To open a bank account as a teenager, you’ll need a form of identification (like a birth certificate, Social Security card, or passport), and in most cases, a parent or guardian who is willing to be a joint account holder. Banks require at least one person on the account to be 18 or older, so a parent typically needs to be present and provide their own ID as well.
What You’ll Need to Bring
Whether you’re opening the account online or walking into a branch, the bank will ask for documents from both the teenager and the adult co-owner. For the teen, acceptable identification usually includes a Social Security card, birth certificate, school ID, or passport. For the parent or guardian, a driver’s license or passport works, along with their Social Security number.
Many banks also require the adult’s existing bank account number, since they’ll link the teen’s account to the parent’s. If you’re applying online, you’ll enter this information digitally. If you’re going in person, bring the physical documents. Some banks let you snap photos of your IDs through their app, but having originals on hand avoids delays.
If you don’t have a Social Security number, some banks will accept an Individual Taxpayer Identification Number (ITIN) instead. Call the bank ahead of time to confirm what alternatives they accept.
Why a Parent Has to Be Involved
State laws and bank policies generally prevent minors from holding a bank account on their own. The parent or guardian serves as a joint owner or custodian, meaning they have full visibility into the account and can manage it alongside the teen. This joint arrangement typically stays in place until the teen turns 18, at which point most banks allow the account to convert to an individual account or let the teen open a new one independently.
The parent’s role isn’t just ceremonial. As a joint owner, they’re legally responsible for the account, which is why the bank collects their identification and links it to the teen’s account. If the account were to go negative, the bank would look to the adult to cover it.
Types of Accounts for Teens
Most teenagers open a checking account, a savings account, or both. Banks market these under names like “student checking” or “teen checking,” and they’re designed with features geared toward younger users. A standard teen checking account comes with a debit card, mobile banking access, and often some spending controls that the parent can monitor.
Custodial accounts are a different option entirely. These are investment or savings accounts (sometimes called UTMA or UGMA accounts) where an adult manages the money on behalf of the minor. The key difference is ownership: the money in a custodial account legally belongs to the child, and the adult is simply the custodian until the minor reaches the age of termination, which is generally 18 to 21 depending on the state. Custodial accounts are better suited for long-term savings or investing rather than everyday spending.
For most teens who want to deposit paychecks, save money, and use a debit card, a standard teen checking or savings account is the right fit.
Fees and Minimum Deposits
Teen and student accounts are typically the most fee-friendly options banks offer. Many charge no monthly maintenance fee and require no minimum deposit to open. Capital One’s MONEY Teen Checking account, for example, has no monthly fee and no minimum balance requirement. Discover’s Cashback Debit Checking similarly charges $0 in monthly fees with no minimum deposit.
Standard adult checking accounts, by contrast, often carry monthly fees of $12 to $15 unless you maintain a certain balance or set up direct deposit. Student accounts waive these fees for enrolled students, usually up to age 24 or for a set number of years after opening. Once you age out of the student designation, the bank may start charging the standard fee unless you meet other requirements like maintaining a $1,500 average balance or setting up a recurring direct deposit.
Before you open an account, ask specifically about ATM fees, overdraft fees, and whether the debit card works at out-of-network ATMs. These smaller charges can add up even when the monthly fee is zero.
Teen Banking Apps as an Alternative
If a traditional bank account feels like more than you need, several fintech apps are built specifically for teenagers. Greenlight, Step, and GoHenry all offer debit cards paired with mobile apps that include spending tracking, savings goals, and real-time notifications when the card is used.
These apps tend to have simpler signup processes. Some don’t require a minimum balance or an in-person visit, and they emphasize parental controls like customizable spending limits and chore-based allowance features. Greenlight, for instance, lets teens split their money into categories for spending, saving, investing, and giving. Step offers a no-fee account that only allows spending up to the available balance, which eliminates the risk of overdrafts.
The trade-off is that these apps aren’t full-service banks. They may lack features like check deposits, branch access, or integration with other financial products. For a teen who mainly needs a way to receive money and spend it with a card, they work well. For a teen with a part-time job who needs to deposit paychecks regularly, a traditional bank account is usually more practical.
How to Open the Account
Once you have your documents ready, the process is straightforward. You can walk into a branch together or, at many banks, complete the application online in about 10 to 15 minutes. The bank will verify both identities, collect the Social Security numbers, and set up the account. If you’re funding it with an initial deposit, you can transfer money from the parent’s existing account or bring cash or a check to the branch.
After the account is open, the bank will issue a debit card (usually arriving by mail within 7 to 10 business days) and provide login credentials for online and mobile banking. Most teen accounts let the parent and teen both access the account through the bank’s app, so both parties can see transactions and balances in real time.
When the teen turns 18, the bank will typically reach out about converting the account. At that point, the teen can remove the parent as a joint owner, upgrade to a standard adult account, or shop around for a new bank altogether.