How old do you have to be to open a bank account?

Opening a bank account is a big milestone. When kids upgrade from a piggy bank to a bank account of their own, they take a significant step toward independence and learning valuable money skills. But how old do you have to be to open a bank account? And can a minor have a debit card, a bank account, or even an investment account? 

At what age can you open a bank account? 

In the U.S., you need to be 18 years old to open a bank account on your own. Some banks require a parent or a legal guardian to share the account, while others only look at age.  

Can minors open a bank account with the help of an adult? 

It varies by bank. Some have no minimum age requirement; others may require the child to be 7, 10, or even 14 years old. 

Why is this? When you open a bank account, you need to sign a legal contract, and an individual must be the “age of majority” to sign a contract. In most states, the age of majority is 18. 

#1 family finance and safety app.

#1 family finance and safety app.

Teach your kids and teens to earn, save, and invest with Greenlight.

Use code GLBLOG for one month, on us.*

Try Greenlight today

4 types of bank accounts for minors 

1. Joint checking accounts. The adult and child become joint account holders and can each make deposits, withdrawals, and purchases as needed. Some banks may have a minimum age for joint accounts (14 years old is common), while others have no minimum. These accounts are available from local banks and credit unions. 

2. Joint savings accounts. The adult and child share the account and can make deposits and withdrawals as needed. Purchases are more restricted, as savings accounts typically do not come with a debit card. There is generally no minimum age requirement for the child. 

3. Teen checking accounts. Teen checking accounts are available for those ages 13-17. They offer many features of a standard checking account and often convert into standard checking accounts once the teen becomes an adult. Teen accounts still require parental approval, however. 

4. Kids' money apps. Specialized money apps for kids provide a tech-first alternative and are often a better choice for families. With a debit card for kids, they get their own account (opened with parental approval) that parents and caregivers can monitor and customize with spend controls*. Apps like Greenlight, for example, also offer practical tools that help the whole family, like automated chores and allowance. 

How to choose the right account type for your kids

Think about your child’s age and the goals – yours and theirs. Is it just for everyday spending, or do you want to build long-term skills? How will they spend the money, and how ready are they to take on responsibility? Here are a few things to consider:

• Fees. Look for accounts with low or no fees to avoid paying just to keep the account open.

• Parental controls. Some types of accounts let you set spending limits (by purchase type, category, and even on a store basis) and turn on activity notifications. This can be really helpful if your child is still learning how bank accounts work and you want to keep an eye on things.

• Learning features. Accounts and apps that come with learning features can make it easier for kids to learn. If this is important for your family, look for accounts that have in-app learning that teaches them the basics.

• Savings and growth opportunities. Some money apps offer longer-term wealth-building features like savings rewards** and investing for beginners. 

Of course, the account itself is only part of the process. It's helpful to sit down together and review balances, discuss spending choices, and check in on progress toward their goals. Depending on their age and readiness, you can adjust parental controls accordingly, or keep things simple and focus on teaching essential money management skills.

How to open a bank account for a minor 

We’ve already established that kids under 18 need a parent or guardian to open an account, but each bank and financial institution will have its own rules and procedures. Keep these general guidelines in mind:

• If you’re opening an account in person at a bank, both the minor and the adult will need to be present at the time of account opening.

• The bank will require personal information from both the adult and the minor, whether you are online or in person.

• A minimum opening deposit is often required. 

To open the account, the financial institution will request certain information, including some or all of the following:

• Photo ID, such as a driver’s license (for the adult)

• Birth certificate and/or social security card and/or photo ID (for the minor)

• Social security numbers (for both parties)

• Date of birth (for both parties)

• Proof of address, such as a utility bill (for the adult)

Rules vary by financial institution and by state. For full details, you’ll need to check with the bank you’re planning to use. 

Use Greenlight for a complete money solution for kids

If your child is under 18, you can still put them on the path to a strong financial foundation!

For kids and teens, Greenlight is an innovative solution that lets kids safely learn valuable money skills firsthand.

Kids can earn money through chores, set savings goals, and learn to manage and spend their own money. Parents can monitor spending, send money quickly, and set custom store and ATM controls — all from the Greenlight app. Plus, kids and teens can learn to invest through Greenlight’s investing accounts for parents. Kids and teens can propose trades, research stocks & ETFs, and monitor investments!

Greenlight requires a parent or guardian to sign up, but there is no minimum age requirement for kids.

FAQs

Can my child open a bank account on their own if they are under 18?

Not on their own, but they can with the help of a parent or guardian. Once the parent or guardian opens the account for the minor, the child can use the account as if it were their own. They can deposit money, make withdrawals, and use a debit card, if available, depending on the type of account.

Will a bank account for a minor affect my child's credit score?

No. A bank account, either checking or savings, will not appear on a credit report, and it won’t impact their credit score. They won’t begin to build a credit history until they have a credit card, a loan, or other credit products.

Can I open a bank account for my child online, or do we have to go to a branch?

It depends on the bank. Many banks let parents and guardians open accounts for minors online, especially if they’re already customers. Check with your financial institution. 

Teach money skills for life. Kids learn by doing — and Greenlight’s all-in-one family app helps you weave money management into daily life. Try Greenlight, one month, risk-free.†

*Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.

**Greenlight Core families can earn 2% per annum, Greenlight Max families can earn 3% per annum, Greenlight Infinity families can earn 5% per annum, and Greenlight Family Shield families can earn 6% per annum on an average daily savings balance of up to $5,000 per family. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.

This blog post is provided "as is" and should not be relied upon as a substitute for professional advice. Some content in this post may have been created using artificial intelligence; however, every blog post is reviewed by at least two human editors.