How To Open Bank Accounts For 16 Year-Olds

If you're a teenager making money, you might want to learn how to open bank accounts for 16-year-olds. Not all banks will allow you to open a bank account for sixteen year olds. The reason for this is that sixteen year olds are not legally bound by contracts. If you are a parent wanting to open a bank account for your sixteen year old, you will probably have to open your own checking account and add the minor to your account. Most banks and credit unions will allow you to do this as long as you are willing to take complete responsibility for the account. This means you have to be on top of your sixteen year olds bank account.  Any over draft fees or bounced checks will be your responsibility to pay for. However, opening a bank account for your sixteen year old can be a great way for your child to learn about personal finances. It’s great to teach your children how to manage money before they run off to college and have no idea how to manage their money.


  1. Gather the required documents. Your sixteen year old will need a birth certificate, social security card, and government issued ID. If your child does not have a driver’s license, a state ID will also work. As the parent and signor of the account, you will also need the same documents.
  2. Discuss opening an account with your local bank. Credit unions and large banks are much more likely to open an account for a sixteen year old.
  3. Choose a free checking account. Most banks offer online banking for free too. You might even look into one that offers more free services, but has balance minimums. This can help provide your child with an incentive to save money. 
  4. After you have found a bank and checking account, discuss the responsibility with your child. Go over the overdraft fees. Some banks have overdraft fees of over $30. This can really add up to a lot of money, so make sure your sixteen year old knows how to budget and keep track of his/her finances.
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