You can open a bank account on your own at age eighteen in almost every state. Before then, you need a parent or guardian to open the account with you as a joint owner or as the custodian of a minor’s account. Some banks will let a teenager as young as thirteen be on a student checking account, but an adult still has to be on it too.
Why Eighteen Is the Standard Age
Eighteen is the age of majority in nearly every state, which means it’s the age at which you can enter into a binding contract. A bank account agreement is a contract. Before eighteen, any contract you sign is generally voidable, so banks won’t let minors open accounts on their own.
That rule is about the signature, not the money. A minor can absolutely have a bank account; a minor just can’t be the sole account holder on it.
Your Options Before You Turn Eighteen
Banks use two main structures to hold accounts for people under eighteen.
Joint Accounts
You and a parent or guardian both own the account. Either owner can deposit, withdraw, and monitor activity, and the adult can set limits on what you do. The adult is legally responsible for any overdrafts or negative balances on the account.
Custodial Accounts
You are the legal owner of the money, but a parent or guardian manages the account on your behalf until you reach adulthood. Custodial accounts are often set up under the Uniform Transfers to Minors Act.
Student and Teen Checking
Some banks offer student checking accounts for teenagers as young as thirteen. These still require an adult co-owner. They usually come with a debit card and app access, and they’re meant to give a younger account holder practice managing money with a parent on the account.
What Changes at Eighteen
Once you turn eighteen, you can walk into a branch or apply online and open an account entirely in your own name. You can also typically convert a joint or custodial account you already have into an individual account. The bank will need current identification and the same documentation any new adult customer provides.
What You Need to Bring, at Any Age
Federal law requires every bank to run a Customer Identification Program before opening an account. At a minimum the bank has to collect four pieces of information about the account holder: full legal name, date of birth, address, and a taxpayer identification number, which for most people is a Social Security number. An Individual Taxpayer Identification Number (ITIN) works if you don’t have an SSN.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks
To prove identity, you’ll bring government-issued photo identification. A driver’s license, state ID card, or passport is the most common. Many banks ask for a second form of ID as well, such as a birth certificate or Social Security card. Originals, unexpired.
You’ll also need proof of your current address. A recent utility bill, a signed lease, or a voter registration card usually does it. Banks generally want the document to be no more than sixty to ninety days old.
For a minor’s account, the parent or guardian brings their own identification and the child’s documentation. The child’s Social Security number is what the bank uses for tax reporting, since interest earned goes on a 1099-INT under the account owner’s taxpayer ID once the account crosses ten dollars in interest for the year.2Internal Revenue Service. About Form 1099-INT, Interest Income
If You Aren’t a U.S. Citizen
Citizenship isn’t required to open a bank account. Federal rules allow non-U.S. persons to identify themselves with a passport number and country of issuance, an alien identification card number, or another government-issued document showing nationality or residence with a photograph.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks Lawful permanent residents can use a Green Card as their primary identification. Many banks accept an ITIN in place of a Social Security number.
If you’ve applied for a taxpayer identification number but don’t have it yet, the bank can still open your account as long as you can show the application was filed. The bank then collects the number within a reasonable time after opening.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks
How the Application Actually Goes
With your documents ready, you can apply online or in person. Online applications walk you through secure forms where you enter your information and upload images of your ID. Online-only banks verify your identity digitally by cross-referencing public records, checking against credit bureau data, and analyzing device and location details.
In a branch, a banker reviews your documents, explains the account’s terms, and has you sign a signature card the bank keeps on file to verify your identity on future transactions.3Federal Deposit Insurance Corporation. How to Open a Checking or Savings Account at an FDIC-Insured Bank Some online applications still ask you to come in to sign the card before the account is fully active.
Most banks require a small initial deposit to activate the account, commonly between twenty-five and one hundred dollars, paid by cash, check, or electronic transfer from another institution. Your debit card and any initial checks are mailed to you and typically arrive within seven to ten business days. You’ll activate the card by phone, in the bank’s app, or with a PIN transaction at an ATM before it will work.
An Extra Step for Kids Under Thirteen
If a bank is opening an account for a child under thirteen through its website or app, the Children’s Online Privacy Protection Act applies. That federal law requires the operator of an online service directed at children under thirteen to get verifiable parental consent before collecting personal information from the child.4Federal Trade Commission. Children’s Online Privacy Protection Rule (“COPPA”) The bank also has to post clear notices about what data it collects from children, how it uses that data, and whether it shares it with third parties.5Federal Reserve. Children’s Online Privacy Protection Act – Compliance Handbook Expect the bank to verify parental consent before it will finish opening the account.