Yes, you can open a savings account at 17, but the account will be a custodial account in your parent's or guardian's name
Most banks will not let you open an account solely in your name until you turn 18. Instead, a parent or guardian becomes the account owner, and you are listed as an authorized user or joint account holder. This means they have full access to the money and can withdraw from it at any time — the account is legally theirs, not yours.
Some banks have teen savings accounts designed specifically for people under 18. These accounts often come with a debit card, online banking access, and the ability to make deposits and withdrawals on your own. The parent or guardian still owns the account legally, but the structure gives you more independence than a traditional joint account.
A few banks and credit unions will let you open an account at 17 with no adult involved if you have a job and can show proof of income, but this is uncommon. Call ahead to ask — do not assume your bank offers this option.
Key Takeaways
- You can open a savings account at 17, but it must be in your parent's or guardian's name as a custodial or joint account.
- Many banks offer teen savings accounts that give you a debit card and online access while keeping the account legally in your parent's name.
- Your parent or guardian can withdraw money from the account at any time, since they are the legal owner.
- A small number of banks will open an account for you alone at 17 if you have a job and proof of income — call your bank to ask.
- Once you turn 18, you can convert the account to your name alone or open a new account in your name without a co-owner.
What happens to the account when you turn 18
When you reach 18, the account does not automatically convert to your name. You and your parent or guardian will need to go to the bank together or contact them by phone to change the account ownership. Some banks make this a simple form; others require you to close the old account and open a new one in your name alone.
If your parent or guardian does not help you make the change, the account stays in their name. You can still use the debit card and access the money online, but they remain the legal owner. This can create problems later if you want to take out a loan or if there is a dispute over who owns the money.
Start the conversion process a few weeks before your 18th birthday so there is no gap in your access. Bring your ID and ask the bank what documents they need.
How to find a bank that offers teen accounts
Call your bank directly and ask whether they have a teen savings account or a custodial account for minors. Tell them you are 17 and ask what documents you and your parent or guardian will need to bring. Some banks require a Social Security number, proof of address, and a government-issued ID for the adult.
Credit unions often have teen accounts too, and they may have lower fees than banks. If you do not belong to a credit union, you can search for one near you on the CO-OP network website or ask whether your parent or guardian is a member of one you can join.
Online banks like Ally, Discover, and Marcus by Goldman Sachs also offer custodial savings accounts, though you will need to set them up online or by phone rather than in person. Online banks often have no monthly fees and higher interest rates than traditional banks, which means your money grows faster.
What to bring when you open the account
You and your parent or guardian will need to bring government-issued ID for both of you. This is usually a driver's license, passport, or state ID card. You will also need proof of address — a recent utility bill, lease, or mortgage statement works. The bank will ask for your Social Security number and your parent's or guardian's Social Security number.
If you are opening the account online or by phone, you can upload photos of these documents or provide the information verbally. Some banks will mail a debit card to you; others will issue it in person.
Bring a small amount of money to deposit — many banks require a minimum opening deposit, though this is often as low as $1 or $25. Check the bank's website or call ahead to find out what they require.
Teen accounts with debit cards and online access
Most teen savings accounts come with a debit card you can use to buy things online or in stores. The card is linked to the account your parent or guardian owns, so they can see every transaction you make. Some banks let parents set spending limits — for example, a maximum of $50 per day or $200 per week.
You will also get online banking access, which means you can check your balance, transfer money between accounts, and set up automatic deposits from a job. Some banks offer a mobile app so you can manage the account from your phone.
Ask the bank whether the account earns interest on the money you save. Interest rates vary widely — some accounts earn almost nothing, while others earn 4% or more per year. The higher the interest rate, the more your money grows just by sitting in the account.
Accounts without a parent or guardian
A very small number of banks and credit unions will open a savings account for a 17-year-old without a parent or guardian present. This usually requires proof that you have a job and earn income. You might need to show a recent pay stub, a letter from your employer, or tax documents.
Even if the bank allows this, the account may have restrictions — for example, you might not be able to write checks or withdraw large amounts without calling the bank first. Ask what limitations apply before you open the account.
If your bank will not open an account for you alone, a parent or guardian can open a custodial account and then give you the debit card and online login information. You will have practical control over the money, even though they own the account legally.
Why you might want a savings account at 17
Opening a savings account now builds the habit of saving money and gives you a safe place to keep earnings from a job. It also starts your banking history — the record banks use to decide whether to lend you money later for a car, college, or a home.
A savings account is safer than keeping cash at home, and it earns interest, which means your money grows without you doing anything. If you have a debit card, you can pay for things without carrying cash or asking your parent or guardian for money.
Having your own account also teaches you how to manage money before you move out or go to college. You learn how to check your balance, understand fees, and make decisions about spending versus saving.
Frequently Asked Questions
Can my parent or guardian take money out of my account without asking?
Yes. In a custodial or joint account, the parent or guardian is the legal owner and can withdraw money at any time. If you want to protect your savings, talk to them about setting boundaries — for example, agreeing they will only withdraw money in an emergency. Once you turn 18, you can move the money to an account in your name alone.
Do I need a job to open a savings account at 17?
No. Most banks will open a custodial account for anyone under 18 with a parent or guardian present, regardless of whether you have income. A few banks require proof of a job only if you want to open an account without a parent or guardian.
Will opening a savings account hurt my credit score?
No. Opening a savings account does not affect your credit score. Credit scores are based on borrowing and repaying loans, not on having a bank account. A savings account is a good step toward building credit later, when you take out a loan or use a credit card responsibly.
What happens if I do not convert the account to my name when I turn 18?
The account stays in your parent's or guardian's name. You can still use it, but they remain the legal owner and can withdraw money or close the account. This can cause problems if you need to prove the money is yours for a loan or financial aid. Convert the account to your name as soon as you turn 18.
Can I open more than one savings account at 17?
Yes, but each account must be in your parent's or guardian's name. Some people open multiple accounts to separate money for different goals — one for emergency savings, one for a car, one for college. Ask your bank whether there are fees for having more than one account.