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With parental involvement, most banks will let any teenager open up a basic checking or savings account. Without parental involvement, a teenager can usually open a bank account as soon as they have a photo ID, such as a driver's permit (usually obtained at age 15 or 16), and can meet a bank's other requirements (this varies from institution to institution).
Source:
NASDAQ: Opening Your Child's First Bank Account
Yahoo! Finance: Identification Required for Opening an Account
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