You can open a high yield savings account at 17, but you'll need a parent or guardian to co-sign

Most banks and online financial institutions that offer high yield savings accounts require account holders to be at least 18 years old. If you're 17, you have two paths: open a joint account with a parent or guardian listed as co-owner, or wait until your 18th birthday. A joint account lets you start earning the higher interest rates these accounts offer right now, though your parent or guardian will have full access to the account and can see all transactions.

Some banks are stricter than others about the age requirement. A few online banks—primarily those that cater to younger savers—allow 17-year-olds to open accounts independently if they have a Social Security number and a valid ID, but these are exceptions. Before you start the process, check the specific bank's age policy on their website or call their customer service line to confirm what they require.

Key Takeaways

  • Most high yield savings accounts require you to be 18, but you can open a joint account with a parent or guardian at 17.
  • A joint account means your parent or guardian has full access to your money and can see every deposit and withdrawal.
  • A few online banks allow 17-year-olds to open accounts independently, but you need to verify this with the specific bank before applying.
  • Once you turn 18, you can convert a joint account to a solo account at most banks, though the process and timing vary.
  • The interest rate you earn is the same whether you're 17 or 18—what changes is who can legally own the account.

How a joint account works when you're under 18

When you open a joint high yield savings account, both you and your parent or guardian are listed as owners. This means either of you can deposit money, withdraw money, or close the account. Your parent or guardian will receive statements and can monitor the account at any time. The bank treats this as a single account with two authorized users, not two separate accounts.

The money in the account belongs to both of you legally, even if you deposited all of it yourself. This matters if your parents are going through financial hardship or legal trouble—creditors could potentially reach the account. It also means your parent can withdraw money without your permission. If you're concerned about this, have a conversation with your parent or guardian about how you'll use the account together before you open it.

Banks that let 17-year-olds open accounts on their own

A small number of online banks and financial technology companies have created accounts specifically for teenagers. Greenlight, Step, and a few others allow 17-year-olds to open accounts without a co-signer, though they typically require parental consent and monitoring through a parent app. These accounts are not always high yield savings accounts in the traditional sense—some offer lower interest rates or have restrictions on how much you can deposit.

Before opening an account with any of these services, compare their interest rates to standard high yield savings accounts. A 17-year-old account that earns 0.5% APY is not worth using if a joint account at a major bank earns 4.5% APY. Read the fine print about fees, withdrawal limits, and what happens when you turn 18. Some accounts automatically convert to adult accounts; others require you to move your money.

What happens to a joint account when you turn 18

Most banks allow you to convert a joint account to a solo account once you reach 18. The process is usually simple—you contact the bank, provide proof of your age, and request that the co-owner be removed. Some banks do this over the phone; others require you to visit a branch or submit a form online. The account number typically stays the same, so your direct deposits and automatic transfers don't need to change.

A few banks require you to close the joint account and open a new solo account instead. This is less common with online banks but does happen with some traditional institutions. If you're planning to open a joint account now, ask the bank what the conversion process looks like when you turn 18. Get the answer in writing if possible, so you have it to reference later.

Interest rates and APY for accounts opened at 17

The interest rate you earn on a high yield savings account does not change based on your age. If you open a joint account at 17 and the current APY is 4.75%, you'll earn 4.75% on your balance. When you convert to a solo account at 18, the rate stays the same (unless the bank changes its rates, which it can do at any time). Your age is not a factor in how much interest the bank pays you.

High yield savings account rates change frequently—sometimes weekly. If you're deciding whether to open an account now or wait until you're 18, check the current rates at the banks you're considering. The difference between a 4.5% rate today and a 4.75% rate in three months could mean real money if you're saving a significant amount. Use a rate comparison site to see which banks are offering the highest APY right now, then check whether they allow 17-year-olds to open accounts.

Documents you'll need to open an account at 17

To open a joint high yield savings account, you and your parent or guardian will need to provide identification and proof of Social Security numbers. Most online banks accept a driver's license, state ID, or passport as identification. You'll also need your Social Security number and your parent or guardian's Social Security number. Some banks ask for additional information like your address, phone number, and employment status (if you have a job).

The exact documents vary by bank. Before you start the application, check the bank's website for a list of what they accept. If you don't have a driver's license or state ID, ask your parent or guardian whether they can provide an alternative form of identification on your behalf. Some banks allow this; others require both account holders to verify their identity in person at a branch.

Frequently Asked Questions

Can I open a high yield savings account at 17 without a parent?

Most major banks require you to be 18 or to have a parent or guardian co-sign. A few online banks and fintech companies allow 17-year-olds to open accounts independently with parental consent, but these accounts may have lower interest rates or more restrictions than standard high yield savings accounts. Check the specific bank's policy before you apply.

Will my parent be able to see my transactions if we open a joint account?

Yes. In a joint account, both owners have full access to all information, including deposits, withdrawals, and the current balance. Your parent or guardian can see every transaction. If privacy is important to you, discuss this with them before opening the account, or wait until you turn 18 to open a solo account.

What if I want to move my money to a solo account before I turn 18?

You cannot remove the co-owner from a joint account before you turn 18. However, you can withdraw your money and move it to another account if your parent or guardian agrees. Some banks allow minors to open a separate account with parental consent, so you could potentially split your savings between a joint account and another account in your name alone.

Do I lose interest if I convert my joint account to a solo account at 18?

No. The interest rate and APY stay the same when you convert. Your balance continues to earn interest at the same rate before and after the conversion. The only thing that changes is who owns the account—the co-owner is removed and you become the sole owner.

Can my parent withdraw all my money from a joint account without asking me?

Yes. In a joint account, both owners have equal legal rights to all the money. Your parent or guardian can withdraw funds without your permission. This is why it's important to have a conversation about how you'll use the account together and what the expectations are around withdrawals.