Can Children Below 18 Open a Bank Account?

child banking age requirements

Opening a bank account is a rite of passage. The person who has their name on the account can deposit money into it and take money out when they need it. Banks offer different types of accounts that have different interest rates that apply to the money stored in them. Though the federal government has no laws about how old a person must be to open a bank account, most banks and states have their own rules. Anyone who needs a bank account can learn more about what it takes to open one and how old they need to be.

Types of Bank Accounts

Two of the more common accounts offered by banks are checking and savings accounts. A checking account comes with both paper checks as well as an ATM card. Though many people today do not use checks, some landlords and lenders still require that users make payments with checks. The ATM card makes it easy for the account owner to take out money when they need it. Savings accounts help the individual set aside money for future things, but they can take money out of the account whenever they want.

Age to Open an Account

According to SoFi, the answer to what age can you open a bank account is either 18 or the “age of majority” in the state. If the individual is an emancipated minor and can show proof that they live on their own, this age limit does not apply. Many banks have rules that block younger people from opening accounts with them. As account holders need proof of their identity, it’s often hard for people who do not have a state ID or driver’s license to open one. Banks and credit unions usually allow people as young as 14 to open joint accounts with them.

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Joint Banking Account

A joint banking account is one that has two or more names attached to it. These accounts are perfect for parents who want to help their kids start saving for the future. Most banks only require that a parent or legal guardian come in with the child and apply for an account. They will need both their and the child’s social security number and date of birth. Both the person under the age of 18 and the adult have full access to the account. Some banks will only let minors take money out if they come in with a parent or guardian.

Joint banking accounts are also available for those who do not qualify for a bank account on their own. They might owe money to another bank or have other issues that keep them from opening an account. Many banks allow a person to open an account and add an authorized user to it to turn it into a joint bank account.

Knowing the age needed to open a bank account is important for anyone who wants to save money. Most banks require that members be at least 18 or that they open a joint account with a legal adult.