What are the age requirements for obtaining a bank account and credit card?

A person must be 18 to have a credit card on her own, but there is no age requirement for a person opening a savings account. While banks require a legal form of identification to open an account, this criterion may differ from bank to bank.

Most banks require a person to be at least 16 years old to open a checking account or use more advanced bank products such as a money market account. A bank still may request a parent to sign on the account with someone under the age of 18. A person younger than 18 years can have a credit card, but the account is ultimately the responsibility of a co-signer, such as a parent. While legislation in 2009 made getting a credit card harder for anyone under the age of 21, 18 remains the legal age to obtain credit.