How Old Do You Need To Be To Open A Bank Account?

https://u.bank/visit-a-branch/Let’s say you’ve started getting birthday money from some of your relatives. Congrats — your family is treating you like an adult! But that money can be tough to do much with until you have a bank account. This might have you wondering how to open a bank account for a minor (for now, that’s you). Maybe you’re even wondering if you’re old enough to open an account.

Well, great news — future savers ages 8 and up can open checking accounts at UBank! We call them Buddy Accounts, and you just need a few things — including your parents’ signature — to sign up for one. This guide to opening bank accounts for minors can help you and your parents get started.

What is the minimum age to open a bank account?

In some states, you can be as young as 16 to open a solo bank account. However, in most states, you must legally be an adult to open a bank account. Usually, that means you have to be 18 years old, though three states are exceptions to this rule. But there’s a workaround if you’re younger!

Many banks offer accounts you can open well before your teenage years if a parent or legal guardian co-owns the account. These are sometimes custodial accounts that your parent controls and manages until you turn 18. In other cases, these are joint accounts that your parent co-owns with you, such as our Buddy Accounts here at UBank. You only need $1 and some paperwork to get started, and there’s no minimum balance required. The best part? You get a debit card and eStatements too, just like a real adult.

How to open a bank account as a minor?

You and your parents don’t need to bring a ton with you to your bank of choice to open your account. Seriously — it’s really simple! Here’s a rundown on what to bring when you go to open a custodial or joint account with your parent or guardian.

• Social security number. These may be required for both you and your parent or other valid co-owner. It might be helpful to bring your actual social security card too, but at UBank, the numbers are all you need.
• Photo ID. Banks will need to see a government-issued ID, such as a state-issued ID or your passport, to register you for an account. If you’re old enough to have a driver’s license, that also works. Your account co-owner will need to bring their government-issued ID too. All forms of ID you use must not be expired, so double check the date before you start the application. In some cases, you can use a birth certificate to meet this requirement, but your parent would still need photo ID.
• Proof of address. This will ideally be a utility bill since utility providers verify your address before providing service. Of course, it’s probably your parent or guardian’s name on the utility bill, not yours, and that’s 100% expected. As long as they’re with you when you open your account, their proof of address verifies yours too.
• Your initial deposit. At UBank, just $1 is all it takes to meet the minimum deposit requirement for opening a bank account when you’re under 18. When your account transitions into an adult account, there might be a minimum monthly balance you have to maintain. But don’t worry about that yet — for now, just focus on all the money-saving practice you can get with your new bank account!

When you open an account in person, you’ll enjoy personal assistance from someone who knows the process well. This person will get to know you over the years and become increasingly more invested in your financial success. That’s why, as your relationship grows, your banker will offer you financial products and services tailored to your exact goals and needs. This is called relationship banking, and it starts with opening your account in person.

What else should you know when opening a bank account?

Not yet being an adult can be a blessing in disguise when you’re trying to open a bank account. Sure, your parent has to co-own your account, and it’s totally understandable to want to have an account all to yourself. But this is really the only continued challenge you might face when owning an under-18 checking account. These accounts typically don’t have the fees that are common with adult accounts, but that’s not always the case, and this is worth watching for.

Some of the fees that may be waived for an under-18 checking account include overdraft fees, ATM fees, and monthly service fees. You get charged overdraft fees when you spend more money than is in your account. You get charged monthly service fees if you don’t take certain steps and ATM fees when you withdraw cash at ATMs your bank doesn’t own.You should check that your account doesn’t have these fees at all — it’s unusual for banks to charge these on accounts for people under 18. This way, you can get early experience managing your money without risking any actual financial losses.

Visit UBank to open your first bank account today

No fees and no minimum balance. A debit card and monthly eStatements. Sounds like a great way to get started with money management, right? That’s what you get with the UBank Buddy Account if you’re at least 8 years old. Visit any of our locations to see how easy it is to open and manage your first bank account. You’ll enter wanting your first account — and leave with it ready to go.