You can open a savings account at any age, but a minor needs a parent or guardian to co-own it

Children under 18 cannot sign a legal contract on their own, so banks require a parent or guardian to open and manage the account with them. The adult becomes a joint account holder and has full access to the money. Some banks let you add a child as young as infancy; others set a minimum age of 13 or 16. Once you turn 18, you can open your own account without a co-owner.

The rules vary by bank and account type. A traditional savings account at a major bank typically allows a parent to open one for a child of any age. Specialized youth accounts—designed to teach money habits—often have a minimum age of 13. Credit unions may have different rules depending on membership requirements.

Key Takeaways

  • Minors need a parent or legal guardian as a joint account holder; the adult has full control and access to all funds.
  • Most banks allow accounts for children under 13, but some youth-focused accounts require the child to be at least 13 years old.
  • At age 18, you can open a savings account in your own name without a co-owner.
  • You will need a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account, regardless of age.

What happens when you turn 18

When you reach 18, you have the legal right to own a bank account by yourself. You do not have to close the joint account you opened as a minor—many people keep the same account and simply remove the parent as a co-owner. The process is straightforward: you and the parent visit the bank together, sign paperwork to convert it to a single-owner account, and the parent's name comes off.

Some people choose to open a new account at 18 instead, especially if they want a different bank or account type. Either path works. The key difference is that once you are 18, the money in the account is legally yours alone, and the parent cannot withdraw from it or see the balance without your permission.

What you need to bring to open an account as a minor

Both the child and the parent or guardian must be present at the bank. Bring a government-issued photo ID for the adult—a driver's license or passport. For the child, a birth certificate or school ID often works, though some banks accept a state ID card if the child has one.

You will also need a Social Security number for the child. If the child does not have one, you can request one from the Social Security Administration before opening the account, or some banks will help you apply during the account-opening process. The parent will need their own Social Security number as well. Bring proof of address for the parent—a recent utility bill or lease agreement—if the bank asks for it.

Joint accounts and what the parent can do

A joint account means the parent's name is on the account alongside the child's. The parent can deposit money, withdraw money, check the balance, and close the account without the child's permission. This is by design: the account exists so the parent can manage the child's money and teach them how to use it.

Some parents use joint accounts to give children a debit card and let them make their own purchases under supervision. Others keep the account as a savings tool and do not give the child access to a card. The parent decides how much control the child has. When the child turns 18, they can ask the parent to step back, but the parent can also refuse until the child moves the money to a new account in their own name.

Youth accounts and savings tools for teenagers

Many banks offer accounts designed specifically for teenagers, often with features like no monthly fees, no minimum balance, and educational tools about money. These accounts usually require the teen to be at least 13 years old and still require a parent as a joint holder. Some come with a debit card that the parent can control—for example, setting daily spending limits or turning the card off remotely.

Credit unions often have youth accounts too, and some offer higher interest rates on savings to encourage teens to keep money in the account rather than spend it. The tradeoff is that you have to be a member of the credit union, which may require living or working in a certain area or having a family member who is already a member.

Opening an account online versus in person

Most banks let you start the account-opening process online, but you cannot complete it without the parent present. The bank will ask for basic information—names, Social Security numbers, addresses—and then schedule an appointment at a branch or send documents to sign. Some banks use video verification, where you and the parent sign on a video call with a bank representative who confirms your identity.

A few online banks allow fully remote account opening for minors, but they are less common. If you want to avoid a branch visit, call the bank before you start and ask whether they offer video signing or mail-in documents for minors. In-person appointments are usually faster and let you ask questions on the spot.

What to do if you are 18 and want to open your first account

At 18, you can walk into any bank or credit union and open a savings account on your own. Bring a government-issued photo ID and your Social Security number. You do not need a parent's permission or signature. The process takes 15 to 30 minutes in person, or you can complete it online in most cases.

If you do not have a photo ID yet, a school ID or state ID card may work at some banks, though a driver's license or passport is standard. If you do not have a Social Security number, you will need to request one before opening the account. You can apply for one at your local Social Security office or online at ssa.gov.

Frequently Asked Questions

Can a child open a savings account without a parent?

No. Banks require a parent or legal guardian to co-own the account because minors cannot sign a binding contract. Once you turn 18, you can open an account by yourself.

What if the parent and child disagree about closing the account?

The parent can close a joint account without the child's consent because they are a co-owner. If you are a minor and want to keep the money safe from a parent, talk to a trusted adult like a school counselor or relative about your options.

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

Yes. Banks use the Social Security number to report interest earned and for tax purposes. If you do not have one, you can request it from the Social Security Administration before opening the account.

Can a 16-year-old open a savings account alone?

No, not at most banks. You must be 18 to sign a contract without a parent. Some states allow 16-year-olds to be declared legally independent, but this is rare and requires a court order.

What happens to the account when the parent dies?

The account becomes part of the parent's estate. If you are a minor, a court-appointed guardian or the executor of the will may take control of it. Talk to the bank about what happens next and ask whether the account can be transferred to another family member.