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How Old Do You Have to Be to Have a Bank Account?

Joining the volleyball team, having your first kiss, getting a part-time job…

These are some of the milestones many teens and young adults face. And as you grow up and gain more responsibility, it may be time to open your first bank account.

But how old do you have to be to have a bank account? Read on to learn age requirements and what minors (and their parents) need to know before heading to the bank.

How Old Do You Have to Be to Have a Bank Account?

Having your own bank account is an important step. And for those starting to work and earn their own money, it may be essential.

But not everyone has the right to open a bank account. Here are some common age restrictions for different types of accounts:

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Checking Account

A checking account allows you to deposit and withdraw money and make purchases via a debit card. Generally, you must be a legal adult (18 years old) to open your own checking account.

However, minors can open a joint account with a parent or guardian, where they have access to a checking account along with the adult. Once the minor turns 18, they can ask to remove the adult if desired.

Savings Account

Similar to a checking account, a minor can’t open a saving account all on their own; they must have a parent or guardian open the account for them.

There are several types of savings accounts designed for minors and their parents/guardians to save money for education costs and other purposes. Opening a savings account for a minor can happen at any time, even when the minor is still very young.

Credit Accounts

Having a credit card is one of the best ways for young people to start building credit and financial responsibility. Unfortunately, minors can’t open a credit account by themselves.

Still, they can start reaping some of the benefits of having access to credit by becoming an authorized user of an adult’s credit card. Then at age of 18, they can apply for their own credit card.

Business Account

A young adult with an entrepreneurial spirit may wish to open a business bank account.

Similar to other types of accounts, you need to be 18 years old to open a business account. At that time, you can officially register your business and start banking for your business.

What You Need Before Opening a Bank Account

Aside from being of legal age, there are a few other things you need to open your first bank account.

Before heading to the bank, gather:

  • identification (such as a social security number or passport)
  • personal information including your date of birth, address, and phone number
  • proof of address (for minors, this proof can come from an adult)
  • an email address for online banking
  • cash to make your first deposit

Important Considerations

Opening a bank account is a big responsibility. Before opening a bank account, be sure that you’re ready to manage money on your own.

Especially if you open an account with credit, understand that your purchasing decisions can have major repercussions later. It also helps to educate yourself on credit card scams and how to protect yourself.

Are You Ready for a Bank Account?

How old do you have to be to have a bank account? In short, you must be 18 years or older to have your own account.

Minors may open an account with the help of an adult, but it’s important to first learn about money management and how to avoid scams.

Learn more about finances and how to earn money in our latest posts!

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