How Old Does Your Kid Need to Be to Open a Bank Account?

By Maya Hartwell

The Short Answer (It's Frustrating)

There's no federal minimum age to open a bank account for your kid. I know. I wanted a clean answer too.

Each bank makes its own rules. Some let you open an account for a 5-year-old. Others require your kid to be 8, 13, or even 18. I didn't know this until my daughter was 7 and asked where her birthday money "lived." I assumed any bank would let me open a savings account for her. Wrong.

Here's what actually matters: your kid can't legally own a bank account alone until they're 18. Until then, it has to be a joint account with you as the co-owner. The bank's "minimum age" is really about how young they'll let the minor co-owner be.

The good news? Once you know which banks are flexible, this gets easy. I'm going to walk you through what works at each age, what documents you actually need, and which specific banks I'd call first.

What They're Ready For at Each Age

The age question isn't just about bank rules. It's about what your kid can actually understand and handle. Here's what I've seen work:

Ages 5-7: The Piggy Bank Graduates

Your kid at this age understands that money exists and that it can grow. They don't need to understand interest rates. They need to see that when they put $10 in the bank, it's still theirs and they can watch the number go up.

What works: A savings account with a parent-controlled debit card app like Greenlight, or a basic joint savings account at your credit union. My 6-year-old couldn't read yet, but she could log into the app and see her balance change when she deposited birthday money.

Best banks for this age:

• Chase First Banking — No minimum age, but you need to have a Chase checking account yourself
• Local credit unions — Most have no minimum age and will open accounts same-day
• Ally Bank — No minimum age for savings accounts with a parent

What to skip: Anything with complicated features. They won't use them. You want one number that goes up when they add money. That's it.

Ages 8-12: The Allowance Years

This is when most kids start earning regular money — allowance, chores, maybe mowing a neighbor's lawn. They're ready to manage small amounts and make basic spending decisions.

What works: A checking account with a debit card they can actually use. The best accounts at this age have parent controls (you can see every transaction) and spending limits you can adjust.

My 9-year-old has a Capital One MONEY account. She gets $15 a week in allowance, automatically deposited. She can spend it on whatever she wants, but she can see her balance drop in real time. Last month she learned that buying three slimes at Target meant she couldn't afford the book she wanted. That's a $12 lesson, not a $1,200 one.

Best banks for this age:

• Capital One MONEY — For kids 8+, no monthly fees, parent can monitor everything
• Greenlight — Debit card app with built-in chore tracking and spending controls (works for any age, but shines here)
• Chase First Banking — Still works great, now they're old enough to understand the app interface

What to skip: Accounts with minimum balance requirements or monthly fees. Your kid will drain the account to zero testing boundaries. That's normal. You don't want to pay $5/month for that education.

Ages 13-17: The Practice Adults

Teenagers can handle real financial concepts. They understand percentages, they're thinking about jobs and college, and they're starting to care about money as a tool for independence.

What works: A checking account with a savings account attached, ideally one that teaches investing. The Fidelity Youth Account is the one I wish existed when I was 15. It's a real brokerage account in your teen's name (with you as custodian) where they can buy stocks and ETFs. My friend's 14-year-old has $200 in VOO and checks it weekly. He's learning compound growth with actual money.

Best banks for this age:

• Fidelity Youth Account — Ages 13-17, includes investing, no fees, teaches actual wealth-building
• Capital One MONEY — Still works, now they can handle more independence
• Your own bank's teen checking — Many banks offer teen accounts at 13+ with better features than kids' accounts

What to skip: Accounts that don't teach anything beyond spending. Your teen needs to learn that money can work for them, not just disappear on Chipotle.

Age 18+: The Real Thing

At 18, your kid can open their own account without you. The joint account you've had becomes a teaching opportunity: do they want to keep it joint, or open their own?

What works: Let them choose. My friend's daughter kept the joint account through college because she liked that her mom could transfer money instantly in emergencies. My nephew opened his own account the week he turned 18 because he wanted full privacy. Both are fine.

Best move: Help them open a high-yield savings account and a Roth IRA if they have any earned income. I didn't know Roth IRAs existed until I was 28. Your 18-year-old can start with $50 a month and retire a millionaire. (Seriously. $50/month from 18 to 65 at 10% average return is $1.1 million. I did the math three times because I couldn't believe it.)

How to Start the Conversation

Opening the account is easy. Getting your kid to care? That's the hard part.

Here's what worked for me: I didn't announce "We're opening a bank account." I waited until my daughter had cash she cared about — $40 from her birthday — and asked her where she wanted to keep it safe.

She said her piggy bank. I said, "What if I told you there's a place that keeps it safer than your piggy bank, and they'll actually give you extra money just for keeping it there?"

Her eyes got huge. "How much extra?"

"If you put in $40, they might give you an extra dollar by next year."

She thought about it. "That's not very much."

"You're right. But it's free money for doing nothing. And the more you save, the more free money you get."

That worked. We opened the account the next week.

Scripts that work:

• For younger kids (5-8): "Banks are like piggy banks that can't break and nobody can steal from. Want to see how much money you have in yours?"
• For middle kids (9-12): "You've saved $120. What if you could make that grow without doing anything? That's what a savings account does."
• For teens (13+): "You want to buy a car in three years. Let's figure out how much you need to save every month and where to put it so it grows faster."

The conversation works best when it's tied to something they want. Not "you should save." But "here's how to get that thing you want faster."

Specific Banks That Actually Work

I'm going to tell you exactly where to call first, based on what I've seen work for real families:

Best for No Minimum Age: Chase First Banking

No minimum age requirement. Your kid gets a debit card, you get full control and visibility through the app. The catch: you need to have a Chase checking account yourself. If you're already a Chase customer, this is the easiest path.

What I like: The app is clean, the debit card feels real to kids, and you can set spending limits by category (my friend limits her son to $10/week on "entertainment" so he can't blow his whole balance on Roblox).

What I don't: If you're not already a Chase customer, opening a checking account just to get your kid a debit card feels like overkill.

Best for Ages 8+: Capital One MONEY

For kids 8 and older. No monthly fees, no minimum balance, and the parent app is legitimately good. You can automate allowance deposits, set savings goals together, and see every transaction in real time.

What I like: It teaches the mechanics of banking without any financial penalties. Your kid can make mistakes for free.

What I don't: The 8+ age requirement is firm. If your kid is 7, you're out of luck here.

Best for Flexibility: Local Credit Unions

I didn't appreciate credit unions until I tried to open an account for my daughter at three different banks and got three different minimum age requirements. I walked into our local credit union and they opened a joint savings account in 15 minutes. No minimum age. No fees. $5 opening deposit.

What I like: Credit unions are often more flexible than big banks, and they actually seem to like helping families. The woman who opened my daughter's account printed out a little certificate with her name on it. My daughter kept it in her room for months.

What I don't: The apps are often clunky. If you want a slick digital experience, credit unions might frustrate you.

Best for Teaching Investing: Fidelity Youth Account

For ages 13-17. This isn't just a bank account — it's a brokerage account where your teen can buy stocks and ETFs. It's a custodial account (you're the legal owner until they turn 18), but they can make trades and learn how investing actually works.

What I like: This is the only account on this list that teaches wealth-building, not just money management. Your teen can put $50 into VOO and watch it grow. That's a completely different lesson than watching a savings account tick up by pennies.

What I don't: It's not available until 13, and it requires more parent involvement than a simple checking account. You'll need to explain what a stock is. But honestly? That's the point.

Best for Any Age (If You Want an App): Greenlight

Greenlight is a debit card app that works for kids of any age. It's not technically a bank account — it's a prepaid debit card — but it functions the same way for kids. You load money, they spend it, you can set controls and see every transaction.

What I like: The parent controls are incredibly detailed. You can set spending limits by store category, approve or decline transactions in real time, and automate allowance. It also has built-in chore tracking, which some families love.

What I don't: It costs $5.99/month (or $9.98/month for the version with investing features). That's not a lot, but it adds up. And because it's a prepaid card, your kid isn't learning how real bank accounts work — they're learning how a managed spending app works.

What Documents You'll Actually Need

Every bank will ask for roughly the same things:

• Your child's Social Security number — You'll need the physical card or a document that shows it
• Proof of your child's age — Birth certificate, passport, or sometimes a school ID
• Your government-issued ID — Driver's license or passport
• Proof of address — Utility bill, lease agreement, or bank statement with your current address
• Opening deposit — Usually $25 to $100, depending on the bank

I keep all of this in a folder labeled "Kid Financial Stuff" because I got tired of digging through files every time we needed to do something money-related. Makes life easier.

What Parents Are Actually Asking

I spend a lot of time reading what parents are genuinely confused about. Here's what's coming up again and again:

"My 7-year-old has been asking about money constantly. I want to open a bank account for her but I have no idea what age is actually appropriate or what banks even allow it."

— via Reddit r/Banking

Seven is a great age. Your kid is old enough to understand that the bank holds their money and young enough to think it's magic. Try your local credit union first — they almost never have minimum age requirements. If that doesn't work, Ally Bank or Chase First Banking (if you're already a Chase customer) both allow accounts for kids this young.

"We tried to open an account for our 10-year-old at Chase and they said he had to be 13. Then we went to our credit union and they opened one same day with no minimum age. Why is there no standard?"

— via Reddit r/Banking

Because banks are private companies and they can set whatever rules they want. It's maddening. This is why I always recommend calling ahead or checking the bank's website before you show up with your kid and their birth certificate. Credit unions are almost always more flexible than big banks, which is what you discovered.

Frequently Asked Questions

What is the minimum age to open a bank account?

There's no federal minimum age. Each bank sets its own rules. Some banks like Chase First Banking and Ally have no minimum age requirement for joint accounts with a parent. Others require kids to be 8, 13, or even 18. Credit unions tend to be the most flexible.

Can a child open a bank account without a parent?

Not until they're 18. Minors cannot legally enter into contracts, which is what a bank account agreement is. Until your kid turns 18, any account must be a joint account with a parent or guardian as a co-owner.

What documents do I need to open a bank account for my child?

You'll need your child's Social Security number, their birth certificate or other proof of age, your own government-issued ID (driver's license or passport), and proof of address like a utility bill. Some banks also require a minimum opening deposit, typically $25 to $100.

What's the best bank account for kids?

It depends on your kid's age and what you want to teach. For younger kids (5-7), Chase First Banking or a local credit union works well. For ages 8-12, Capital One MONEY or Greenlight offer good features. For teens 13+, Fidelity Youth Account includes investing education, which is powerful.

When should I open a bank account for my child?

Open an account when your kid starts asking questions about money or when they start receiving regular money (allowance, birthday cash, chore earnings). For most families, that happens between ages 6 and 8. The account itself matters less than the conversations it creates.

Do kids pay taxes on bank account interest?

Technically yes, but it rarely matters. If your child earns more than $1,300 in interest in a year, you'll need to report it. For most kids' savings accounts earning 4% interest, they'd need over $32,000 in the account to hit that threshold. The IRS cares more about investment income than savings interest for minors.

What Actually Matters

Here's what I wish someone had told me: the specific bank matters way less than the fact that you're doing this at all.

I spent two weeks researching the "perfect" first bank account for my daughter. I made spreadsheets comparing interest rates (we're talking about the difference between $0.40 and $0.60 per year). I read reviews. I stressed.

Then I opened an account at our credit union because it was close to our house and they were nice to her. She's learned the same lessons she would have learned anywhere else: that saving money makes the number go up, that spending money makes it go down, and that she has more control over her financial life than she thought.

The account is a tool. The real teaching happens in the conversations you have about it.

Start with whatever bank makes it easiest for you to open an account this week. You can always switch later. What you can't get back is the time you spend overthinking it instead of just starting.

For more on what to do after you open the account, check out our guide on choosing the right kids bank account and our breakdown of the 3-jar system for teaching kids about money. If your kid is ready to start earning their own money, our article on how kids can make money has ideas that actually work.

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