How to Open a Bank Account

Opening a bank account is a major step toward independence. Since you are under 18, you can’t legally open a regular account on your own, so you’ll need to partner with a parent or guardian to get started.

Step 1: Understand the 3 Main Account Types

There isn't just one type of account. You and your parent should choose the one that fits your goals:

  • Joint Account: Both you and your parent share ownership. You both have full access to deposit and spend. This is the best "everyday" account.

  • Custodial Account (UGMA/UTMA): An adult manages this for you until you turn 18 or 21. This is a "safety vault" for money you want to protect for your future.

  • Youth or Teen Account: These are specialized accounts often found in mobile apps. They usually come with zero monthly fees and specific tools to help you learn how to manage money.

Step 2: Compare the Banks

Don't just pick any bank. Look for these "Must-Haves" to make sure your money grows instead of being eaten by fees:

  • Zero Monthly Fees: You shouldn't have to pay just to have an account.

  • No Minimum Balance: Look for accounts that let you keep as little as $1 inside.

  • Great Mobile App: Make sure the bank has a highly-rated app so you can track your money on the go.

Step 3: Pack Your "Identity Kit"

To verify who you are, the bank needs specific documents. Gather these before you start:

  • For the Minor: A Social Security Number (SSN) and an ID (Birth Certificate, Passport, or School ID).

  • For the Parent/Guardian: A government-issued photo ID (Driver’s License or Passport) and their Social Security Number.

  • Proof of Address: Usually a utility bill or bank statement in the parent's name.

Step 4: The Application Process

You can apply online (for most modern accounts) or in-person at a local branch.

  1. Sit down together: You and your parent fill out the application.

  2. Sign the paperwork: Your parent signs as the joint owner or custodian.

  3. Make your first deposit: Most accounts require an initial "seed" deposit, usually between $25 and $50.

Step 5: Managing the Account

Once the account is open, it's time to build habits:

  • Set up Alerts: Get a text whenever money enters or leaves your account.

  • Monitor Transactions: Review your history once a week to see where your money is going.

  • Link Your Income: Connect the account to your job or a parent's account for easy transfers.

Step 6: What Happens When You Turn 18?

Don't worry—you don't lose your money!

  • For Custodial Accounts: Control automatically transfers to you once you hit the legal age in your state.

  • For Teen/Joint Accounts: The bank will usually offer to convert the account into a standard adult account in your name only.

Pro-Tip for the Conversation

If you aren't sure how to ask your parents, try this: "I'm ready to start learning how to manage my money responsibly. I found a few account options that would let us work together while I learn the ropes. Can we look at the requirements tonight?"

Chase Bank

Wells Fargo

Fidelity Youth Account

FAQs

  • No. In most states, anyone under 18 cannot legally open an account by themselves. A parent or guardian must either be a joint owner or a custodian on the account.

  • A joint account means the minor and the parent both share ownership and access.
    A custodial account (under the UGMA or UTMA laws) is managed only by the parent or guardian until the child reaches adulthood. After that, the account fully belongs to the child.

  • You’ll usually need:

    • The minor’s birth certificate or school ID

    • Both the minor’s and parent’s Social Security Numbers

    • The parent’s government ID (like a driver’s license or passport)

    • A small opening deposit (often around $25–$50)

  • Some banks allow you to open teen accounts entirely online.

    Traditional banks, like Chase and Wells Fargo, often require you to visit a branch in person, especially for younger children.

  • Most banks allow debit cards starting around age 13, though the parent still controls or monitors the account. Some programs, like Chase First Banking, even start at age 6 with strong parental supervision.

  • Many youth and teen accounts are fee-free, especially when tied to a parent’s account. Always check before signing up—some banks may charge if certain requirements aren’t met.

  • Yes, but it depends on the bank and the account type.
    In joint or teen accounts, the minor can usually make deposits, withdraw cash, and use a debit card — under parental supervision.
    In custodial accounts, only the parent or guardian can withdraw money until the child becomes an adult.

  • At 18 (or 21 in some states), the account automatically transfers into the child’s full control. If it’s a custodial account, the adult custodian no longer manages it.

  • Parents can:

    • Review the account statement together each month

    • Set saving goals and automatic transfers

    • Teach how to track spending and avoid overdrafts

    • Encourage saving for short-term and long-term goals