Short answer: you have to be 18 to open a bank account on your own at most banks. Under 18, a parent or guardian has to be on the account with you, usually as a co-owner on a teen checking account or as the custodian of a custodial account. Some banks start teen accounts at 13, and a few go as young as 6.
Eighteen is the age of majority in most states, which is when you can sign a contract like an account agreement by yourself. Before that, the bank wants an adult who’s legally on the hook.
Here’s what you can open at each age.
| Age | What you can open |
|---|---|
| Under 13 | A parent-owned kids account, a custodial account, or a joint account at a bank that takes young kids. Capital One MONEY and Chase First Banking both start at 6. |
| 13 to 17 | Teen checking with a parent or guardian as co-owner, like Chase High School Checking℠ or Wells Fargo Clear Access Banking. |
| 17 | A few accounts let you open without a parent. Wells Fargo Clear Access Banking is one, but you have to go to a branch. |
| 18 and up | Any checking or savings account, in your own name, with no co-owner. |
Minimum Age at Popular Banks
Every bank sets its own rules for minors. These are the ones parents ask about most, straight from each bank’s account page.
| Account | Ages | Parent rule | Good to know |
|---|---|---|---|
| Chase High School Checking | 13 to 17 | Parent or guardian co-owns it and needs their own qualifying Chase checking account. You both open it in a branch. | $0 monthly service fee. Turns into Chase Total Checking at 19. |
| Chase First Banking | 6 to 17 | Parent-owned account, so the parent is in charge. | Aimed mainly at kids 6 to 12. |
| Capital One MONEY | 6 and up | Joint account with one parent or legal guardian. | No monthly or maintenance fees, even after 18. At 18 the teen can open a 360 Checking account or keep MONEY open. |
| Wells Fargo Clear Access Banking | 13 and up | Ages 13 to 16 need an adult co-owner. At 17 you can open it without a parent. | $5 or $0 monthly fee. Under 18 you open it in a branch, not online. |
| Greenlight | Kids and teens | The parent signs up and controls the money. | Not a bank. The card comes from Community Federal Savings Bank, Member FDIC. Plans start at $5.99 a month for up to five kids. |
Bottom line: if your parent already banks with Chase, Chase High School Checking is the easy pick for a 13 to 17 year old. If not, Capital One MONEY and Wells Fargo don’t need a parent to have an account there first.
MoreGreenlight review: is the kids debit card worth $5.99 a month?
How to Open a Bank Account Under 18
If you’re under 18, you’ll need to find a bank that offers accounts for minors and bring a parent or guardian along as co-owner. Most teen accounts have to be opened in a branch with both of you there.
- Pick the account. Teen checking for spending money, savings or a custodial account for money you want to grow.
- Check the parent rule. Some banks, like Chase, want the parent to already have a checking account there.
- Gather ID and Social Security numbers for both of you.
- Go to a branch together, or apply online if the bank allows it for your age.
- Make the first deposit and set up the app, alerts and spending limits.
For students 17 and older, fees are one of the first things to compare. Chase Secure Banking℠ charges no monthly service fee while the account owner is 17 to 24, takes no minimum deposit to open and has no overdraft fees. And if you’re new to Chase checking, you can get $175 after 10 qualifying transactions within 60 days, like debit card purchases, Zelle payments or online bill payments.
Chase Secure Banking℠ for students
A low-cost checking account from Chase
Best for: students and young adults 17 to 24
- $175 after 10 qualifying transactions in 60 days
- $0 monthly service fee while an owner is 17 to 24
- No minimum deposit to open
- $4.95 a month after 24, unless you get $250+ in qualifying electronic deposits
- 17 year olds have to open it in a branch
Continue securely on Chase’s site
For new Chase checking customers. Chase sets the terms.
What You Need to Open an Account
You’ll need these documents for you and your co-owner if you’re under 18. Plan on bringing:
- A government ID, like a driver’s license, state ID or passport.
- Social Security numbers for everyone on the account.
- A home address.
- Money for the first deposit, in cash, a check or a transfer.
At 18 and up, it’s the same list minus the parent. A lot of banks let you open a checking account online.
Your Options If You’re Under 18
1. Joint Teen Checking or Savings
A joint account has two or more owners, and every owner can use all of the money. For a teen, the second owner is a parent or guardian.
This is the most common way a teen gets a debit card. The teen spends, the parent sees every transaction, and most teen accounts let the parent set limits.
The catch: it’s shared money. Either owner can take it out, and an overdraft is both of your problem.
2. Custodial Accounts (UTMA and UGMA)
A custodial account is set up by an adult for a minor. The money legally belongs to the kid, but the adult, called the custodian, manages it until the kid comes of age under state law.
There are two kinds. UGMA accounts hold cash and securities like stocks and bonds. UTMA accounts can hold those plus other property, like real estate. Depending on the state, the kid usually takes over at 18 or 21.
Two things parents should know before opening one. Money you put in is a gift to the child, so you can’t take it back. And because it’s the child’s asset, it can count against them for college financial aid.
3. Kids Debit Cards and Apps
Apps like Greenlight give kids a debit card while the parent controls the account from their own phone. They’re good for learning to budget, chores and allowance. They aren’t a real bank account in the kid’s name, so they don’t replace teen checking once your kid has a job.
More10 Best Debit Cards for Kids and Teens
4. Legal Emancipation
In some states, minors can be legally emancipated by a court. An emancipated minor is treated like an adult for contracts, so you can open a bank account on your own.
This is a big legal step and nobody does it just for a checking account. Bring the court order to the bank, since they’ll ask for proof.
Opening Your First Account at 18 to 24
At 18 you can open any account on your own. No parent, no co-signer.
The thing to watch is monthly fees. Some banks waive them for young adults, like the Chase Secure Banking age waiver for owners 17 to 24 mentioned above. Others waive them with direct deposit or a minimum balance. Pick one you’ll actually qualify for, so a $5 or $15 fee doesn’t eat your paycheck.
If you had a teen account with a parent, you can usually keep it, convert it, or open a new one in just your name. Chase High School Checking turns into Total Checking at 19, which has its own fee rules, so check what you’re moving into.
Do Minors Owe Taxes on Bank Interest?
Interest is taxable income, even when the account belongs to a kid. Federal tax rules apply in every state.
Under the IRS kiddie tax rules, a child’s interest and other unearned income above a yearly limit can be taxed at the parent’s rate. Parents can sometimes report it on their own return with Form 8814, as long as the child is under 19 (or under 24 and a full-time student) and only has interest and dividend income.
A teen account earning a few bucks of interest won’t move the needle. A big custodial account might, so that’s the one to run past whoever does your taxes.
Saving for College Instead?
If the goal is college, a bank account usually isn’t the best place for the money. A 529 plan lets it grow tax-free, and withdrawals for qualified education costs aren’t taxed. Coverdell education savings accounts work in a similar way but have a much lower yearly contribution limit.
How to Choose a Bank
For a first account, at any age, look at these in order:
- Monthly fees, and whether you’ll qualify for the waiver.
- Overdraft fees. Some accounts don’t charge them at all.
- ATMs or branches near you, if you deal in cash.
- A good app with alerts and, for teens, parent controls.
- FDIC insurance, or NCUA at a credit union.
Here’s who each pick fits: Greenlight for younger kids a parent manages, Chase High School Checking for 13 to 17 year olds, Chase Secure Banking from 17 through college, and Current once the first paychecks start.
Our picks
Greenlight
A debit card and app for kids, run by the parent
Best for: parents who want chores, allowance and spending controls in one app
- Chores and allowance tools in the parent app
- One plan covers up to five kids
- A monthly fee on every plan, $5.99 to $19.98
Chase High School Checking℠
A teen checking account co-owned with a parent
Best for: teens 13 to 17 whose parent banks with Chase
- $125 after 5 qualifying transactions in 60 days
- $0 monthly service fee for students 13 to 17
- Account alerts in the Chase app
- The parent needs an eligible Chase checking account and has to be there at opening
- Turns into Chase Total Checking at 19
Chase Secure Banking℠
A low-cost checking account from Chase
Best for: students and young adults 17 to 24
- $175 after 10 qualifying transactions in 60 days
- $0 monthly service fee while an owner is 17 to 24
- No minimum deposit to open
- $4.95 a month after 24, unless you get $250+ in qualifying electronic deposits
- 17 year olds have to open it in a branch
Continue securely on Chase’s site
For new Chase checking customers. Chase sets the terms.
Current
A mobile bank account from a fintech, not a bank
Best for: anyone getting a first paycheck
- Get paid up to 2 days early with direct deposit
- Paycheck Advance up to $1,000 once you qualify
- The $75 bonus needs code WELCOME75 and $1,500 in payroll direct deposits within 35 days
- FDIC coverage is pass-through, via partner banks
Continue securely on Current’s site
Banking by Choice Financial Group or Cross River Bank, Member FDIC.
Frequently Asked Questions
You have to be 18 to open a bank account on your own at most banks. Under 18, a parent or guardian has to co-own the account or manage it as a custodian. Teens 13 to 17 can open Chase High School Checking with a parent as co-owner.
Usually not. Most banks need a parent or guardian on the account until 18. Wells Fargo Clear Access Banking lets 17 year olds open without a parent, but 13 to 16 year olds need an adult co-owner.
Some accounts start at 6, like Capital One MONEY and Chase First Banking, with a parent on the account. A custodial account can be opened for a child of any age.
It depends on the bank. Chase High School Checking requires the parent to have their own qualifying Chase checking account. Capital One MONEY and Wells Fargo Clear Access Banking don’t list that rule.
Some banks allow it with a parent, but many teen accounts have to be opened in a branch. Chase High School Checking and Wells Fargo Clear Access Banking for minors both need a branch visit.
It depends on the account. Chase High School Checking turns into Chase Total Checking at 19. Capital One MONEY stays open after 18, and you can also open a 360 Checking account in your own name.
The Bottom Line
You need to be 18 to open a bank account by yourself. Before that, you can still have one, you just need a parent or guardian on it.
For a 13 to 17 year old, teen checking with a parent as co-owner is the simplest start. For younger kids, a parent-owned account or a kids debit card does the job. And once you hit 18, pick an account whose fee you can actually avoid.
