Opening a bank account is a key step toward financial stability, allowing young people to securely manage their money and save for the future. Without a bank account, people often rely on costly and risky alternatives like check-cashing services and payday loans.
However, many young people face barriers to opening an account. Youth bank accounts typically require a parent or guardian to be co-owner or custodian, but not all youth have an adult who can do this. For these youth, noncustodial accounts provide a safe place to manage their money. Noncustodial accounts benefit both youth and the banks that offer them.
The Next Generation of Banking Starts Here: A Guide to Expanding Noncustodial Youth Accounts for Youth Financial Inclusion
This brief provides a guide for localities and financial institutions on supporting youth financial inclusion through noncustodial bank accounts. We hope to inspire more institutions to help young people save and become financially independent.
What is a Noncustodial Youth Account?
A noncustodial youth account allows young people under 18 to open and manage their own bank account without an adult co-owner or custodian. This is crucial for youth whose parents can't serve as custodians, as well as for young people in foster care.
Noncustodial Youth Accounts in Practice
This table lists noncustodial youth accounts available in the San Francisco Bay Area. We've noted which institutions accept alternative forms of identification, as traditional IDs can be a barrier for some youth. The table will be updated as new accounts become available.
| FINANCIAL INSTITUTION | PRODUCT | MINIMUM AGE | ID REQUIRED Primary* Secondary | DETAILS** |
| Bank of America | 16 | Student ID, work ID, debit card, credit card | Bank On SF certified | |
| JPMorgan Chase | 17 | Birth certificate (minors only), driver’s license, Social Security card (minors, disabled), tribal ID, or armed forces ID Bank statement, debit card, work ID, pay stub or letter from employer, student ID, utility bill | Available to college, vocational, technical, or trade school students. | |
| Wells Fargo | 17 | Tribal ID, armed forces ID, permanent resident card, employment authorization Student ID, work ID, or credit card | Bank On SF certified | |
| Excite Credit Union | Jump Start Checking and Savings | 13 | Photo ID or school ID Birth certificate, proof of address | Available via select nonprofit partnerships. Open in person or by PDF application. |
| San Francisco Federal Credit Union | Membership Savings and Basic Checking | 13 | School ID Youth Intern ID | Available to Summer Jobs Connect participants. Open in person or by PDF application. |
| Golden1 Credit Union | Student Checking Account | 16 | Other governmental ID School ID | Bank On SF certified Available to high school, college, university, or trade school students. |
ALL OF THESE ACCOUNTS OFFER DEBIT CARDS.
*All listed banks accept state issued ID, driver’s license, or passport as primary ID. This table notes additional forms of ID that are accepted, where applicable.
**Unless otherwise noted, all accounts must be opened in person, in the branch.
History
Below is a brief history of efforts to expand noncustodial youth accounts.
2008: First noncustodial accounts offered by a community development credit union in the Mission District of San Francisco
2011: San Francisco Mayor’s Youth Employment and Education Program partnered with MyPath to offer noncustodial accounts along with financial education
2013: First definition of youth-friendly bank accounts, now MyPath’s Youth Banking Standards, was released
2014: Department of Labor and Treasury highlighted the promise of noncustodial accounts plus financial education
2015: All five financial regulators issued joint guidance on noncustodial youth savings accounts
2015: Cities for Financial Empowerment Fund adopted emerging best practices around noncustodial accounts
April 2016: San Francisco Federal Reserve Bank published Boosting the Power of Youth Paychecks
November 2016: Financial Literacy and Education Commission's (FLEC) released its Resource Guides, MyPath youth leaders testified
2025: The Next Generation of Banking report released