What age can I open a bank account in Massachusetts

What age can I open a bank account in Massachusetts? This question often sparks curiosity for young individuals and their guardians eager to embark on the journey of financial independence. Navigating the world of banking for the first time can feel like stepping into a new realm, filled with terms and procedures that might seem daunting. This exploration aims to demystify the process, shedding light on the age requirements, account types, necessary documentation, and the invaluable lessons in financial literacy that come hand-in-hand with opening that first bank account.

Understanding the foundational age requirements is the first crucial step in this financial adventure. Massachusetts, like many states, has specific guidelines in place to ensure that individuals are ready to manage their own funds. While there’s a general minimum age, certain account features or the need for adult supervision can influence the exact age at which a young person can independently open and manage their own bank account.

Delving into these specifics will provide a clear roadmap for both aspiring young account holders and the parents or guardians guiding them.

Understanding the Minimum Age for Bank Accounts in Massachusetts: What Age Can I Open A Bank Account In Massachusetts

Embarking on the journey of financial independence for young individuals in Massachusetts is a significant step, and understanding the foundational rules for opening a bank account is paramount. This guide illuminates the age requirements and the pathways available for minors to engage with the banking system, setting the stage for responsible financial habits from an early age.The Commonwealth of Massachusetts, like many other states, has established clear guidelines regarding the age at which an individual can independently open and manage a bank account.

While the general consensus leans towards adulthood for full control, there are provisions that allow younger individuals to participate in banking with the guidance and support of a trusted adult.

General Minimum Age Requirement

In Massachusetts, the general minimum age to open a bank account independently is typically 18 years old. This aligns with the legal definition of adulthood, granting individuals the full rights and responsibilities associated with financial contracts. Upon reaching this milestone, a young adult can explore various banking products and services without the need for parental or guardian co-signing.

Specific Age Thresholds and Account Features

While 18 is the age for independent account ownership, Massachusetts banks often offer specialized accounts designed for younger individuals, typically starting from birth or as soon as a Social Security number is obtained. These accounts, often termed “minor accounts” or “custodial accounts,” are designed to foster savings and financial literacy.

• Custodial Accounts (UGMA/UTMA): These accounts are opened by an adult (the custodian) on behalf of a minor. The funds in these accounts legally belong to the minor but are managed by the custodian until the minor reaches the age of majority (18 or 21, depending on state law and account setup). Massachusetts follows the Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA), allowing for the transfer of assets to a minor without the complexities of a formal trust.

• Joint Accounts: A common approach for younger individuals is to open a joint account with a parent or guardian. This allows the minor to have access to the account and learn about managing funds, while the adult retains oversight and legal responsibility. The age at which a minor can be added to a joint account varies by bank, but it is often permissible from a very young age, sometimes even from birth.

• Student Accounts: Many financial institutions offer “student accounts” specifically tailored for teenagers and young adults. These accounts often come with no or low minimum balance requirements, waived fees, and sometimes even debit card access, providing a practical introduction to managing checking and savings. The age eligibility for these accounts typically starts around 13 or 14 years old, often requiring a parent or guardian to be a joint owner.

Parental or Guardian Requirement for Minors

For individuals under the age of 18 in Massachusetts, opening a bank account independently is generally not possible. Banks require a parent or legal guardian to be involved in one of several capacities to ensure legal compliance and provide a layer of oversight.

For any account where the primary owner is under 18 years of age in Massachusetts, a parent or legal guardian is almost always required to be a joint account holder or custodian.

This involvement can manifest in different ways:

• Joint Ownership: The most common scenario involves the parent or guardian being a joint owner on the account. This grants both parties equal access and rights to the funds. The minor can make deposits and withdrawals (subject to any bank-imposed limits), and the parent can monitor activity, provide guidance, and intervene if necessary.
• Custodial Role: In custodial accounts, the parent or guardian acts as the custodian, managing the funds for the benefit of the minor. While the funds are legally the minor’s, the custodian has the authority to manage them until the minor reaches the designated age of distribution.

The requirement for a parent or guardian ensures that minors are protected and that financial institutions comply with regulations designed to safeguard both the young account holder and the bank itself. It transforms the account opening process into a collaborative effort, fostering financial education and responsibility under adult supervision.

Types of Bank Accounts Available to Minors in Massachusetts

As young minds begin to grasp the concept of saving and spending, providing them with the right financial tools becomes paramount. In Massachusetts, several types of bank accounts are thoughtfully designed to accommodate individuals under the age of 18, offering a safe and educational pathway to financial literacy. These accounts are not just repositories for money; they are stepping stones towards responsible money management.Navigating the world of banking for minors involves understanding the distinct structures and benefits each account type offers.

Unlocking financial independence in Massachusetts, understanding what age you can open a bank account is paramount. But before you rush to secure your future, consider the essential services banks offer, like whether do banks do notary , a crucial step for many legal documents. Armed with this knowledge, you’ll be better prepared to navigate the requirements for opening your own account, no matter your age.

From accounts held jointly with a guardian to those managed under a custodial framework, each option presents a unique set of advantages tailored to the developmental stage and financial goals of a young person.

Common Bank Account Types for Minors, What age can i open a bank account in massachusetts

Several account types are commonly available for individuals under 18 in Massachusetts, each designed with specific purposes and levels of parental involvement in mind. These options empower parents and guardians to introduce children to banking in a structured and secure manner.

• Savings Accounts: These are the foundational accounts for minors, designed primarily for saving money and earning interest. They are straightforward, easy to understand, and a great starting point for teaching the habit of saving.
• Checking Accounts: While less common for very young children, older minors may benefit from a checking account, often with debit card access. This allows them to learn about managing day-to-day expenses, writing checks (if applicable), and using a debit card responsibly under parental supervision.
• Joint Accounts: These accounts are opened in the names of both the minor and an adult (typically a parent or guardian). The adult has full control and access to the account, serving as a co-owner. This provides oversight and ensures the adult can manage the funds and monitor the minor’s activity.
• Custodial Accounts (UTMA/UGMA): These accounts are established by an adult for the benefit of a minor, with the adult acting as the custodian. The assets in the account legally belong to the minor, but the custodian manages them until the minor reaches the age of majority (usually 18 or 21, depending on the state and account terms).

Custodial Accounts: A Powerful Tool for Long-Term Growth

Custodial accounts, governed by the Uniform Transfers to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA), are particularly noteworthy for their ability to foster long-term financial growth for a child. These accounts are established by an adult donor who transfers assets to a custodian, typically a parent or guardian, for the benefit of a minor beneficiary. The key distinction is that the assets are legally owned by the minor, even though the custodian retains control until the minor attains the age of legal majority.The benefits of custodial accounts are multifaceted.

They provide a secure vehicle for gifting significant sums of money or assets, such as stocks, bonds, or real estate, which can then be managed and invested by the custodian to grow over time. This allows for early investment strategies that can significantly benefit the minor by the time they reach adulthood. Furthermore, custodial accounts offer flexibility in terms of what can be deposited, extending beyond simple cash to include various financial instruments.

The Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) are state laws that allow adults to transfer assets to a minor without the need for a formal trust.

Joint Accounts Versus Custodial Accounts

Understanding the nuances between a joint account with a parent and a custodial account is crucial for making an informed decision. While both involve an adult and a minor, their legal structures, control, and implications differ significantly.A joint account, as the name suggests, means both the minor and the adult are co-owners of the account. This typically grants both parties equal access and control, although in practice, the adult often takes the lead in managing the funds.

For a joint savings account, a parent might deposit money and allow the child to make withdrawals for specific purposes, fostering a sense of ownership and responsibility. However, the adult’s control can also mean they can withdraw funds as needed, which might not always align with the child’s long-term savings goals.In contrast, a custodial account is legally owned by the minor.

The adult acts solely as a custodian, responsible for managing the assets prudently until the minor reaches the age of majority. This means the custodian cannot withdraw funds for their personal use; all transactions must be for the benefit of the minor. This structure provides greater protection for the minor’s assets and is often preferred for significant gifts or long-term investments.

The assets in a custodial account are generally irrevocable gifts, meaning once they are in the account, they cannot be taken back by the donor.

Comparison of Minor-Friendly Bank Accounts

To further clarify the distinctions, the following table Artikels the key characteristics of various bank account types suitable for minors in Massachusetts. This comparison aims to highlight the primary features, ownership, control, and typical uses of each account.

Account Type	Ownership	Control	Primary Use	Age of Majority (Massachusetts)	Key Benefit for Minors
Joint Savings Account	Minor and Adult Co-owners	Shared (Adult typically has primary oversight)	Saving for short-term goals, teaching basic saving habits	18 years	Immediate involvement and oversight by parent/guardian.
Custodial Account (UTMA/UGMA)	Minor (Legal Owner)	Custodian (Adult)	Long-term savings, investments, gifting of assets	18 or 21 years (depending on account terms and state law)	Assets legally belong to the minor, managed for their long-term benefit.
Minor’s Savings Account (Bank-Specific)	Minor (with Adult as signatory/overseer)	Adult has significant oversight; minor may have limited withdrawal access	Learning to save, earning interest on deposits	Varies by bank, often requires adult co-signer until 18	Introduces independent saving concepts with adult guidance.

Documentation and Requirements for Opening an Account

Embarking on the journey of financial literacy for a young individual in Massachusetts is a significant step, and understanding the necessary paperwork is key to unlocking this opportunity. Just as a seasoned explorer prepares for a grand expedition, a parent or guardian must gather the right documents to establish a bank account for a minor. This process, while straightforward, requires attention to detail to ensure a smooth and successful opening.The financial institutions in Massachusetts, like trusted guides, have established a clear set of requirements to verify identities and establish legal guardianship.

These measures are in place to protect both the minor and the bank, ensuring all transactions are legitimate and secure. Navigating these requirements is the first practical lesson in financial responsibility.

Identification Documents for the Minor

When opening a bank account for a minor in Massachusetts, the bank will need to confirm the child’s identity. This is a standard procedure designed to comply with federal regulations aimed at preventing financial fraud. The documentation required typically falls into categories that clearly establish who the child is.The most common forms of identification accepted for a minor include:

• A birth certificate, which serves as primary proof of identity and age.
• A Social Security card, providing the child’s unique identification number.
• A valid state-issued identification card or driver’s permit, if the minor possesses one.

Documentation for the Parent or Guardian

Alongside the minor’s identification, the bank will require documentation to verify the identity and legal standing of the accompanying parent or guardian. This ensures that the adult has the legal authority to open and manage the account on behalf of the minor.Essential documents for the parent or guardian typically include:

• A valid government-issued photo identification, such as a driver’s license or passport. This confirms the adult’s identity.
• Proof of address, which can be a utility bill, lease agreement, or another official document showing the current residential address in Massachusetts.
• Documentation establishing legal guardianship, if the individual is not the biological parent. This could be court orders or adoption papers.

Step-by-Step Procedure for Opening a Minor’s Account

Opening a bank account for a minor in Massachusetts is a structured process, much like following a well-laid map to a treasure. By understanding each step, parents and guardians can navigate the process with confidence and efficiency.The typical procedure unfolds as follows:

1. Research and Select a Bank: Explore different banks and credit unions in Massachusetts that offer accounts suitable for minors. Consider factors like fees, interest rates, and available features.
2. Gather Required Documents: Compile all necessary identification and proof of guardianship documents for both the minor and the adult.
3. Schedule an Appointment (Recommended): While some banks allow walk-ins, scheduling an appointment can save time and ensure a banker is available to assist you.
4. Visit the Bank: Accompany the minor to the bank branch with all gathered documentation.
5. Complete the Application: A bank representative will guide you through the account opening application form. This will include details about the minor and the joint account holder (the parent/guardian).
6. Fund the Account: Make an initial deposit to activate the account. The minimum deposit amount varies by bank.
7. Receive Account Information: You will receive the account number, debit card (if applicable), and any other relevant materials.

Checklist of Essential Items to Bring to the Bank

To ensure a seamless experience when opening a bank account for a minor in Massachusetts, it is prudent to prepare a comprehensive checklist of all the items you will need to present at the bank. This proactive approach minimizes the chances of needing to make a return trip, saving valuable time and effort.Here is a checklist of essential items:

• For the Minor:
• Original or certified copy of the minor’s birth certificate.
• The minor’s Social Security card.
• Any state-issued ID or permit the minor may have.
• For the Parent or Guardian:
• Valid government-issued photo ID (e.g., driver’s license, passport).
• Proof of address (e.g., recent utility bill, lease agreement).
• Proof of legal guardianship (if applicable).
• For the Account:
• Information for the initial deposit (e.g., cash, check, or funds from another account).
• Any specific forms or pre-approval documents provided by the bank beforehand.

Banking Options and Institutions in Massachusetts

Embarking on the journey of financial literacy for a young person in Massachusetts opens a world of possibilities, and choosing the right financial partner is a crucial first step. The Bay State boasts a vibrant landscape of banking institutions, each with its unique offerings designed to nurture the financial growth of its youngest citizens. From the familiar faces of national banks to the community-focused embrace of local credit unions and the sleek efficiency of online platforms, the options are as diverse as the dreams they aim to support.Navigating this landscape requires understanding the distinct personalities of these institutions and how they cater to the specific needs of minors.

Each choice carries its own set of advantages, influencing everything from accessibility and personalized service to fee structures and the earning potential of saved funds. The goal is to find a banking home that not only secures their funds but also actively participates in their financial education.

Prominent Massachusetts Financial Institutions for Minors

Massachusetts is home to a robust network of financial institutions, many of which extend a welcoming hand to young account holders. These banks and credit unions have developed specific products and services to encourage early saving and responsible money management. Understanding who these players are is key to making an informed decision.Major national banks with a strong presence in Massachusetts, such as Bank of America, Chase, and TD Bank, often provide a wide array of checking and savings accounts that can be opened by minors, typically with a parent or guardian as a joint owner.

These institutions offer the convenience of widespread branch networks and advanced mobile banking technology, which can be appealing for families on the go.Alongside these national giants are numerous community-focused credit unions that are deeply embedded in Massachusetts’ towns and cities. Institutions like the Merrimack Valley Credit Union, RTN Federal Credit Union, and Boston Firefighters Credit Union are renowned for their member-centric approach.

They often provide more personalized service and may have a greater flexibility in tailoring account features to meet the specific needs of young members.The digital frontier is also a significant player, with online-only banks like Ally Bank and Capital One 360 offering competitive interest rates and minimal fees, which can be particularly attractive for building savings. While they lack physical branches, their robust online and mobile platforms provide convenient access and management for tech-savvy young individuals and their guardians.

Local Credit Unions Versus National Banks for Young Savers

The choice between a local credit union and a national bank for a minor’s account often boils down to a difference in philosophy and operational focus. Each offers distinct benefits that can shape a child’s early banking experiences.Credit unions, often born from shared employee groups or community ties, tend to prioritize member well-being and financial education. For a minor’s account, this can translate into more personalized attention from staff, who may take a more active role in explaining financial concepts.

They are also known for their lower fees and potentially higher interest rates on savings accounts, as profits are returned to members in the form of better rates and services. Furthermore, credit unions often engage in local community initiatives, providing a tangible connection to the financial institution that can resonate with young people.National banks, on the other hand, offer unparalleled convenience through their extensive branch and ATM networks.

This can be a significant advantage for families who prefer in-person transactions or need access to services across different regions. Their sophisticated mobile and online banking platforms are typically cutting-edge, offering robust tools for tracking spending, setting savings goals, and even learning about financial management. While fees might be slightly higher or interest rates a bit lower compared to some credit unions, the sheer accessibility and technological sophistication can be compelling.

Online-Only Banks and Their Offerings for Massachusetts Youth

The rise of digital banking has introduced a compelling alternative for young account holders in Massachusetts: online-only banks. These institutions operate without physical branches, channeling their resources into competitive interest rates, user-friendly digital platforms, and often, lower or no fees.For a minor’s account, online banks can be an excellent choice for maximizing savings growth. They frequently offer high-yield savings accounts that can significantly outpace traditional brick-and-mortar institutions.

Their mobile apps are typically intuitive and feature-rich, allowing young individuals to easily monitor their balances, view transaction history, and even set up automated transfers to savings goals. This digital-first approach aligns well with the habits of younger generations, making financial management feel less like a chore and more like a natural part of their digital lives.While the absence of physical branches might be a consideration for some, many online banks offer robust customer support through phone, chat, and email, ensuring that assistance is readily available.

For families prioritizing maximum return on savings and a seamless digital experience for their children, online banks present a powerful and modern solution.

Comparative Analysis of Massachusetts Financial Institutions for Minors

Understanding the tangible differences in cost and return is vital when selecting a financial institution for a minor. The following table provides a snapshot of typical offerings from various types of Massachusetts financial institutions, highlighting key factors like fees and interest rates. It’s important to remember that these figures can vary, and specific account terms should always be verified directly with the institution.

Institution Type	Example Institution	Typical Monthly Maintenance Fee (Minor Account)	Minimum Balance to Avoid Fee	Example Savings APY (Annual Percentage Yield)	Notes
National Bank	Chase	$5 (often waived with joint owner)	$0 (with joint owner)	~0.01% – 0.10%	Extensive ATM/branch network, robust mobile app.
National Bank	Bank of America	$0 – $5 (waived with linked accounts or certain conditions)	Varies	~0.01% – 0.05%	Strong digital tools, wide accessibility.
Local Credit Union	Merrimack Valley CU	$0 – $5 (often waived with specific requirements)	Varies	~0.10% – 0.50%	Community focus, potentially better rates/lower fees.
Local Credit Union	RTN Federal CU	$0 – $5 (often waived)	Varies	~0.15% – 0.60%	Member-centric services, local presence.
Online-Only Bank	Ally Bank	$0	$0	~4.00% – 4.50% (variable)	High-yield savings, excellent digital experience.
Online-Only Bank	Capital One 360	$0	$0	~3.00% – 4.00% (variable)	Competitive rates, user-friendly platform.

“The best time to plant a tree was 20 years ago. The second best time is now.” This proverb beautifully encapsulates the essence of starting a savings account for a minor. The earlier the seed is planted, the more time it has to grow and flourish.

When evaluating these options, consider the primary goals for the minor’s account. If the focus is on maximizing savings growth with minimal hassle, an online bank might be the top contender. If personalized financial guidance and community involvement are paramount, a local credit union could be the ideal fit. For families prioritizing widespread convenience and advanced digital features, a national bank remains a strong and accessible choice.

Financial Education and Account Management for Young People

Opening a bank account for a minor in Massachusetts is more than just a transaction; it’s a golden opportunity to lay the foundation for a lifetime of sound financial decision-making. Imagine it as planting a seed of financial wisdom, nurturing it with knowledge and practice, and watching it grow into a strong, independent financial future. This journey begins the moment that first deposit is made, transforming abstract money concepts into tangible, manageable realities.This section will guide you through the essential steps of empowering young account holders with the knowledge and tools they need to navigate their finances with confidence.

We’ll explore practical strategies for teaching financial literacy, demystify budgeting, and illuminate the importance of monitoring account activity, all while ensuring the fundamental principles of banking are clear and engaging for a younger audience.

Teaching Financial Literacy Through Account Ownership

Empowering young individuals with financial literacy is akin to equipping them with a compass and map for their economic journey. When a minor opens a bank account, it provides a real-world laboratory for learning. This hands-on experience allows them to grasp abstract financial concepts in a concrete and relatable manner, fostering a sense of responsibility and control over their money.

Understanding how to manage their funds from an early age instills habits that can prevent future financial pitfalls and promote long-term financial well-being.

Budgeting Strategies for Young Account Holders

A bank account becomes a powerful tool for teaching budgeting, transforming abstract income and expenses into trackable line items. By observing their account balance, young individuals can begin to understand the relationship between earning, spending, and saving. This is where the magic of a budget comes alive, not as a restrictive set of rules, but as a roadmap to achieving financial goals.Here are some effective budgeting strategies that can be taught using a bank account:

• The Envelope System (Digital Edition): Even with a digital account, the principle of allocating funds to specific goals can be taught. For instance, a portion of their allowance or earnings can be mentally or digitally earmarked for “fun money,” “saving for a game,” or “future big purchase.” This visual separation helps in understanding where money is going.
• Needs vs. Wants Tracking: Encourage them to categorize their spending. When they make a withdrawal or use a debit card, prompt them to consider if the purchase was a “need” (e.g., school supplies) or a “want” (e.g., a new toy). Over time, they’ll develop a better understanding of prioritizing spending.
• Goal-Based Saving: Help them set tangible savings goals, like a new bike or a video game console. They can then track their progress directly in their bank account, seeing how each deposit brings them closer to their objective. This visual reinforcement is incredibly motivating.
• Percentage Allocation: For slightly older or more advanced young savers, introduce the concept of allocating a percentage of their income to different categories, such as 50% for spending, 30% for saving, and 20% for giving. This can be done manually or by setting up automatic transfers if the bank allows.

Monitoring Account Activity and Setting Alerts

The ability to monitor account activity is a crucial aspect of financial management for young people. It provides transparency and allows for immediate feedback on their financial decisions. Banks offer various tools to facilitate this, making it easier for both the young account holder and their guardian to stay informed.Setting up alerts is like having a helpful financial assistant keeping an eye on the account.

These notifications can serve as gentle reminders and proactive measures against potential issues.

• Low Balance Alerts: This is a fundamental alert that can prevent overdraft fees. When the account balance drops below a predetermined threshold, an alert is sent, giving the young person a chance to adjust their spending or make a deposit.
• Large Transaction Alerts: Notifications for significant deposits or withdrawals can help track larger financial events and ensure they are understood. For a minor, this might be a birthday gift deposit or a planned purchase withdrawal.
• Transaction History Review: Regularly reviewing the transaction history together is a powerful learning tool. It allows for discussions about past spending, reinforces budgeting, and identifies any potential unauthorized activity.
• Mobile Banking App Features: Most modern banking apps allow users to customize alerts for various activities. Encourage the young account holder to engage with the app and understand the information it provides.

Explaining Banking Concepts to Children

Translating the often-complex world of banking into simple, understandable terms for children is key to their financial education. The bank account serves as a tangible representation of these concepts, making them easier to grasp.Let’s break down the core banking principles:

Deposits

Imagine money as little seeds. When you deposit money into your bank account, it’s like planting those seeds in a safe garden. The bank keeps your seeds (money) safe for you. Every time you get money, like from your allowance or a gift, you can bring it to the bank (or use the app) to plant more seeds in your garden.

The bank’s job is to make sure all your planted seeds are there when you need them.

Withdrawals

When you need to use some of your money for something you want or need, like buying a book or a treat, you take some seeds out of your garden. This is called a withdrawal. You can take money out using a debit card, at an ATM, or by visiting the bank. It’s important to remember that every time you take seeds out, your garden (account balance) gets a little smaller.

Interest

This is where the magic of banking really shines! When you keep your seeds (money) in the bank’s garden, the bank is so happy you trust them that they give you a little extra, like a tiny sprout growing on your seeds. This extra bit of money is called interest. It’s like your money is working for you, making more money all by itself, just by staying safe in the bank.

The longer you keep your seeds in the garden, the more sprouts (interest) you can grow!

“Interest is the reward for patience; your money grows while you sleep.”

Last Recap

Ultimately, opening a bank account in Massachusetts is more than just a transaction; it’s a pivotal moment in fostering financial responsibility and independence for young individuals. By understanding the age requirements, exploring the diverse account options available, and gathering the necessary documentation, the path to financial literacy becomes clearer and more accessible. The journey of managing money, from deposits and withdrawals to understanding interest and budgeting, lays a strong foundation for a secure financial future, empowering the next generation with the tools they need to thrive.

FAQ Guide

At what age can a minor legally open a bank account in Massachusetts without an adult?

In Massachusetts, a minor generally cannot open a bank account entirely on their own without an adult’s involvement until they reach the age of 18, which is considered the age of legal majority. Prior to this, an adult, such as a parent or guardian, typically needs to be on the account as a joint owner or custodian.

Are there specific types of accounts that have different age requirements for minors in Massachusetts?

While the general age of majority for independent account opening is 18, some financial institutions might offer specific youth savings accounts or checking accounts that can be opened by minors under 18 with a parent or guardian’s co-signature or as a joint account. These accounts often have features designed for younger users.

What happens to a custodial account when the minor turns 18 in Massachusetts?

Upon reaching the age of 18 in Massachusetts, the minor who is the beneficiary of a custodial account (like UGMA/UTMA) legally gains full control of the funds. The custodian’s role ends, and the account holder can then manage the assets independently.

Can a teenager with a part-time job open a checking account in Massachusetts?

Yes, a teenager with a part-time job can often open a checking account in Massachusetts, but it will almost certainly require a parent or guardian to be a joint account holder or co-signer on the account until the teenager reaches the age of 18.

Do banks in Massachusetts require a social security number for a minor to open an account?

Yes, typically, a social security number is required for any bank account, including those for minors, for tax reporting purposes. If the minor does not have a social security number, alternative identification might be needed, and this should be discussed directly with the financial institution.