Minors cannot open a savings account alone in the United States

A minor—anyone under 18—cannot sign a legal contract by themselves, and opening a bank account is a contract. Every bank and credit union in the US requires at least one parent or legal guardian to be present and to sign the account paperwork. The adult becomes a joint owner or custodian of the account, which means they have legal responsibility for it and access to the funds.

Some banks allow a minor to be the primary account holder with a parent as a co-owner. Others set up the account in the parent's name with the minor as an authorized user. The structure varies by institution, but the requirement for an adult signature does not.

Key Takeaways

  • A parent or legal guardian must be present and sign all account paperwork; no bank will open an account for a minor alone.
  • The adult on the account has legal access to the funds and responsibility for the account, even if the minor is listed as the primary holder.
  • Some banks offer teen checking or savings accounts designed for minors, but they still require a parent or guardian to open them.
  • If a minor has no parent or guardian available, a court-appointed guardian or the state may need to be involved to open an account.

What happens when a parent or guardian opens an account with a minor

When you bring a minor to a bank with proper ID, the bank will ask for identification from both the minor and the adult. The adult signs the account agreement, which legally binds them to the account terms. The minor may also sign, depending on the bank's policy, but their signature alone does not make the account valid.

The adult's role is not just ceremonial. They can withdraw money, close the account, change the account settings, or dispute transactions without the minor's permission. Some parents use this as a teaching tool—they let the minor manage the account day-to-day but retain the legal right to step in if needed. Others keep tighter control. The arrangement is between the parent and the bank.

Teen accounts and youth banking products

Many banks and credit unions offer accounts specifically designed for teenagers, often called teen checking or youth savings accounts. These accounts still require a parent or guardian to open them, but they may come with features that give the minor more independence—such as a debit card, online access, or spending limits set by the parent.

Some teen accounts include financial education tools or rewards for saving. A few banks allow minors as young as 13 to have their own debit card linked to the parent's account. But again, the parent must open the account and sign the agreement. The minor cannot do this step alone, no matter their age or how mature they are.

What to bring when opening an account for a minor

Both the minor and the adult will need government-issued photo ID. For the minor, this is usually a school ID, passport, or state ID card. For the adult, a driver's license or passport works. The bank may also ask for proof of address—a utility bill, lease, or recent bank statement in the adult's name.

Some banks require the minor's Social Security number. If the minor does not have one, you can request one from the Social Security Administration before opening the account, or the bank may help you apply for one during the account opening. Bring any documents the bank lists on its website before you visit, because requirements vary by institution.

If there is no parent or guardian available

If a minor has no living parent and no legal guardian has been named, a court must appoint a guardian before a bank account can be opened. This is a formal legal process that involves filing paperwork with the court in the minor's county. The court then appoints someone—often a relative, family friend, or state agency—as the legal guardian.

Once a guardian is appointed, they have the same authority as a parent to open an account. If the minor is in foster care, the foster parent or the state child welfare agency may be authorized to open an account on the minor's behalf. The process varies by state, so contact your local child welfare office or family court for guidance.

Minors who turn 18 and want their own account

Once a minor turns 18, they become a legal adult and can open a bank account on their own without a parent or guardian present. They will need their own ID and Social Security number, but no co-signer is required. At that point, they can also remove the parent from any existing joint account or transfer funds to a new account in their name alone.

Some young adults keep a joint account with a parent for a period of time after turning 18, especially if the parent is helping them manage money or if they are still living at home. But the choice is theirs to make once they reach 18.

Frequently Asked Questions

Can a minor open a savings account online without a parent?

No. Even if a bank offers online account opening, the process requires an adult to verify their identity and sign the agreement electronically. The minor cannot complete this step alone. Some banks allow a parent to open the account online and add the minor afterward, but the parent must still be involved.

What if my parent won't take me to the bank?

You will need to find another adult with legal authority—a legal guardian, grandparent with guardianship, or court-appointed guardian. If no such adult is available, you may need to contact your school counselor or local child welfare office for help. Once you turn 18, you can open an account on your own.

Can a minor have a bank account without the parent knowing about it?

No. The parent or guardian must sign the account paperwork and provide their ID. They will also receive statements and notices from the bank. The account cannot be opened in secret.

Do I need a Social Security number to open a savings account as a minor?

Most banks require a Social Security number for any account holder. If you do not have one, you can request one from the Social Security Administration before opening the account. Some banks can help you apply during the account opening process.

Can a minor close their own savings account?

No. The parent or guardian must close the account or authorize the closure. Once the minor turns 18, they can close the account themselves if their name is on it.