You can open a bank account on your own once you turn eighteen, which is the age of majority in nearly every state and the point at which you can sign a binding account agreement. Before eighteen, you can still have an account, but a parent or guardian has to be on it with you. Age aside, every bank has to collect specific identification and a taxpayer number before any account opens, so when you can open a bank account also depends on whether you have those documents ready and whether your past banking history clears the bank’s screening.
Age Thresholds
Eighteen is the standard age for opening an account solo, in person or online. The reason is contractual: a bank account agreement is a contract, and contracts signed by minors are generally voidable, so banks will not let someone under eighteen sign one alone.
If you are younger than eighteen, two structures are available:
- A joint account, where you and a parent or guardian both own the account. Either of you can deposit and withdraw, the adult can set limits, and the adult is legally responsible for any overdrafts or negative balances.
- A custodial account, where you are the legal owner of the money but a parent or guardian manages it on your behalf until you reach adulthood. These are often set up under the Uniform Transfers to Minors Act.
Some banks offer student checking accounts for teenagers as young as thirteen, but those still require an adult co-owner. Once you turn eighteen, you can typically convert a joint or custodial account into an individual account in your name.
What You Need to Bring
Federal law requires every bank to run a Customer Identification Program before opening your account. At a minimum, the bank has to collect your full legal name, your date of birth, your address, and a taxpayer identification number, which for most people is a Social Security number. An Individual Taxpayer Identification Number (ITIN) works too.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks
To prove who you are, bring a government-issued photo ID: driver’s license, state ID card, or passport. Many banks ask for a second form of identification as well, such as a birth certificate or Social Security card. Originals, not copies, and nothing expired.
You also need proof of your current address. A recent utility bill, signed lease, or voter registration card usually works. Banks generally want the document to be no more than sixty to ninety days old.
Your taxpayer number is not just for identification. Banks use it to report interest to the IRS on Form 1099-INT, which they must file for any account that earns at least ten dollars in interest during the year.2Internal Revenue Service. About Form 1099-INT, Interest Income
Opening an Account Without U.S. Citizenship
You do not have to be a U.S. citizen. Federal regulations specifically allow non-U.S. persons to provide alternative identification in place of a Social Security number. Acceptable options include a passport number and country of issuance, an alien identification card number, or another government-issued document showing your nationality or residence that includes a photograph.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks
Lawful permanent residents can use a Green Card as their primary identification. If you have applied for a taxpayer identification number but not yet received it, a bank can open your account as long as you can show the application was filed; the bank will collect the number within a reasonable time after opening.1eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks Many banks also accept an ITIN, which the IRS issues to people who need to file taxes but are not eligible for a Social Security number. Proof of address is still part of the package.
Why a Bank Might Say No
Meeting the age and document requirements is not quite the whole story. Before approving you, most banks pull a report from a specialized consumer reporting agency such as ChexSystems or Early Warning Services. More than eighty percent of banks use these reports when deciding whether to open a checking or savings account for someone. Unlike credit reports, these track things like accounts closed for repeated overdrafts or suspected fraud.3Consumer Financial Protection Bureau. Early Warning Services, LLC
ChexSystems keeps negative records for five years from the date the incident is reported. Other reporting companies may hold information for up to seven years.4Consumer Financial Protection Bureau. What Is a Second-Chance Bank Account and Who Is It For? During that window, negative entries can keep you out of a standard account.
If a bank denies your application based on one of these reports, it has to send you an adverse action notice. That notice must give you the specific reasons for the rejection, identify the reporting company that supplied the data, and explain your right to a free copy of your report and to dispute errors.5Consumer Financial Protection Bureau. What Can I Do if My Credit Application Was Denied Because of My Credit Report? If something on the report is inaccurate, you can dispute it with the reporting company and with the institution that furnished the data.
If You Have Been Turned Down
A rough banking history does not close the door for good. A few alternatives are built for exactly this situation.
Second-Chance Checking Accounts
Many banks and credit unions offer reduced-service accounts for people whose history includes involuntary closures, overdraft problems, or fraud suspicions. You get the basics: deposits, a debit card, ATM access.4Consumer Financial Protection Bureau. What Is a Second-Chance Bank Account and Who Is It For? Monthly fees typically run between five and twelve dollars. You often cannot write checks, and most of these accounts simply decline transactions that would overdraw the balance. After a stretch of responsible use, many institutions will let you upgrade to a standard checking account.
Prepaid Debit Cards
A reloadable prepaid card is not a bank account, but it covers some of the same ground. You load money onto the card in advance and spend only what you have loaded, so there is no overdraft risk.6Consumer Financial Protection Bureau. Choose the Right Card for Your Situation Prepaid cards can accept direct deposit and handle online purchases and bill payments, but they do not earn interest or build the kind of banking record that helps you qualify for a standard account later.
Credit Unions
Credit unions sometimes apply more flexible standards than traditional banks. Federal credit unions limit membership to people who share a common bond, such as an employer, an association, or a local community, and immediate family members of eligible individuals can also join.7Office of the Law Revision Counsel. 12 USC 1759 – Membership If you qualify to join, a credit union may be willing to work with you even if your banking record has blemishes.
Money to Start
You often need very little to begin. An estimated sixty-two percent of banks do not require any minimum balance for their most basic checking accounts, and another eight percent waive balance requirements if you set up direct deposit.8Federal Deposit Insurance Corporation. Deposit Products Chapter Where a minimum balance does apply, the typical threshold is around one hundred dollars.
When a minimum balance requirement exists and you fall below it, banks charge a monthly maintenance fee. Those fees vary from a few dollars to more than ten dollars a month, and many banks waive them if you meet conditions like maintaining a minimum balance, setting up direct deposit, or hitting a certain number of monthly transactions. Compare fee schedules before you choose an account, and ask what it takes to avoid monthly charges.
Most banks also want a small opening deposit to activate the account. This commonly runs twenty-five to one hundred dollars and can be made in cash, by check, or by electronic transfer from another institution.
How the Application Itself Goes
With your documents ready, you can apply online or in person. Online applications walk you through secure forms where you enter personal information and upload images of your identification. Online-only banks verify your identity digitally by cross-referencing public records, checking against credit bureau data, and analyzing device and location details.
If you apply in person, a banker reviews your documents, explains the account’s terms and disclosures, and has you sign a signature card that the bank keeps on file to verify your identity on future transactions.9Federal Deposit Insurance Corporation. How to Open a Checking or Savings Account at an FDIC-Insured Bank Some online applications still require a branch visit to sign a signature card before the account is fully active.
Once the account is open, your debit card and any initial checks are mailed to you, typically within seven to ten business days. Activate the card by calling the automated line, using the bank’s app, or making a PIN transaction at an ATM, and the account is ready to use.