Yes, you can open a bank account at 17, but almost every bank will require a parent or guardian to be on the account with you. That’s because people under 18 can’t fully enter binding contracts on their own, and a bank account agreement is a contract. Plenty of banks offer teen or student accounts built for exactly this setup: the adult carries the legal responsibility, and you get to run the account day to day.
Why Banks Want an Adult on the Account
In most states, anyone under 18 has limited contract capacity. A contract signed by a minor is generally voidable, meaning the minor can walk away from it without the consequences an adult would face. Banks treat that as a risk they can’t easily manage, especially when it comes to recovering overdrafts or unpaid fees. Attaching an adult as a joint owner or co-signer gives the bank someone it can hold responsible.
This isn’t a rule any single bank invented. It’s a widespread industry practice built on basic contract law. A handful of states have passed laws letting minors hold deposit accounts in their own name, but individual banks in those states often still require an adult as a matter of internal policy.
What You’ll Need to Bring
Federal rules require every bank to collect four pieces of information before opening any account: your name, date of birth, address, and a taxpayer identification number.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks For most U.S. teenagers, the taxpayer identification number is a Social Security number. An Individual Taxpayer Identification Number (ITIN) is accepted at many banks if you don’t have an SSN.2Consumer Financial Protection Bureau. Can I Get a Checking Account Without a Social Security Number or Drivers License
Beyond that, a 17-year-old should expect to bring:
- A government-issued photo ID such as a driver’s license, learner’s permit, passport, or state ID card. Some banks accept a school ID paired with a second document.
- Your Social Security number or ITIN.
- Proof of your current address, like recent mail, a school transcript, or a utility bill.
- An initial deposit. Teen accounts commonly open with $25, though some banks ask for more.
The adult co-owner needs their own photo ID, Social Security number, and address verification. Some banks also ask the adult for employment and income information and may run a soft credit check, which doesn’t affect their credit score. Opening a basic checking or savings account doesn’t create a credit report for you.
How to Apply
Most banks let you apply online, through a mobile app, or in person at a branch. Online applications finalize with electronic signatures. Some banks prefer an in-branch visit when one applicant is a minor, and both you and your adult co-owner generally need to be present or complete your portions of the application.
Approval often takes one to three business days. Once the account is active, you can usually access online and mobile banking right away. A physical debit card typically arrives in the mail within seven to ten business days. Some banks issue a temporary digital card you can load into a mobile wallet immediately.
Joint Account or Custodial Account
There are two basic structures to pick from, and they work very differently.
Joint Account
This is the most common setup for a 17-year-old. Both you and the adult can deposit, withdraw, and see the full balance. Both names appear on the account, and both parties share responsibility for a negative balance, unpaid fees, or overdrafts. The bank can go after either of you. This structure gives you the most hands-on experience actually running a checking or savings account.
Custodial Account (UTMA or UGMA)
A custodial account under the Uniform Transfers to Minors Act or the older Uniform Gifts to Minors Act works differently. You are the legal owner of the money, but an adult custodian controls transactions until you reach a set age.3Cornell Law School Legal Information Institute. Uniform Transfers to Minors Act Funds placed in the account are treated as a gift to you and must be used for your benefit.
A common misconception is that the custodianship always ends at 18. The transfer age depends on the state. A majority of states set the default UTMA transfer age at 21, a smaller number use 18, and a few allow it to be delayed as late as 25. Once you hit that age, the custodian’s authority ends and the account becomes yours outright.
Spending Limits and Overdraft Rules
Teen accounts usually come with lower daily spending and withdrawal limits than standard adult accounts. Daily ATM withdrawals commonly fall between $100 and $500, and daily debit card purchase limits typically range from $500 to $5,000 depending on the bank. Many banks also let the adult co-owner set custom spending caps, turn the debit card on or off, and get real-time transaction alerts.
On overdrafts, federal Regulation E protects you from surprise fees on everyday debit card purchases and ATM withdrawals. A bank cannot charge an overdraft fee on those transactions unless someone on the account has opted in to the bank’s overdraft service in writing. On a joint account, one account holder’s consent counts for the whole account, and either holder can also revoke it.4Consumer Financial Protection Bureau. Regulation E 1005.17 Requirements for Overdraft Services If no one opts in, the bank simply declines transactions that would overdraw the account.
A Quick Note on Taxes
Interest the account earns is taxable, even for a minor. On a joint account, the bank reports interest under the Social Security number of the primary taxpayer on the account, usually the adult. If the interest actually belongs to you because you deposited the money that earned it, the adult may need to file a nominee return showing you as the real recipient.5Internal Revenue Service. Topic No. 403, Interest Received
On a custodial account, the interest counts as your income. For most teen savings accounts earning modest interest, this won’t matter. It becomes relevant if the account holds a larger balance: a dependent minor with unearned income above $1,350 in 2026 is generally required to file a return, and above $2,700 in 2026 the “kiddie tax” may apply, taxing the excess at the parent’s marginal rate.6Internal Revenue Service. Revenue Procedure 2025-32 Inflation-Adjusted Items for 20267Internal Revenue Service. Topic No. 553, Tax on a Childs Investment and Other Unearned Income (Kiddie Tax)
When You Might Not Need a Co-Signer
Two situations can let a 17-year-old bank independently. First, some states have passed laws that specifically allow minors to open and hold deposit accounts in their own name. These laws vary: some cover only savings accounts, others include checking. Even where they exist, a particular bank may still require an adult as a matter of policy, so call ahead.
Second, an emancipated minor, meaning a teenager a court has granted legal adult status, generally has full capacity to enter contracts, including a bank account agreement. If you’ve been emancipated, you’d typically need to show a certified court order of emancipation along with the usual ID documents. Not every bank employee has handled this before, so confirming what the branch needs in advance can save you a wasted trip.
What Changes at 18
Turning 18 doesn’t automatically rewrite your account, but it opens up new options. Banks generally handle the transition in one of two ways:
- Some banks automatically upgrade a teen account to a standard adult checking account on your 18th birthday. Spending and ATM limits rise to adult levels, and you may get a new debit card while the old one is deactivated.
- Others require you to visit a branch, sign new account documents, or open a fresh individual account. This is also the moment to request removal of the adult co-owner if you want sole control.
Removing the co-owner is not always automatic, even after you turn 18. Most banks require a signed form from the primary account holder or the person being removed. Until that step is finished, the adult remains a joint owner with full access to the account and shared liability for the balance. If you want a clean break, opening a new account in your name alone and moving the balance over is often the simplest route.