At 17, you can open a bank account, but most banks require a parent or legal guardian to be involved. Some banks let teens 16 and older apply as the sole owner of a checking account, though this varies by institution. The process is straightforward once you know what you need and where to apply.
Do You Need a Parent to Open an Account?
The short answer at most banks: yes. Because you’re a minor, federal regulations require banks to verify your identity, and most institutions want an adult co-owner or co-signer on the account until you turn 18. The adult takes on legal responsibility for the account, which is why banks insist on it.
A few banks are more flexible. Bank of America, for example, allows teens 16 and older to apply as the sole owner of certain accounts. But even in those cases, the bank may still require a parent to be present during the application or to provide consent. If your parent or guardian is willing to be listed on the account, you’ll have the widest selection of banks to choose from.
What You’ll Need to Apply
Whether you apply online or walk into a branch, both you and your parent (if required) will need to provide identifying information. Banks are legally required to verify the identity of every account owner. Here’s what to have ready:
- Full legal name and date of birth for both you and the adult co-owner
- Social Security number (or Individual Tax Identification number, or a foreign passport)
- Physical U.S. address, not a PO box
- Phone number and email address
Some banks may also ask for a government-issued photo ID. If you have a driver’s license or learner’s permit, that works. If not, a state-issued ID card, a passport, or even a school ID paired with another document can satisfy the requirement, depending on the bank. Call ahead or check the bank’s website to confirm what they’ll accept so you don’t waste a trip.
Your parent will typically need their own valid photo ID as well, such as a driver’s license or passport.
Teen Checking Accounts Worth Considering
Several banks offer checking accounts designed specifically for teenagers, and the best ones charge no monthly fees and require no minimum balance. Here are a few solid options:
- Capital One MONEY Teen Checking: No monthly fee, no minimum deposit, no overdraft fees, and no out-of-network ATM fees. When you turn 18, you can transition to a Capital One 360 Checking account.
- Chase High School Checking: No monthly fee and no minimum balance while you’re in high school. Available to students ages 13 to 17 at account opening. More on what happens when you age out below.
- Alliant Teen Checking: No monthly fee and no minimum deposit. You can earn 0.25% APY (annual percentage yield, meaning the interest the bank pays you on your balance) if you sign up for online statements and make at least one deposit per month. You’ll need to become an Alliant Credit Union member to open the account.
- Axos Bank First Checking: No monthly fee, but requires a $50 minimum opening deposit. Daily withdrawal limits are tighter than a standard adult account: $100 in cash withdrawals and $500 in debit card transactions per day. Available for ages 13 to 17.
- Connexus Credit Union Teen Checking: No monthly fee and no minimum deposit. You can join the credit union by donating $5 to the Connexus Association. The account automatically converts to an adult checking account when you turn 18.
All of these come with a debit card, online banking, and a mobile app. If you’re choosing between them, pay attention to ATM access (does the bank have fee-free ATMs near you?), daily spending limits, and what happens to the account when you turn 18.
Opening the Account Step by Step
Once you’ve picked a bank, the process takes about 15 to 30 minutes. If you’re applying online, you and your parent can usually complete the application from home. You’ll enter your personal information, verify your identities, and agree to the account terms. Some banks handle the entire process digitally, while others may ask you to visit a branch to finalize things.
If you prefer to open the account in person, bring your documents and your parent to the nearest branch. A banker will walk you through the paperwork and set up your debit card on the spot or mail it to you within a week or two.
Most teen checking accounts don’t require an opening deposit, but you’ll want to deposit some money soon after opening so you can actually use the debit card. You can deposit cash at the branch, transfer money electronically, or have a paycheck direct-deposited if you have a job.
What Happens When You Turn 18
Your teen account won’t last forever. When you reach adulthood, your bank will handle the transition in one of a few ways. Some accounts, like Connexus Teen Checking, automatically convert to an adult checking account. Others give you a window to choose a new account type yourself.
Pay attention to the timing and the new terms. Chase’s High School Checking account, for instance, automatically converts to a Chase Total Checking account once you turn 19. That adult account may come with monthly fees you didn’t have before, so you’ll want to either meet the fee-waiver requirements or switch to a different account before the conversion kicks in. Many banks offer college checking accounts with reduced or waived fees for students, which can be a good next step.
If your parent was a co-owner on the account, turning 18 may mean the account transitions to your sole ownership. The specifics vary, so check with your bank a month or two before your birthday to understand what changes are coming and whether you need to take any action.
Using Your Account Wisely From the Start
Having your own checking account at 17 gives you a head start on managing money before you’re fully on your own. Set up mobile alerts so you know when your balance drops below a certain amount. Track your spending through the bank’s app rather than guessing. If your account earns interest, like Alliant’s teen checking, make sure you meet the requirements to actually get it.
Keep in mind that your parent can typically see your transactions and balance if they’re a co-owner on the account. That’s the trade-off for opening an account before 18. Once you transition to a solo adult account, that visibility goes away unless you choose to share access.