Minimum age requirements vary by bank and account type

You must be at least 18 years old to open a savings account in your own name at most banks. However, minors can open accounts with a parent or guardian as a joint account holder, and some banks allow children as young as birth to have accounts in their name if an adult manages them. The exact rules depend on the bank you choose and the type of account you want.

If you are under 18, you have two main paths: a joint account where a parent or guardian co-owns the account with you, or a custodial account where an adult manages the account on your behalf until you reach the age of majority (usually 18 or 21, depending on your state). Some banks also offer teen checking or savings accounts designed specifically for minors, with features like parental controls and lower minimum balances.

Key Takeaways

  • You must be 18 to open a savings account by yourself at most banks; younger people need a parent or guardian involved.
  • A joint account lets a minor and an adult both own and access the account, with both names on the paperwork.
  • A custodial account is owned by the minor but managed by an adult until the minor reaches the age of majority in your state.
  • Some banks offer teen accounts with parental oversight features, lower fees, and no minimum balance requirements.
  • When you turn 18, you can convert a joint account to your own or take full control of a custodial account without closing it.

How joint accounts work for minors

A joint account is opened in both your name and your parent's or guardian's name. Both of you have equal access to the money, can make deposits and withdrawals, and receive statements. The account is reported on both credit reports (if the bank reports to credit bureaus), and both account holders are legally responsible for the account.

Joint accounts are straightforward to set up—you and the adult simply go to the bank together with identification and proof of address. No special paperwork beyond the standard account application is needed. The main trade-off is that the adult has full access to the money at all times, so this works best when there is trust and clear agreement about how the account will be used.

When you turn 18, you can keep the account as a joint account if you both want to, or you can ask the bank to remove the other person's name and make it your account alone. Some banks allow this over the phone or online; others require you to visit a branch in person.

How custodial accounts work for minors

A custodial account is opened in your name, but a parent or guardian (the custodian) has legal control of the account until you reach the age of majority. The custodian can deposit money, withdraw money, and make investment decisions on your behalf. You do not have direct access to the account while you are a minor, though some custodians allow their children to see the balance or make small withdrawals with permission.

Custodial accounts are set up under either the Uniform Transfers to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA), depending on your state. These are legal frameworks that protect the money and define what happens when you turn 18 or 21. The account is reported only on your Social Security number and credit report, not the custodian's.

When you reach the age of majority in your state (18 in most states, 21 in a few), the custodian's control ends automatically. The account becomes yours to manage. You do not have to close it or move the money—it simply transfers to your full control. Some banks send a notice when this happens; others do not, so mark your calendar or contact the bank a few months before your birthday to confirm the process.

Teen accounts and accounts designed for minors

Many banks offer accounts specifically for teenagers, often called teen checking, teen savings, or youth accounts. These typically allow minors (sometimes as young as 13) to open an account with a parent or guardian, with features like parental controls, no monthly fees, and no minimum balance. Some include a debit card, though the parent usually controls spending limits or can monitor transactions.

Teen accounts are useful if you want to teach a young person about money management while keeping oversight. The parent can see all transactions, set spending caps, and receive alerts when the account is used. When the teenager turns 18, the account usually converts to a standard adult account, and the parental controls are removed.

Not all banks offer teen accounts, so you will need to contact your bank or check their website to see what is available. Credit unions often have youth accounts as well, sometimes with even lower fees or higher interest rates on savings.

What identification and documents you will need

To open any account for a minor, you will need the minor's Social Security number and proof of identity. For the adult (parent or guardian), you will need a government-issued photo ID, proof of address (usually a utility bill or bank statement), and a Social Security number. Some banks also ask for a birth certificate for the minor.

If the adult is not the biological parent, you may need to bring legal documentation showing guardianship. This is especially important for custodial accounts, where the bank needs to confirm that the person opening the account has the legal right to do so. Call the bank ahead of time to ask what documents they require, since requirements vary.

You can open an account in person at a branch, by mail, or online, depending on the bank. Online and mail options are faster but may require notarized documents to verify the adult's identity. In-person is usually the simplest route if a branch is nearby.

What happens when the minor turns 18

When you turn 18, you have full legal rights to your account. If it is a joint account, you can ask the bank to remove the other person's name, making it your account alone. If it is a custodial account, the custodian's control ends automatically, and the account becomes yours. In either case, you do not have to close the account or move the money—you can keep it open and simply take over management.

Some banks send a notice when a custodial account converts; others do not. It is a good idea to contact the bank a few months before your 18th birthday to confirm the process and ask whether you need to sign new paperwork or visit a branch. If the account is at a bank you no longer want to use, you can transfer the money to another bank once you have full control.

If you are turning 18 and have a joint account, talk to the other account holder about what you both want to do. If you want the account to be yours alone, the other person will need to go to the bank with you or sign paperwork authorizing the change.

Opening an account at a credit union instead of a bank

Credit unions often have more flexible rules for minors than banks do. Some credit unions allow children to open savings accounts with a parent at a younger age, and many offer youth accounts with no fees. Credit unions may also offer higher interest rates on savings, which means your money grows faster.

To open an account at a credit union, you usually need to become a member first. Membership requirements vary—some credit unions are open to anyone in a geographic area, while others require you to work for a certain employer or belong to a certain organization. Once you are a member, the process for opening an account is similar to a bank: bring identification and Social Security numbers for both the minor and the adult.

If you do not already belong to a credit union, ask family members whether they are members of one, since some credit unions allow relatives to join. You can also search for credit unions in your area on the CO-OP or Allpoint networks to see membership requirements.

Frequently Asked Questions

Can a 16-year-old open a savings account without a parent?

No, most banks require you to be 18 to open an account on your own. At 16, you can open a joint account or custodial account with a parent or guardian. Some banks offer teen accounts for ages 13 and up, but these still require an adult co-owner or custodian.

What is the difference between a joint account and a custodial account?

In a joint account, both the minor and the adult own the account equally and can access it anytime. In a custodial account, the minor owns the money but the adult manages it until the minor turns 18 or 21. The custodian controls withdrawals and investments; the minor cannot access the account directly while under age.

Do I lose access to my custodial account when I turn 18?

No. When you turn 18, the custodian's control ends, and the account becomes yours to manage. The money stays in the account, and you do not have to close it or move it anywhere. You simply take over full control at that point.

Can a 10-year-old have a savings account?

Yes, but only as a joint account with a parent or guardian, or as a custodial account managed by an adult. The child cannot open or manage the account alone. Some banks allow children as young as birth to have accounts if an adult manages them.

What happens to a joint account if the adult dies?

This depends on how the account is titled and your state's laws. If the account is set up as "joint with rights of survivorship," the surviving account holder (the minor) usually keeps the money. If it is set up differently, the account may become part of the deceased person's estate. Ask your bank how your specific account is titled and what would happen in this situation.