When you’re just starting out, opening your own bank account is like a right of passage into adulthood. You’re no longer on your parent’s account, or maybe even have an account at an entirely new bank. You can make your own decisions, and your finances are in your hands in a whole new way. But when is the best time to start a bank account on your own? If you want to go for it, but are wondering when you should open your own bank account, we’ll break it all down below.

How old do you have to be to open a bank account?

Many banks allow you to start a bank account at 13 with a parent or guardian on the account with you. This is a great way to get comfortable with having a bank account and start learning money management skills early on. Once you’ve graduated from that and want to start a bank account on your own, you’ll typically have to be 18 to open one by yourself.

When to Start a Bank Account on Your Own

If you’re 18 or over, it’s wise to open your own bank account early. Starting your own bank account is a big step into adulthood, and it comes with a set of new responsibilities. Doing this early on – such as when you’re in college – allows you to get a handle on money management, and gives you time to learn practical financial skills before you graduate and enter the “real world.”

But that doesn’t mean you should rush into it. Take your time and consult family or friends for advice before selecting a bank or bank account. Every bank (and the types of bank accounts they offer) come with different terms, so it’s important to do your research and make sure you understand what comes with it before jumping in. For example, some banks charge fees for having a certain type of account. Some have minimum balance requirements or limits for account activity. Interest rates also vary between banks and different accounts.

There’s a lot to consider, so if you’re not sure about any of it, make sure you understand and feel comfortable with all terms before starting a new bank account.

As long as you’re 18 or over and feel comfortable opening your own bank account (and all that comes with it), the best time to do it is now!