How to Make a Bank Account Under 18: A Complete Teen Guide

The Day My Daughter Asked Me a Question I Couldn't Answer

Last spring, my 14-year-old came home from a neighbor's house looking genuinely annoyed. She'd been doing lawn work for a few families on our street — her idea, not mine, which I was secretly thrilled about — and one of them had handed her a check for $45. Not cash. A check.

She looked at me and said, "Mom, how do I even cash this? I don't have a bank account."

And I realized — neither of us had ever actually set one up for her. We'd talked about money constantly. We do the three-jar system, she has a little cash envelope for spending, she knows what compound interest is. But a real, functioning bank account with her name on it? We'd never gotten around to it.

The honest truth is, I didn't know exactly how it worked for minors. I knew there were rules. I thought you needed a parent to co-sign or something. But the details? I had to look them up, just like you probably are right now.

That afternoon turned into a two-hour deep dive that ended with us opening an account together, and her depositing that $45 check before dinner. I'm writing this so that deep dive takes you about ten minutes instead.

The Legal Reality of Banking Under 18

Here's the thing nobody tells you upfront: in the United States, minors under 18 cannot legally enter into binding contracts. And opening a bank account is a contract. So technically? Your kid can't open a bank account entirely on their own — not a traditional one, anyway.

But here's where it gets interesting, and why there's actually a lot of good options available. Banks have worked around this through what's called a custodial account or a joint account. Both allow a minor to have a real, functioning bank account — with a debit card, routing number, everything — as long as an adult (usually a parent or guardian) is also listed on the account.

I didn't fully understand the difference between these two structures until I was 34 and helping a friend sort out a financial mess. So no judgment if this is new information.

Custodial Accounts vs. Joint Accounts

Custodial accounts are set up where the adult "owns" the account legally until the child reaches the age of majority (18 in most states, sometimes 21). The adult has full legal control. The kid is the beneficiary but not the legal owner — yet.

Joint accounts mean both people — parent and teen — are legal co-owners with equal access. Either person can deposit, withdraw, or even close the account. Most teen checking accounts at traditional banks use this structure.

For day-to-day banking purposes, both work fine. The practical difference mostly matters if there's ever a dispute about the money, or if the account holds significant savings and you want certain protections.

What About "Under the Table" Income?

A lot of teens have jobs — babysitting, lawn care, selling things online, helping neighbors — where they're paid in cash or checks but aren't on a formal payroll. That income is still real income. They still deserve a bank account to manage it. The informal nature of the work doesn't change their eligibility for banking. More on this in the Q&A section below.

Are There Any Accounts Teens Can Open Alone?

Technically, in most U.S. states: no, not without parental involvement. Some prepaid card products don't require a formal account-opening process, but they're not FDIC-insured bank accounts and they often have fees that quietly eat into your kid's balance. I'd steer clear of those as a primary banking tool.

The Consumer Financial Protection Bureau (CFPB) has solid resources on what protections apply to different account types — worth bookmarking if you're a detail person.

The Best Bank Accounts for Minors Right Now

Not all teen bank accounts are created equal. Here's a quick breakdown of what's actually worth considering:

Fintech / App-Based Options

• Acorns Early — Our top pick (see the box above). Custodial structure, real debit card, parental visibility, and it connects to investment tools. Genuinely good for building habits, not just storing money.
• Greenlight — Popular for younger kids, solid parental controls, but there's a monthly fee that adds up.
• Step — A teen-focused account with a Visa card. No fee. No credit check. Designed specifically for the 13–18 crowd. Worth looking at.

Traditional Bank Options

• Chase First Banking — Free with a Chase parent account. Good for families already banking with Chase.
• Capital One MONEY — Teen checking account, no fee, no minimum balance, decent mobile app.
• Alliant Credit Union — Credit unions in general tend to be more minor-friendly and lower fee than big banks. Check your local ones too.

For a deeper dive into how teens can actually earn the money they'll be depositing, check out our guide on teen side hustle ideas — because a bank account with zero dollars in it is just a practice run.

Step-by-Step: How to Actually Open a Bank Account Under 18

Okay, let's get practical. Here's exactly what the process looks like — whether you're a parent helping your teen, or a teen reading this trying to figure out your next move.

Step 1: Gather Your Documents

You'll need documents for both the minor and the adult co-owner. Here's what most banks ask for:

For your kid:

• Government-issued ID — this could be a school ID, state-issued minor ID, or passport
• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Date of birth
• Home address

For the parent or guardian:

• Government-issued photo ID (driver's license, passport)
• Social Security Number
• Proof of address if needed (utility bill, bank statement)

Don't have a Social Security Number for your kid yet? That's more common than you'd think. Some banks accept an ITIN, and the Social Security Administration makes it pretty straightforward to get one for a dependent.

Step 2: Choose Your Account Type

Based on what I walked through above — custodial vs. joint — decide what fits your situation. Most teen-focused accounts at fintech companies default to custodial. Most teen accounts at traditional banks are joint checking accounts. Either is fine for day-to-day use.

Step 3: Apply Online or In Person

Most fintech accounts (Acorns Early, Greenlight, Step) can be opened entirely online in 10–15 minutes. Traditional banks may require an in-branch visit, especially for minors. Call ahead to confirm before dragging your teen downtown on a Saturday.

When my daughter and I opened hers, we did it on a laptop at the kitchen table. Took about 12 minutes. She thought it was going to be a whole ordeal. It wasn't.

Step 4: Fund the Account

Most accounts have no minimum deposit requirement, but you'll want to put something in to make it feel real. Even $10 or $20 to start. My daughter deposited her $45 check via mobile deposit — took a photo with her phone and it was done.

Step 5: Set Up the Rules Together

This is actually my favorite step, and the one most families skip. Sit down with your kid and talk about what the account is for. Is it for spending money they earn? A savings goal? Both? Setting an intention for the account makes it 10x more useful than just having a card that works at Target.

We have a whole framework for this in our how to make money as a kid guide — the mindset stuff matters as much as the mechanics.

What Parents Are Actually Asking

I spend a lot of time in parenting finance forums and subreddits, because honestly, that's where the real questions live — not the sanitized FAQs on bank websites. Here are two that come up constantly, with my actual answers:

The "No Parents" Question

"I am 17 and I want a bank account with no parents. Any banks allow young kids to be owners of bank accounts without parents?"

— Reddit r/Banking

I get why this question exists. Sometimes the parent situation is complicated. Sometimes a teen just wants independence. But here's the honest answer: in the U.S., you cannot open a standard FDIC-insured bank account under 18 without an adult co-signer, period. It's not a bank policy thing — it's contract law. Banks can't legally bind a minor to an account agreement.

That said, here are your closest options at 17 with limited parental involvement:

• Prepaid debit cards like Netspend (some allow 16+ with parental consent, some don't require a bank account at all) — but watch the fees.
• Turn 18 — I know that sounds flip, but if you're 17 and this is your situation, it's often only months away and opens up full solo banking.
• Find another trusted adult — An aunt, uncle, older sibling, or mentor who is willing to be the co-account holder. The account doesn't have to involve a parent specifically, just a legal adult.
• Credit unions with guardian programs — Some are more flexible about who qualifies as a co-owner.

The "Getting Paid Under the Table" Question

"How do I manage checks/open a bank account as a minor? I get paid under the table and my parents won't help me open an account."

— Reddit r/personalfinance

This one breaks my heart a little, because this is a kid who is working and trying to do the right thing, and the system is making it harder than it needs to be.

Practical options for this situation:

• Cash a check at the issuing bank — If someone pays you with a Chase check, go to a Chase branch. They'll often cash it for non-customers if you have valid ID, sometimes with a small fee.
• Check-cashing stores — Absolutely last resort. The fees are brutal (often 1–3% of the check amount), but it gets you cash in hand when you're stuck.
• Ask the payer to pay in cash instead — If you're doing lawn work or babysitting, most people are happy to pay cash. Just ask.
• Find another trusted adult — Same advice as above. There doesn't have to be drama around this. A cool aunt, an older sibling, a family friend. Frame it as "I need help opening a bank account" not "I need you to manage my money."

And look — if your parents are genuinely unwilling to help and you're in a tough home situation, the CFPB has resources on financial empowerment for young people that may point you toward local programs.

Frequently Asked Questions

Can a 16-year-old open a bank account without a parent?

In the U.S., no — not a standard FDIC-insured checking or savings account. The legal minimum age to enter a binding contract is 18 in most states. However, a 16-year-old can be a joint account holder with a parent, guardian, or another trusted adult co-signer. Some fintech products and prepaid debit cards have different rules, but they're not traditional bank accounts and don't have the same protections.

What documents does a minor need to open a bank account?

Most banks require: a government-issued ID (school ID, state minor ID, or passport), a Social Security Number, date of birth, and home address. The adult co-owner will need their own photo ID and SSN. Some banks may ask for a birth certificate to verify the relationship between the minor and the co-owner. Call the specific bank before you go so you're not making two trips.

Does my kid need a Social Security Number to open a bank account?

Most traditional banks require it, yes — it's tied to IRS reporting requirements (interest earned in bank accounts is technically taxable income, even for kids). If your child doesn't have an SSN, an ITIN works at many institutions. Some fintech accounts are more flexible. Worth asking directly before you assume it's a dealbreaker.

What's the difference between a teen checking account and a custodial account?

A teen checking account at a traditional bank is usually a joint account — both the teen and the parent are equal co-owners with full access. A custodial account (more common in investing and fintech contexts) means the adult holds legal ownership until the child turns 18 (or sometimes 21), at which point ownership transfers to the kid automatically. For everyday teen banking, a joint teen checking account works perfectly fine. Custodial structures matter more when there are significant assets involved.

Is it safe for my kid to have a debit card?

Yes — and honestly, it's one of the best real-world financial learning tools available. FDIC-insured accounts protect deposits up to $250,000, and most debit cards come with fraud protection similar to credit cards. The bigger question is whether you've talked with your kid about how to use it responsibly. I'd start that conversation before the card arrives in the mail, not after a confusing bank statement shows up. Next Gen Personal Finance (NGPF) has some genuinely good free lesson materials for this conversation if you want a starting point.

Can my kid's bank account earn interest?

Some can, yes. Traditional teen checking accounts typically pay little to no interest. If your goal is to help your kid grow money over time, look at high-yield savings accounts (some banks offer them for minors as a joint account) or consider a custodial investment account. Investopedia has a solid breakdown of custodial investment accounts if you want to go deeper on that. But honestly? Step one is just getting them into a real bank account. Interest optimization is a later conversation.

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