Yes, you can open a bank account at 15, but almost every bank will require a parent or guardian to sign on as a joint owner. That is because people under 18 generally cannot be held to a contract in most states, and a bank account agreement is a contract. With a willing adult co-signer and the right paperwork, opening the account takes about as long as any other account application.
Why a Parent or Guardian Has to Sign On
Since a minor can walk away from an agreement without legal consequence, banks protect themselves by requiring a creditworthy adult to co-sign. The adult joint owner takes on full legal responsibility for the account, including any overdraft fees or negative balances.
Shared responsibility comes with shared access. Both of you can deposit money, withdraw funds, view transaction history, and close the account. Under federal deposit insurance rules, joint account holders must have equal withdrawal rights, meaning your parent or guardian can legally withdraw the entire balance without your permission.1FDIC. Joint Accounts That is worth understanding before you deposit a large paycheck or a chunk of savings.
A joint account is not the same as a custodial account set up under the Uniform Transfers to Minors Act. A custodial account holds assets managed for your benefit and transfers to your sole control at an age set by state law. If someone has already opened one for you, a joint checking or savings account still fills a different role: everyday spending and money management.
Types of Accounts Built for Teens
Student or Teen Checking
Most banks offer checking accounts aimed at customers roughly 13 to 17. These usually have no minimum balance or a very low one, and many waive monthly maintenance fees. Daily spending and ATM withdrawal limits tend to run lower than on adult accounts, which limits risk on both sides. You get a debit card in your name and can make purchases, pay friends, and take out cash.
Teen Savings
A savings account is built for holding money rather than spending it. These accounts often pay a small amount of interest and rarely charge monthly fees. Individual banks may cap the number of transfers out of savings each month, so check the terms before assuming unlimited access.2Federal Reserve Board. Federal Reserve Board Announces Interim Final Rule to Delete the Six-Per-Month Limit on Convenient Transfers From the Savings Deposit Definition in Regulation D
What to Bring
Federal anti-money-laundering rules require banks to verify four pieces of information for every person opening an account: name, date of birth, address, and a taxpayer identification number.3eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks For your side of the application, plan on bringing:
- Your Social Security card, or another document showing your SSN. If you don’t have one, an Individual Taxpayer Identification Number or a passport number with country of issuance can work instead.4Consumer Financial Protection Bureau. Can I Get a Checking Account Without a Social Security Number or Drivers License
- Proof of identity and age, such as a government-issued birth certificate or a current passport.
- Proof of address, such as a utility bill, bank statement, or school enrollment document in your name or your co-signer’s.
Your parent or guardian needs to bring their own government-issued photo ID and their Social Security number. Make sure names and numbers match across every document. Mismatches are the most common cause of processing delays.
How the Application Works
You can apply in person at a branch or through many banks’ online portals. In person, both of you typically need to be there to sign the account agreement. Online applications use electronic signatures verified through a secure link sent by email, which sometimes lets you and the adult complete the process from separate locations.
Once the application is approved and any required opening deposit is made, the account is usually active within a few business days. A debit card in your name arrives in the mail within about seven to ten business days, though some branches issue cards on the spot. Online and mobile banking access can usually be set up right away.
Overdraft Fees and How to Avoid Them
Federal law gives you an important protection on debit cards. Under Regulation E, a bank cannot charge an overdraft fee on a debit card purchase or ATM withdrawal unless you have specifically opted in to the bank’s overdraft service.5Consumer Financial Protection Bureau. Section 1005.17 Requirements for Overdraft Services If you haven’t opted in and a transaction would overdraw the account, the bank simply declines it and charges nothing.
Overdraft fees can still apply to other types of transactions, such as recurring automatic payments or checks, even without opting in. The adult joint owner is ultimately on the hook for any fees or negative balances. Before you start using the account, talk with your co-signer about whether to opt in to overdraft coverage and how to handle a low balance.
Taxes on Interest You Earn
Interest earned in a savings account is taxable at the federal level. A dependent with more than $1,350 in unearned income (which includes interest and dividends) in a tax year is required to file a federal return.6Internal Revenue Service. Publication 501, Dependents, Standard Deduction, and Filing Information For most 15-year-olds with a normal savings balance, interest will fall well below that threshold. A larger balance or a high-yield account could push you over it.
A separate rule known as the “kiddie tax” kicks in once a child’s unearned income tops $2,700 in a tax year, at which point the excess is taxed at the parent’s marginal rate.7Internal Revenue Service. Topic No. 553, Tax on a Childs Investment and Other Unearned Income (Kiddie Tax) Most teen accounts never come close to that level, but it is worth knowing if your account holds significant funds.
What Changes When You Turn 18
At 18, you gain the legal capacity to hold a bank account in your own name. Some banks automatically convert a teen account into a standard adult account on your birthday; others require a branch visit to complete the switch. If you do nothing, your parent or guardian can stay on the account indefinitely, keeping full access to your transactions and balance.
To take sole control, contact your bank around your 18th birthday and ask about conversion options. You may need to open a new individual account and close the joint one, or the bank may be able to remove the joint owner from the existing account. Either way, both account holders will typically need to provide identification, and both may need to be present or complete separate verification steps.
Does a Bank Account Affect Your Credit
Standard checking and savings accounts are not reported to the major credit bureaus, because they do not involve borrowing money. Opening, using, and closing a bank account has no direct effect on your credit history. The one exception is closing an account with an unpaid negative balance: the bank may send that debt to a collections agency, and the collection itself can appear on a credit report and lower a score once you have one.