How Old Do You Have to Be to Start Your Own Bank Account?

A bank account provides a secure place for managing money, whether for saving allowance, depositing earnings, or learning basic financial responsibility. Establishing an account helps individuals understand the flow of money, track spending, and begin building a foundation for future financial independence. For young people, it serves as a practical tool for engaging with financial concepts in a real-world setting.

Understanding Age Requirements

The ability to open a bank account independently aligns with the legal age of majority, which is 18 years old in the United States. Individuals under this age are considered minors and require adult involvement. Financial institutions adhere to these age restrictions due to legal requirements concerning contracts. While a minor cannot open an account solely in their name, options exist that allow them to access banking services with a parent or legal guardian. This adult involvement ensures legal capacity and oversight for the account.

Common Account Options for Minors

Several account types facilitate banking for individuals under 18. Joint accounts are a common choice, where a parent or guardian is a co-owner, sharing access and responsibility for the funds. Both the minor and the adult can make deposits and withdrawals, providing an opportunity for supervised financial learning.

Custodial accounts, such as those under the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA), allow an adult to manage assets for the minor’s benefit. The minor is the beneficial owner, but the custodian maintains control over the funds until the minor reaches a specified age, which varies by state but is typically 18 or 21. These accounts are often used for long-term savings, such as college tuition, and the assets are irrevocably given to the minor. Some banks also offer student accounts, which may feature waived monthly fees or lower minimum balance requirements. These accounts still necessitate adult involvement if the student is a minor.

Information and Documents for Account Opening

Before visiting a bank or initiating an online application, gather the necessary information and documents for both the minor and the accompanying parent or guardian. For identification, the minor may need a birth certificate, student ID, or passport. The adult typically requires a government-issued photo ID, such as a driver’s license or state identification card. Both parties must provide their Social Security Number (SSN), a federal requirement for financial accounts.

Proof of residence for the adult, such as a recent utility bill or official mail, is also required. These documentation requirements stem from federal regulations, including the Bank Secrecy Act and the USA PATRIOT Act. These laws mandate that financial institutions implement a Customer Identification Program (CIP) to verify customer identities and prevent financial crimes.

Steps to Open Your Account

Once all necessary information and documents are collected, the process of opening an account can begin. Consider factors like branch proximity, online banking capabilities, and potential fees, such as monthly service charges or minimum balance requirements, when selecting a financial institution. Many banks offer in-person account opening, where a representative guides the process of presenting documents and completing forms. For minor accounts, this often requires both the minor and the adult to be present.

Some banks permit online applications for minor accounts, but these typically still involve the parent or guardian completing sections or requiring an in-person verification step. After the account is established, individuals can expect to receive account details, information regarding debit card issuance, and instructions for setting up online and mobile banking access. The initial deposit amount to activate an account typically ranges from $25 to $100, though this can vary by institution.