What You Need to Open a Liberty Youth Savings Account
A Liberty Youth Savings Account is a bank account designed for young people, typically ages 13 to 17, and requires a parent or guardian to co-own the account. To open one, you will need a Social Security number (yours), a parent or guardian's Social Security number, a form of identification for the adult (usually a driver's license or passport), and proof of address such as a utility bill or lease agreement.
The account opening process itself takes about 15 to 30 minutes and can be done in person at a Liberty Bank branch or online through their website, depending on which bank uses the Liberty Youth Savings product in your area. Not all banks offer this exact product under this name, so you may need to search your local bank's website for "youth savings" or "teen savings account" to find the equivalent.
Some banks allow you to start the application online and finish it in a branch, while others require both steps to happen in person. Check with your local branch first to learn which method they use, since this affects how quickly you can complete the process.
Key Takeaways
- You will need your Social Security number, a parent or guardian's Social Security number, and an adult's government-issued ID to open the account.
- The account opening takes 15 to 30 minutes and can often be done online, in person, or through a combination of both methods.
- A parent or guardian must co-own the account and be present for the opening, either in person or by signing documents online.
- Most youth savings accounts come with a debit card, limited overdraft protection, and tools to help you track spending and savings goals.
- Contact your local branch before you go to confirm which documents they need and whether you can start online or must come in person.
Documents You Will Need to Bring
Bring your Social Security card or a document that shows your Social Security number, such as a birth certificate or school ID that displays it. The parent or guardian will need their government-issued photo ID—a driver's license, passport, or state ID card—and their Social Security number as well.
You will also need proof of address for the adult, which can be a recent utility bill, lease agreement, mortgage statement, or bank statement showing their name and current address. The address must match what is on their ID, or they may need to bring an updated ID or a letter from the bank explaining the mismatch.
If you do not have a Social Security card, you can bring a birth certificate, passport, or school records that show your number. Call your local branch ahead of time to ask which documents they prefer, since some branches accept certain forms of ID more readily than others.
Steps to Complete the Application
If you are opening the account online, visit your bank's website and look for the youth or teen savings account section. You will enter your name, date of birth, and Social Security number, then the parent or guardian will enter their information. The bank will ask for the adult's permission to pull a credit report, which is standard and does not affect your credit score.
Once the online portion is complete, you may be able to fund the account immediately with a transfer from an existing account, or you may need to visit a branch to deposit cash or a check. Some banks require you to come in person to verify your identity before the account is fully active, even if you started online.
If you are opening in person, bring all documents to your local branch during business hours. A bank representative will review your paperwork, answer questions about account features, and help you set up online banking and a debit card. They will also explain any fees, minimum balance requirements, and rules about who can withdraw money from the account.
What Happens After You Open the Account
Once the account is open, you will receive a debit card in the mail within 7 to 10 business days. You can use this card to make purchases and withdraw cash from ATMs. Your parent or guardian will have access to the account through online banking and can monitor spending, set up alerts, and help you manage your money.
The bank will send you login information for online and mobile banking, which you can use to check your balance, transfer money, and set up automatic savings transfers. Many youth accounts offer tools like savings goals, spending categories, and notifications when you reach certain balances.
Interest rates on youth savings accounts vary by bank and change over time. Some accounts earn a small amount of interest on your balance, while others offer no interest but charge no monthly fees. Ask the bank representative what interest rate applies to your account and whether it changes based on how much money you keep in it.
Fees and Account Rules You Should Know
Most youth savings accounts have no monthly maintenance fee, but some charge a small fee if your balance drops below a certain amount—often $25 to $100. Overdraft fees, ATM fees, and fees for replacing a lost debit card vary by bank, so ask about these before you open the account.
The parent or guardian on the account can usually withdraw money without asking you, since they are a co-owner. Some banks allow the young person to set up a PIN that the adult does not know, which gives you some privacy, but the adult still has legal access to all the money. Understand this before you open the account.
Check whether the account has limits on how many withdrawals or transfers you can make per month. Some youth accounts restrict certain types of transactions, and exceeding the limit may trigger a fee or freeze the account temporarily.
If You Cannot Open an Account in Person
If your nearest branch is far away or you cannot visit during business hours, call the bank's customer service line and ask whether you can complete the entire process by mail or online. Some banks will mail you forms to sign and return, though this takes longer—usually 2 to 3 weeks—than opening in person or online.
If the bank requires an in-person visit and you cannot make one, ask whether a parent or guardian can open the account alone and add you later, or whether you can open a different type of account that does not require a young person to be present. Not all banks offer this option, but it is worth asking.
If you do not have a local branch, look for banks that offer youth accounts online without requiring an in-person visit. Some online-only banks and credit unions have youth savings products that can be opened entirely through their website.
What to Do If Your Application Is Denied
Banks rarely deny youth savings accounts, but if yours is, the bank must tell you why. Common reasons include a mismatch between the name and Social Security number you provided, a problem with the adult's credit history or banking record, or incomplete paperwork.
Ask the bank for a written explanation and find out whether you can fix the problem and reapply. If the issue is a name mismatch or typo, this is usually easy to correct. If the bank cites the adult's banking history, ask what specifically disqualified you and whether waiting a certain amount of time before reapplying would help.
If one bank denies you, try another bank or a credit union in your area. Different banks have different rules, and a credit union may have more flexible policies for young people. You can also ask the adult to open a regular savings account in their name alone and add you as an authorized user later, though this gives you less control over the account.
Frequently Asked Questions
Can I open a youth savings account without a parent or guardian?
No. Federal law requires a parent or guardian to co-own the account and be present for the opening. The adult must provide their own ID and Social Security number. Some banks allow the adult to sign documents online, but they must still be involved in the process.
What if my parent or guardian does not have a Social Security number?
Contact the bank and ask whether they accept an Individual Taxpayer Identification Number (ITIN) instead. Some banks do, but not all. If your bank does not, try another bank or credit union in your area, as policies vary.
How long does it take to get my debit card after I open the account?
Most banks mail the debit card within 7 to 10 business days of opening the account. You can usually start using the account online or at ATMs before the card arrives, but you will need the physical card to make purchases in stores.
Can I move money from my youth account to another bank?
Yes. Once your account is open and you have online banking set up, you can transfer money to another account you own or that the parent or guardian owns. The transfer usually takes 1 to 3 business days. Some banks limit how many transfers you can make per month, so check your account rules.
What happens to the account when I turn 18?
Most banks automatically convert the youth account to a regular adult account on your 18th birthday. The parent or guardian is removed as a co-owner, and you become the sole owner. Contact your bank a few weeks before your birthday to confirm this process and ask whether any account features or fees will change.