Under federal Regulation E, a bank can’t charge overdraft fees on ATM withdrawals or one-time debit card purchases unless you specifically opt in to the bank’s overdraft service, in a separate agreement from your other account paperwork.10Consumer Financial Protection Bureau. Section 1005.17 – Requirements for Overdraft Services If you don’t opt in, the bank will just decline transactions that would overdraw the account. For a first account, declining is usually the safer choice. On a joint account, either co-owner’s decision to opt in or out applies to the whole account.
Whoever co-signs with you is taking on real exposure. Most bank deposit agreements make all co-owners jointly responsible for the full balance, including overdrafts and fees. If the account goes negative and stays that way, the bank can pursue the adult co-owner for the full amount, and an unpaid balance can end up in ChexSystems or in collections against them. Make sure the person you ask understands that before they sign.
Fees Worth Checking Before You Choose
Teen and student checking accounts usually waive the monthly maintenance fee as long as you meet age or enrollment requirements — often ages 13 to 24, or while you’re in high school or college. Once you no longer qualify, the account typically converts to a regular checking account with a fee of roughly $5 to $15 a month unless you keep a minimum balance or set up recurring direct deposits.
Look at other fees too. Out-of-network ATM withdrawals often cost $2 to $3 from your own bank, plus whatever the ATM owner charges. Paper statement fees and wire transfer fees show up on some accounts. Compare fee schedules for the teen or student version specifically, since the terms are different from the standard product.
What Happens When You Turn 18
At 18 you have full legal capacity to sign contracts on your own, so you can open an individual account without a co-owner. Some banks will let you simply remove the co-owner from your existing joint account and convert it into an individual account. Others will require you to close it and open a new one. If you’d rather move to a different bank entirely, you can ask for a cashier’s check for the balance and deposit it at the new institution. Whichever route you take, update any direct deposits and automatic payments before you close the old account.
If you have a UGMA or UTMA custodial account, the custodian is legally required to transfer the assets to you when you reach the termination age in your state, either 18 or 21.3FINRA. FINRA Reminds Member Firms of Their Responsibilities for Supervising UTMA and UGMA Accounts Contact the bank or brokerage around your birthday to start that process.
Moving to your own account promptly matters. As long as both names stay on the joint account, the other person keeps full access to the money and you both remain liable for anything that goes wrong on it.