If you are 17, you can generally open a bank account, but almost every bank in the United States will require a parent or legal guardian to co-sign — so opening a bank account at 17 without a parent is possible only in narrow circumstances. No federal law bars a minor from holding an account. The obstacle is state contract law, and it is the reason banks insist on an adult name alongside yours.
Why Banks Require a Parent or Guardian
A bank account is a contract. Under the contract laws of nearly every state, someone under 18 does not have full legal capacity to enter a binding agreement, which means a minor can generally walk away from the contract — “disaffirm” it — before turning 18. That leaves the bank with no reliable way to enforce the agreement or recover losses from overdrafts or fees.
Federal banking regulators have confirmed that no federal law prohibits minors from opening savings accounts, and that the restriction traces to state contract law.1U.S. Department of the Treasury. Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions Because a contract with a minor is potentially voidable, most banks protect themselves by requiring an adult with full legal capacity to share responsibility for the account. That adult is someone the bank can hold accountable if things go wrong.
When You May Not Need a Co-Signer
A few states have passed laws that specifically allow minors to enter into enforceable contracts for deposit accounts. Washington, for example, permits a minor to open a bank account that is just as legally binding as an adult’s.2Office of the Comptroller of the Currency. Guidance to Encourage Financial Institutions’ Youth Savings Programs and Address Related Frequently Asked Questions Even in those states, individual banks may still require a co-signer as a matter of internal policy, so call the branch before you go in.
Emancipated minors — those granted legal adult status by a court — can typically enter into binding contracts on their own. If you have a court order of emancipation, bring a certified copy with you. Not every branch employee will be familiar with the process, so it helps to ask for a manager or call ahead.
Outside of those two situations, plan on bringing a parent or guardian with you. Some online-only banks and fintech apps market “teen accounts,” but read the terms closely: those products are almost always structured with an adult as the underlying account holder or custodian, not with the 17-year-old as the sole account owner.
What Kind of Account You Can Open at 17
When an adult co-signs, banks typically offer one of two structures. They work very differently in terms of who controls the money and who legally owns it.
Joint Accounts
A joint account gives you and your adult co-signer equal access. Either person can deposit, withdraw, or spend from the account, and both of you are equally responsible for fees, overdraft charges, or a negative balance. For a 17-year-old who wants day-to-day control — depositing paychecks, using a debit card, tracking spending — a joint checking or savings account is the most practical option.
Because both names are on the account, the co-signer can see every transaction and withdraw funds at any time. If privacy matters to you, talk about expectations up front.
Custodial Accounts
Custodial accounts established under the Uniform Transfers to Minors Act or the Uniform Gifts to Minors Act work differently. The money in the account legally belongs to the minor, but a custodian — usually a parent — manages the funds and controls all withdrawals until the account terminates.3FINRA. 2019 Report on Examination Findings and Observations – UTMA and UGMA Accounts Withdrawals must be used for the benefit of the minor. These accounts are better suited for long-term savings or gift money than for everyday spending, since you cannot access the funds on your own.
The age at which a custodial account terminates and the funds transfer to you varies by state. It can range from 18 to as late as 25, depending on the type of account and state law. The default termination age is 21 in a majority of states.
Documents You Will Need
Federal anti-money-laundering rules require every bank to run a Customer Identification Program when someone opens an account. At a minimum, the bank must collect four pieces of information from each account holder: full legal name, date of birth, a residential address, and a taxpayer identification number, which for U.S. persons is a Social Security number.4eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks In practice, here is what to bring:
- Government-issued photo ID. A driver’s license, learner’s permit, state ID, or passport. Without a photo ID, some banks accept a school ID plus a birth certificate.
- Your Social Security card or another official document showing the full number.
- Proof of address. A school transcript, report card, or official mail sent to your home. A parent’s utility bill or bank statement at the shared address often works for both of you.
- An initial deposit. Most banks require a small opening deposit, commonly between $25 and $100.
The adult co-signer needs to bring their own photo ID, Social Security number, and proof of address. Some banks also ask the co-signer for employment details or an existing account number.
One thing worth knowing: many banks screen applicants through ChexSystems, which tracks banking history such as unpaid overdrafts or accounts closed for cause. As a 17-year-old opening your first account, you almost certainly have no ChexSystems record, but the co-signer’s record will be reviewed, and a negative history on their file could lead to a denied application.5ChexSystems. Consumer Disclosure
Applying in Person or Online
You can open the account at a branch or through the bank’s website or app. Visiting a branch is often easier for a first-time account because the banker can verify documents on the spot, witness signatures, and answer questions. If you apply online, you will go through identity verification and agree to the account terms using an electronic signature, which carries the same legal weight as a handwritten one under federal law.6Office of the Law Revision Counsel. 15 USC Chapter 96 – Electronic Signatures in Global and National Commerce
Processing typically takes one to two business days. After approval, you will receive your account and routing numbers, sometimes immediately for online applications, or by secure message or welcome letter for in-branch applications. A physical debit card usually arrives by mail within seven to ten business days and must be activated through the bank’s app or a phone call before use.
What Changes When You Turn 18
Turning 18 gives you full capacity to enter contracts on your own, so you can open an individual account without a co-signer. What happens to the account you already have depends on how it was set up.
A joint account does not automatically convert. You will need to contact the bank to either remove the co-signer and turn it into an individual account, or close it and open a new one in your name only. Some banks handle the conversion easily; others require a fresh account. Student accounts may also convert to a standard adult account with different fees, so review the terms.
A custodial account works differently. The custodian is required to transfer control of the funds to you once you reach the termination age set by your state, which in many states is 21 rather than 18. Some financial institutions send a notification as the date approaches, but not all do. FINRA has found cases where custodians continued making withdrawals from custodial accounts well after the beneficiary reached the termination age, sometimes for months or years.3FINRA. 2019 Report on Examination Findings and Observations – UTMA and UGMA Accounts If you have a custodial account, mark the termination date on your calendar and follow up with the institution to make sure the transfer happens on time.