Yes, you can open a savings account at 17, but the account will be a custodial or joint account with a parent or guardian
Most banks will not let you open an account entirely in your own name until you turn 18. Instead, they offer custodial savings accounts (also called minor accounts), where a parent or guardian is the co-owner and has legal control. Some banks also let you open a joint account with a parent, which works similarly but with slightly different legal standing. Either way, you can deposit money, make withdrawals, and use a debit card — but the adult on the account can see all transactions and freeze or close the account.
A few banks and credit unions have started offering accounts for 17-year-olds without a co-owner, but these are uncommon and usually come with restrictions like lower withdrawal limits or no overdraft protection. Your best bet is to ask your bank directly what they offer at your age, because rules vary by institution and sometimes by state.
Key Takeaways
- Most banks require a parent or guardian to co-own your account until you turn 18, but you can still use the account to deposit and withdraw money.
- A custodial account is legally owned by you with the parent as custodian, while a joint account is owned equally by both parties, which affects who can access the money and what happens if the parent faces legal trouble.
- You will need to bring a government-issued ID (like a school ID or passport) and your Social Security number to open an account.
- Some banks offer teen accounts with features like spending limits or parental controls, which can help you learn money management before you turn 18.
- Once you turn 18, a custodial account automatically becomes yours alone, but a joint account remains joint unless one owner asks to remove the other.
What a custodial account means and how it works
A custodial savings account is opened in your name, but the parent or guardian is listed as the custodian. This means you own the money, but the adult has the legal right to manage it on your behalf. The custodian can see every deposit and withdrawal, move money between accounts, and close the account if they choose. They cannot, however, take the money out and keep it for themselves — it is legally yours.
The custodian's role is to help you learn to manage money while protecting the account from unauthorized use. In practice, this means the adult can set rules about when you can withdraw money or what you can spend it on, but they cannot use the account as their own savings. When you turn 18, the custodianship ends automatically at most banks, and the account becomes yours alone.
Custodial accounts are offered by most major banks (Chase, Bank of America, Wells Fargo, Ally) and by credit unions. The features are usually the same as a regular savings account — you get a debit card, online access, and the ability to set up automatic transfers. Interest rates are typically low, often 0.01% or less, but some online banks and credit unions offer slightly higher rates.
Joint accounts versus custodial accounts
A joint account is different from a custodial account in one key way: both you and the parent are listed as equal owners. Either of you can withdraw all the money without permission from the other. This means the parent has more freedom to use the account, but it also means you have more control — you are not just a beneficiary, you are a co-owner.
In practice, joint accounts work well if the parent is trustworthy and you want a true partnership. But they carry a risk: if the parent faces legal trouble (like a lawsuit or bankruptcy), creditors can go after money in the joint account, even though it is partly yours. Custodial accounts do not have this problem because the parent is not an owner, just a custodian.
Most banks will let you choose which type of account you want when you open it. If you are unsure, ask the bank representative to explain the difference and which one they recommend for your situation.
What you need to bring to open an account
You will need to bring the following to the bank:
- A government-issued photo ID (passport, state ID, school ID, or driver's license).
- Your Social Security number.
- The parent or guardian's ID and Social Security number.
- Proof of address, such as a utility bill or lease (the bank may ask for this, depending on their policy).
Some banks let you open an account online if you have a debit card or credit card already, but most will ask you to come in person at 17 to verify your identity and the parent's identity. Call ahead to confirm what your bank needs — policies vary, and some banks have changed their requirements in recent years.
If you do not have a government-issued ID, a school ID usually works, but bring a second form of ID (like a birth certificate or passport) to be safe. If you do not have a Social Security number, you will not be able to open a bank account.
Teen-specific accounts with spending controls
Some banks offer accounts designed specifically for teenagers, with features like spending limits, parental alerts, and the ability to lock the debit card. These accounts are meant to teach money management while keeping the parent informed. Examples include Chase First Banking, Bank of America's SafeBalance account (for ages 13 and up), and Greenlight (a fintech app that works with most banks).
These accounts often come with higher fees than regular savings accounts, but they can be useful if you want to learn budgeting or if the parent wants to monitor spending. Some also offer features like chores tracking or automatic allowance transfers. Read the fee schedule carefully — some charge monthly fees even if you do not use certain features.
Teen accounts are optional; a regular custodial account works just as well if you and the parent trust each other and do not need extra controls.
What happens when you turn 18
When you turn 18, the custodianship ends automatically at most banks. The account becomes yours alone, and the parent's name is removed. You will usually receive a notice from the bank a few weeks before your birthday, and you may need to sign new paperwork to confirm the change. No action is required on your part — it happens automatically.
If you have a joint account, turning 18 does not change anything. Both you and the parent remain owners unless one of you asks the bank to remove the other person. You can close the account, move the money to a new account in your name only, or keep it as a joint account if you both want to.
Some banks offer a "graduation" process where they move you to a regular adult account with different features or fees. Check with your bank to see if this applies to you.
If your bank says no
A few banks have strict policies and will not open any account for someone under 18, even with a parent present. If this happens, you have other options to explore.
- Try a credit union. Credit unions are often more flexible than banks and may have lower age requirements or different rules for minors.
- Ask about a parent-only account. Some banks will let you be added as an authorized user on the parent's account, which gives you a debit card and online access but not ownership.
- Wait until 18. If you are close to your birthday, you can open your own account in a few months without a co-owner.
- Look into fintech apps for teens. Apps like Greenlight, Step, and GoHenry let you open accounts at younger ages, though they work differently than traditional bank accounts and may have different features.
Each of these options has different rules and costs, so compare what is available in your area before deciding which route makes sense for you.
Frequently Asked Questions
Can I open a savings account at 17 without a parent?
No, not at most banks. You will need a parent or guardian to co-own the account. A very small number of banks and credit unions offer accounts for 17-year-olds without a co-owner, but these are rare. Call your bank to ask if they have this option.
Will the parent be able to see my transactions?
Yes, in a custodial account the parent can see all deposits and withdrawals. In a joint account, both owners can see all transactions. If you want privacy, you will need to wait until you turn 18 and open an account in your own name.
What if I want to close the account before I turn 18?
You can ask the parent to close it, but they have the legal right to refuse. If you and the parent disagree, you may not be able to close the account on your own. This is why it is important to trust the person you choose as co-owner.
Do I need a job to open a savings account at 17?
No, you do not need a job or income. You can open a savings account at any age (with a co-owner) and deposit money from any source — gifts, allowance, part-time work, or anything else.
Can I get a debit card with a custodial account?
Yes, most banks issue a debit card with custodial accounts. The card is in your name, and you can use it to withdraw money and make purchases. The parent may be able to set spending limits or lock the card if the bank offers those features.