At 17, you can open a bank account in most cases by applying jointly with a parent or guardian who signs on as a co-owner. Both of you will need government-issued identification and a Social Security number or equivalent tax ID, because federal identity-verification rules apply to minors the same way they apply to adults. Some smaller banks and credit unions will let a minor open an account alone, but most major banks still want an adult on the paperwork.
Why a Parent or Guardian Is Usually Required
Under general contract law, people under 18 can void most contracts they sign. A bank deposit agreement is a contract, so a minor’s ability to walk away from its terms is a real risk for the bank. If you overdrew the account or disputed a fee, the bank might have no legal way to hold you to the agreement. Requiring an adult co-owner solves that problem by putting someone on the account who can be held responsible.
State law has loosened this in places. By 2017, 45 states had enacted laws specifically allowing minors aged 15 or older to hold their own checking or savings accounts at state-chartered banks.1Federal Reserve. Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws Even where the law allows it, individual banks set their own policies, and most large national banks still require a co-owner for anyone under 18. If you’d rather not have a parent on the account, call a few community banks and credit unions before you assume it’s off the table.
Which Account Types You Can Actually Open
You have a few options, and the right one depends on how you plan to use the money.
Joint Checking or Savings
A joint account is the most common route for a 17-year-old. Both you and the adult have full access to the funds, can deposit and withdraw, and can each receive a debit card. The adult shares legal responsibility for negative balances or fees. Deposits are insured by the FDIC at a bank, or by the National Credit Union Administration at a credit union.2FDIC. Joint Accounts
Student or Teen Checking
Many banks offer checking accounts built for teenagers, typically with no monthly maintenance fee for account holders in a set age range (often roughly 13 to 24) or while enrolled in school. A parent or guardian is still usually required on these accounts until you turn 18. When you age out or leave school, the account often converts to a standard checking product with a monthly fee unless you keep a minimum balance or set up direct deposit.
Custodial Accounts (UGMA and UTMA)
A custodial account set up under the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act works differently from a joint account. The adult is named “custodian” and manages the money, but you are the legal owner of the assets. The custodian cannot spend the funds on themselves, only on your behalf, and must transfer full control to you when you reach the termination age set by your state (usually 18 or 21).3FINRA. FINRA Reminds Member Firms of Their Responsibilities for Supervising UTMA and UGMA Accounts These accounts are better suited to savings or investments than to everyday spending.
Credit Union Youth Accounts
Federal credit unions can offer share (savings) accounts to minors, sometimes with fewer restrictions than banks, though lending and certain other privileges stay limited until you reach the age of majority.4NCUA. Student Banking Program To join, you have to be within the credit union’s “field of membership,” which usually means living, working, or attending school in a particular area.
Documents and Information You’ll Both Need
Federal law requires every bank and credit union to verify the identity of anyone opening an account, under the Customer Identification Program rules, and those rules apply to minors just as they do to adults.5eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks
Both you and the adult co-owner will need to provide:
- Full legal name
- Date of birth
- A residential street address (a P.O. box alone won’t do)
- A taxpayer identification number: a Social Security number for U.S. citizens and most residents, or an Individual Taxpayer Identification Number if you aren’t eligible for an SSN6Internal Revenue Service. Individual Taxpayer Identification Number (ITIN)
Adults verify identity with an unexpired government photo ID, typically a driver’s license or U.S. passport. If you don’t yet have either, banks have more room to work with. Federal regulators have noted that a bank may verify a minor’s identity using a student identification card or by confirming information through a consumer reporting agency or other database.7Office of the Comptroller of the Currency. Guidance to Encourage Financial Institutions Youth Savings Programs A birth certificate can serve as supporting documentation, but most banks won’t accept it alone because it has no photo.
The adult will usually also bring proof of address, such as a recent utility bill, bank statement, or lease. Expect an opening deposit requirement of $25 to $100, payable by cash, check, or transfer.8Consumer Financial Protection Bureau. Checklist for Opening a Bank or Credit Union Account
How the Application Works
You can apply in a branch or online, depending on the bank. In a branch, both you and the co-owner need to be there in person to sign. Online, you’ll upload photos of your IDs and sign electronically. Either way, the bank will typically screen applicants through ChexSystems, a consumer reporting agency that tracks checking account history like past overdrafts, bounced checks, and involuntary closures.9Consumer Financial Protection Bureau. Chex Systems, Inc. You almost certainly have no ChexSystems record yet, but the adult co-owner’s history can affect approval.
Online applications are often approved within minutes. If documents need manual review, expect a couple of business days. The debit card generally arrives by mail within seven to ten business days, and you activate it by calling the number on the sticker or by using it at an ATM with a PIN you set during activation.
Overdraft Opt-In and What the Co-Owner Takes On
Under federal Regulation E, a bank cannot charge overdraft fees on ATM withdrawals or one-time debit card purchases unless you specifically agree to overdraft service, and that agreement must be separate from other consent forms you sign at account opening.10Consumer Financial Protection Bureau. Section 1005.17 – Requirements for Overdraft Services Decline it, and the bank will simply refuse transactions that would overdraw the account instead of covering them for a fee. On a joint account, either co-owner’s opt-in or opt-out decision applies to the whole account. For most 17-year-olds, opting out is the safer default.
The adult who signs on with you takes on real exposure. Deposit agreements typically make all co-owners jointly responsible for the entire balance, including any overdrafts or fees. If the account goes negative and stays that way, the bank can pursue the adult for the full amount, and an unpaid negative balance can be reported to ChexSystems or sent to collections. Make sure whoever is signing understands that before they do.
Fees to Watch
Most student and teen checking accounts waive the monthly maintenance fee as long as you meet age or enrollment requirements. When you age out, the monthly fee often runs around $5 to $15 unless you keep a minimum balance or set up recurring direct deposit. Also compare out-of-network ATM charges (commonly $2 to $3 on your bank’s side, plus whatever the ATM owner charges), paper statement fees, and wire transfer fees. Ask specifically about the teen or student version of the account, because fee schedules differ from the standard product.
Interest and Taxes
Interest earned in a savings account is taxable income even when the account belongs to a minor. If your account earns $10 or more in interest during the year, the bank sends a Form 1099-INT to both you and the IRS.11Internal Revenue Service. About Form 1099-INT, Interest Income If your total unearned income tops $2,700 in a tax year, the “kiddie tax” can apply, taxing part of it at your parent’s marginal rate rather than yours.12Internal Revenue Service. Topic No. 553, Tax on a Childs Investment and Other Unearned Income (Kiddie Tax) For a basic teen savings balance, you’ll usually be well under that.
What Changes When You Turn 18
At 18 you gain full legal capacity to sign contracts on your own, and you can open an individual account without a co-owner. Some banks let you remove the co-owner from the existing joint account and convert it to an individual account. Others require you to close the joint account and open a new one. If you switch banks, request a cashier’s check for the full balance and deposit it at the new institution. Either way, move any direct deposits and automatic payments before closing anything.
If a custodian is holding money for you under UGMA or UTMA, they are legally required to transfer the assets to you when you reach your state’s termination age, which is 18 or 21 depending on the state.3FINRA. FINRA Reminds Member Firms of Their Responsibilities for Supervising UTMA and UGMA Accounts Contact the bank or brokerage around your birthday to start that transfer.
Restructuring the joint account promptly matters. As long as both names remain on it, the other person keeps full access to the funds and you both remain liable for any negative balance.